Seems ED is a possibility in this final upleg into the summer
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Triangle is a bit ugly but does not matter as long as it forms properly
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This whole thing could still play out as a flat meaning could form as irregular flat or running flat. In any way higher highs will follow, the questions is one more downleg to 2300 or higher low as in 2360s?
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Actually flat looks better since will provide alternation which means next week we top out and then sharp decline. Let's see
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Actually could be a larger triangle also. Ahm these 4th wave. Next wave down will decide, if impulsive or corrective what it is
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Triangle should be close to completing on futures
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Complete, lets see whether 2420 is at hand
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ED forming on a lower level seems to me if it breaks below 2380
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So far holding the line at 2380, what a complication
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OK, so it was not a triangle as it seems to me is come form of corrective wave down on a micro level
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Momentum spike on the downside, implying worst is over, At worst a marginal new low should be followed by a new ATH
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Following the general shape so far. Lets' see
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Closed above the 55 dma and good weekly candle bounced off the 20 wma within the BB. So far so good
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Just released CFTC spec net long positioning is neutral, has been cut down significantly. Bullish
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Slightly lowering summer target to 2465/2479
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2nd estimate GDP ticks up to 2% YOY. Goldilocks everywhere. Ongoing acceleration from the bottom in 2Q16
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patterntrader
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In fact, this chart provides a different perspective of the market. This type of charting idea never passed through my mind. It is always good to keep in touch with professional traders.
Thank you for sharing this chart. Continue your good work.
Thank you for sharing this chart. Continue your good work.