Log scale Wave analysis (as I see it) puts us in the final throws of an ending diagonal. On a zoomed in scale you would see we failed to reach the upper boundary. As ending diagonals may be seen in Wave C or 5 position, it is important to consider we may be seeing a Wave C of B of 4 diagonal which would provide for one more leg up (upon Wave C of 4 completion), lasting months. Will have to see if the lower margin of the primary channel holds, somewhere around the 2500 level.
Secondary indicators all seem to foretell a near term drop as well, and potentially a much larger correction. The weekly MACD is flirting with significant divergence and we have profoundly weaker volume throughout Wave 5. Rising prices, media mania (over the absurdly long bull run), and waning volumes/momentum are hallmark Wave 5 indicators.
Let's hold our breath and see...personally I've opened up a position in UVXY (triple VIX).
Also may be very good for the looming return of cryptos!! (Of course they wouldn't waste any time blaming us for the equities downturn!)
Thanks all!
Happy Trading,
Heath
Secondary indicators all seem to foretell a near term drop as well, and potentially a much larger correction. The weekly MACD is flirting with significant divergence and we have profoundly weaker volume throughout Wave 5. Rising prices, media mania (over the absurdly long bull run), and waning volumes/momentum are hallmark Wave 5 indicators.
Let's hold our breath and see...personally I've opened up a position in UVXY (triple VIX).
Also may be very good for the looming return of cryptos!! (Of course they wouldn't waste any time blaming us for the equities downturn!)
Thanks all!
Happy Trading,
Heath