It is interesting to see the many bullish ideas of the DJI & SPX since the recent correction.
My own view has not changed in that this correction marks the start of a much bigger correction lasting a couple of years or so.
This chart zooms in to the current correction of wave 1 Blue which I believe is taking the form of an expanded flat which may complete soon
at the 61.8% retrace level. I do not think that wave B of the flat is wave 5 of the impulse down from the top as wave 5 would be out of proportion to wave
1 where wave 3 is extended as in this case. Time will tell probably next week! Good Luck.
My own view has not changed in that this correction marks the start of a much bigger correction lasting a couple of years or so.
This chart zooms in to the current correction of wave 1 Blue which I believe is taking the form of an expanded flat which may complete soon
at the 61.8% retrace level. I do not think that wave B of the flat is wave 5 of the impulse down from the top as wave 5 would be out of proportion to wave
1 where wave 3 is extended as in this case. Time will tell probably next week! Good Luck.
Comment:
Minor wave 2 has risen further than expected but may conclude at the 61.8% fib line and the conjunction of 2 trend lines. RSI is overbought and momentum divergence is evident.
A break of the red line will signal a large fall! Good Luck