What we are seeing is the 5th impulsive wave up from 2013 bull market.
This 5th impulsive wave is further subdivided into another 5 wave. as labelled above.
The last of the impulsive 5th wave is taking shape to be an ending diagonal.
From the overall picture, wave 5 of the entire bull market from 2013, has failed to reach a higher point than the end of wave 3. (Which is around 20,950). In elliot wave principle, we call this a truncated 5th wave, whereby the forces to start a new trend is so strong, that wave 5 cannot reach the previous peak of wave 3.
Expect things to turn very ugly when 19,900 handle breaks. Watch for it. It may be the start of a new bear market.
I've taken a short position at 20,150, with SL above 20,400. (Please use forwards to short)
There's no take profit target for now, as I'll wait to see if the bear market plays out. If so, we can probably ride this down for a couple of months.
Below is the 5 wave Bull market EW chart (From 2013)
This 5th impulsive wave is further subdivided into another 5 wave. as labelled above.
The last of the impulsive 5th wave is taking shape to be an ending diagonal.
From the overall picture, wave 5 of the entire bull market from 2013, has failed to reach a higher point than the end of wave 3. (Which is around 20,950). In elliot wave principle, we call this a truncated 5th wave, whereby the forces to start a new trend is so strong, that wave 5 cannot reach the previous peak of wave 3.
Expect things to turn very ugly when 19,900 handle breaks. Watch for it. It may be the start of a new bear market.
I've taken a short position at 20,150, with SL above 20,400. (Please use forwards to short)
There's no take profit target for now, as I'll wait to see if the bear market plays out. If so, we can probably ride this down for a couple of months.
Below is the 5 wave Bull market EW chart (From 2013)
Break- Re-test ?