Momentum is picking up during the current advance to the upside. The black count becomes increasingly likely. The Dow Jones Elliott wave structure still needs to subdivide into at least one more down-up sequence before the rally wave since the end of May 2018 completes. At that point, it will be deciding whether our red scenario has any validity or not.
That junction may also result in an interesting trading setup. Any 3-wave pullback within the mint channel is a short-term buy the dip signal. We would expect something around a 25%-38% Fibonacci pullback. The pale green channel can be used as guidance for setting a tight S/L.
Patience is key at the moment for all of those who missed embarking on this rally. The next pullback could finally bring on an opportunity.
That junction may also result in an interesting trading setup. Any 3-wave pullback within the mint channel is a short-term buy the dip signal. We would expect something around a 25%-38% Fibonacci pullback. The pale green channel can be used as guidance for setting a tight S/L.
Patience is key at the moment for all of those who missed embarking on this rally. The next pullback could finally bring on an opportunity.
Trade closed: stop reached:
-1.2%
S/L at -24,650