1.618 Fibonacci extension line on the Bearish Gartley pattern intersects the high trendline, Demark pivot resistance and completes the Gartley pattern at 26268.
Look out for the usual patterns- shooting stars, Pin Bar, H&S if we get them as clues. None to be seen anywhere 8/27 all day so it's probably going higher.
Just a best guess. Good luck!
This post for education and your amusement only. This isn't investment advice. Speculate in stocks at your own risk!
Trade active
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US30 bucked the trend today but it won't last. Although markets could pivot and retest higher, bearish divergence is growing and we may have already seen the tops. I'm afraid we are not in a fourth going on fifth wave but what appears to be an ABC or WXY, and A/W is getting pretty ugly. If so, the B/X reactionary wave could be vigorous, might retest highs. EW analysis will break down in highly volatile, emotionally charged markets- highly unpredictable, extremely risky. Safest bet now to take no trades until this thing declares itself. Preserve your trading capital!
Trade active or Trade canceled? You've updated two different ideas at the same time.
DaddySawbucks
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@serepok, O gosh I see yes they are linked this is active looking for best entry pivot, ES futures indicate slightly higher today.
DaddySawbucks
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@serepok, Yes this idea is active; I updated the US 30 Possible Pathway idea as cancelled. That projection was based on EW model which was invalidated when wave 4 broke below 1, it is not a proper impulse.
It looks to me like we have a correction wave with ABC ongoing, appears to be in a B reactionary wave slight uplift. EW is breaking down in the emotional milieu and increasing volatility- whipsawing.
Faraz_kuchulu
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It seems can't go higher
DaddySawbucks
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@khoshnoudi, But it will!
serepok
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Yesterday was almost bullish engulfing, waiting for new signal.
DaddySawbucks
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@serepok, Looks like a 123 formed now, expect a 4th wave pullback then 5th higher to the Fibo level. Or just bull through and top it off, why not?! Madness!
Notice that Dow is lagging pretty hard now made 25% of Nas and half Sand P gains. It's a bubble and it will pop soon, might run another week or two at most.
Watch RUT for leading signal it will pivot first, they throw out small caps and flock to the Dow before they throw out babies with bathwater. Good luck!
serepok
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DaddySawbucks, Look like it's not easy to go down. Just look at the volume at 3:59 PM (US time), 1 min chart, there is a surge to push it up.
DaddySawbucks
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@serepok, Yes it will bull up again. This wave 4 shallow. 5 inbound.