Now that it is pretty clear that the Fed is not going to raise rates on Decemeber 18th like they had been originally thought to be doing, I think that the drop is going to be postponed. I see us simply retesting the February lows to put an end to a 4th wave of the larger 5th wave or an even laerger 3rd wave.
1 hour chart
A little closer look shows my belief that we are about to finish the drop and then take off on or around the 18th. It is hard to say right now when the top will be but if I had to guess, I would say in the late summer or the end of 2019. It should be a pretty big drop. GL
Whoops here is the 1 hours chart
This is my updated idea....I think we are in the final push down.
I don't see it pushing up much more. Maybe over Sunday night it will push up and reverse. I am guessing that Trump, through his negotiating style with China, that he will initially say no deal and that could trigger a sharp drop. As far as Elliot wave, that pattern appears complete to me. ITs as if we are just waiting for the excuse to drop. 4 Hr RSI has a bearish divergence....for now. My first target is the .382% retracement. We will have to see how the wave pattern is from there.
Looking for Much Higher Highs Long term. Short Term looking for something like this.
Just something to keep in mind
I'm away in Morocco on holiday, no access to my pc and my charts.
I have no idea what the Fed will or won't do this week (but I think they will raise).
I'm watching a daily cycle on the NQ, it's very clear. From memory, Friday was the bottom, 24th should be the top. Then back down.
Have you spotted the year long head and shoulders patterns on SPX and NQ? I think we drop just below the neckline into early January, then bounce to retest, then the plunge to target from c.16th January.
I'm going to visit an internet cafe on Sunday, will post a couple of charts.
I've just sold my home, going to buy physical gold with the proceeds and rent for 2 years. Hope and do expect the price will have one final dip sub 1200.
Finally, I wish you a Merry Christmas. As a Christian, it's a nice time of year for me. Best wishes.