The Ending Diagonal at the top is a little too soon to chart or call, but is a possibility. You can see the RSI starting to diverge (red arrows at bottom), just like in 2007...this is showing weakness. This chart fits in with other global charts and patterns. Getting to the bottom could be a multi-year event. Nothing goes straight up or down....although it may feel like it if you are long.
The Dow can be charted in a similar manner. Capital preservation is in order. Bank failures would be expected.
There still may be weeks left to the upside, but this huge bear-market rally is coming to end. In Elliott Wave terms, this entire move has been a multi-year bear market. This is a deflationary crash, as seen by metals and oil.
The Dow can be charted in a similar manner. Capital preservation is in order. Bank failures would be expected.
There still may be weeks left to the upside, but this huge bear-market rally is coming to end. In Elliott Wave terms, this entire move has been a multi-year bear market. This is a deflationary crash, as seen by metals and oil.
