Strong price action on 5-10 moving up to MACD and very near previous high formed a lower high, but just by a hair. Shooting star candlestick suggests reaction due.
Just yesterday I published an idea that a real bear market is forming, but the rally today sure makes me wonder- is this the last wave of correction?
Looking only at closing prices, note there is a rising wedge over past three waves. If this is 5th Elliot wave could the next upleg be a true breakout?
If a new higher low is formed in reaction to this rally, it will be suggestive of a pivot in the trend a shift back to the bulls. Can go either way TBVH.
The next reaction downleg might be a good time to unload puts and cover shorts... hate to get caught with shorts down, eh?!
Just yesterday I published an idea that a real bear market is forming, but the rally today sure makes me wonder- is this the last wave of correction?
Looking only at closing prices, note there is a rising wedge over past three waves. If this is 5th Elliot wave could the next upleg be a true breakout?
If a new higher low is formed in reaction to this rally, it will be suggestive of a pivot in the trend a shift back to the bulls. Can go either way TBVH.
The next reaction downleg might be a good time to unload puts and cover shorts... hate to get caught with shorts down, eh?!
Trade active:
Doubt there will be a test of trendline; the support @Fibo 0.76 ~Dow 24650 is very strong. Look for more sideways consolidation in advance of the next leg up.