So, Im not going to sit here and chart bull charts all the time and not give you guys some dose of reality. I chart with enthusiasm but I also dont trade what I cant afford to lose/hold. Have fun with it, enjoy the roller coaster, dont fear it. Having said that, no one knows where the market is going to go, but be prepared for all scenarios.
I placed a 5 week moving average to correlate with the elliot wave oscillator (EWO). Note the RSI as well.
I placed a 5 week moving average to correlate with the elliot wave oscillator (EWO). Note the RSI as well.
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2018 Peak
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Both peaks. Added PPO and circled divergences. Looks like they happen before a big move.
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Fib trace from the 2014 bottom.
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The dotted support lines are based on high volume nodes being present on the VPVR (not shown)
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Here you can see the Williams R% (RSI momentum oscillator), is at the bottom like in the 2014 peak. This is a good sign for upward movement/end of the downtrend, however like in the 2014 crash, even at the bottom of the RSI and R% it can still find extra dumps.