You know, you get musicians that are really good in the world, but somehow they don't get to shine, but they get a good audience. That's what Elliott Wave Theory has gotten to be like compared to the Wykoff Model.
The Wykoff is a reversal model, but the Elliott Wave is a trend model, and the trend has to be trending for the Elliott Wave. There is a lot involved in EW, but, I just take the highlights.
The 99.00 looks like the 5th wave. Again, it could be seen as a 3rd wave continuation towards 101.015, but right now the bias looks bearish and the first target is 96.841.
I'll call it neutral because the opposite candle's high must be clearly broken.
. Khiwe
On this profile page, the shared analysis, ideas, and strategy of a chart belong to Khiwe, with some being influenced. The technical setups are speculative; they are not guaranteed for accuracy or completeness in the form of any content, and they are not intended to provide financial market advice. Please apply your own analysis and confirm it with price action.
If DXY starts dropping, what does that do for risk on assets like stocks in a high inflation environement? Surely people are gonna wanna buy something with their liquidity at some point...? Right now it feels like a lot of liquidity is sitting on the sidelines.
Khiwe
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@cicatrace, If you want to know how stocks will react, you should track European GDP as well as the performance of the UK FTSE, in my opinion as a TA.
Because of US investments in the UK and Ireland, as well as the supply of oil to Canada, the S&P 500 is closely linked to European political issues.
If DXY falls, BTC rises. If BTC rises, most equities will fall in value, and the future of Oil and Gas will be questionable due to high pricing. So my bet will be that people will turn to buy commodities due to Russia, such as Gold, Wheat, Oil, Gas.