Not too much to add on the daily. Dax has been following the arrow market in my previous post since testing that all important trend line.
On the hourly, we can see that the purple trend line indicated on my previous post - "interesting TL coming up" proved to be very significant. The break generated an impulse higher, then the price came back down and we had a perfect back-test which held, before rocketing higher once more.
That being said, the "what now" is the most important question again :) Well, it seems we have enough waves in place for a complete impulse up and an end to the current 3/C wave. It looks like wave 1 extended, instead of 3, but this can happen, albeit rarely. I am already looking for a turn, since if the shown count is corect, the red 5 cannot be bigger than wave 3 (since wave 3 is never the smallest wave, according to EWT). That would give us a maximum target for red 5 of 10.277. Of course, wave 5 can finish anytime before that and on a shorter time frame it looks to potentially already have complete 5 waves.
The next correction will either target the general area of the red 4 to put in a blue 4, before continuing higher for a final blue 5, OR it can just go lower to take off the lows around 9300. These are the 2 scenarios I see at the moment.
Of course, there is no telling where the red 5 will finish, but since a turn can happen basically at any time, I think it's safe to say that the "easy" money on the long side is over.
In this context the following article from mcm helps cast some light on the near term:
mcm-ct.com/blog/rete...be-coutned-complete/
The longer time cycles are showing the market rally is nearing a significant turn. If you have any question about the analysis feel free to contact me anytime at alex@mcm-ct.com.
Good luck to your trades!
On the hourly, we can see that the purple trend line indicated on my previous post - "interesting TL coming up" proved to be very significant. The break generated an impulse higher, then the price came back down and we had a perfect back-test which held, before rocketing higher once more.
That being said, the "what now" is the most important question again :) Well, it seems we have enough waves in place for a complete impulse up and an end to the current 3/C wave. It looks like wave 1 extended, instead of 3, but this can happen, albeit rarely. I am already looking for a turn, since if the shown count is corect, the red 5 cannot be bigger than wave 3 (since wave 3 is never the smallest wave, according to EWT). That would give us a maximum target for red 5 of 10.277. Of course, wave 5 can finish anytime before that and on a shorter time frame it looks to potentially already have complete 5 waves.
The next correction will either target the general area of the red 4 to put in a blue 4, before continuing higher for a final blue 5, OR it can just go lower to take off the lows around 9300. These are the 2 scenarios I see at the moment.
Of course, there is no telling where the red 5 will finish, but since a turn can happen basically at any time, I think it's safe to say that the "easy" money on the long side is over.
In this context the following article from mcm helps cast some light on the near term:
mcm-ct.com/blog/rete...be-coutned-complete/
The longer time cycles are showing the market rally is nearing a significant turn. If you have any question about the analysis feel free to contact me anytime at alex@mcm-ct.com.
Good luck to your trades!
