Daily Chart
We are still on track and have not yet made a micro wave 4 correction for this larger wave 5. This is the last week before the Italy vote. It appears that we will move up until maybe Friday. The vote is on Sunday the 4th so we should see a day or two drop starting Monday maybe down to the 2206 range. Then we could see another sharp move up like what happened after Brexit but of course not as huge as Brexit. If this plays out the way I am envisioning it, then I think we could see a hard push up to 2250 - 2280. There should be a great shorting opportunity for this rate hike.
That's my take on how this is going to work out. The black line marked with a red arrow is an exact measurement of the December 2015 drop including the time frame when it bottomed. This does not mean that we will follow this exactly but is useful for reference. And as you can see, depending on how high we go, the 61% retracement is right there at the long term trend line.
We are still on track and have not yet made a micro wave 4 correction for this larger wave 5. This is the last week before the Italy vote. It appears that we will move up until maybe Friday. The vote is on Sunday the 4th so we should see a day or two drop starting Monday maybe down to the 2206 range. Then we could see another sharp move up like what happened after Brexit but of course not as huge as Brexit. If this plays out the way I am envisioning it, then I think we could see a hard push up to 2250 - 2280. There should be a great shorting opportunity for this rate hike.
That's my take on how this is going to work out. The black line marked with a red arrow is an exact measurement of the December 2015 drop including the time frame when it bottomed. This does not mean that we will follow this exactly but is useful for reference. And as you can see, depending on how high we go, the 61% retracement is right there at the long term trend line.
Comment:
Hopefully the red arrow shows up this time.
