Very simple, and early, but in no way guaranteed. Implied Move to about 24K on this, should it play out. 8-hour Time frame. Just throwing this out there, and playing it with very modest stakes (unlevered) small long. I know I have a previous elliot wave study pointing further down, but markets don't move in straight lines, and both ideas are valid until they aren't. I may be premature in drawing the head as I still see a lower move later today. I'm thinking 19600-500 is on deck in the short term. Next few hours will let us know I think.
Forget a head & shoulders, 23K would be the absolute highest before a dive to 16.5K
JJMa
⋅
@rsammut1973, I actually agree with you, but the pattern is valid until it is not. I'd love to get a move down to 16.5K, would be a great buy, but it's not a guaranteed move. Cheers and thanks for the feedback.