DJIA (US30): Patterns, counts and trendlines, Cypher still on...
The Cypher short is still on, SL at BE, targets 17755 and 18000 for me...
We could be seeing some upside short-term though based on the oversold condition of the stochastics and the recent pinbar at the trendline...
Smaller TF's should give us clues on whether this will be a correction or a new up move.
If it goes back up then I'll be looking for a possible developing wedge structure..., I will the update the count accordingly if it goes in that direction.
If we see a corrective pattern in the up move on smaller TF's or if we break below the recent low the chances are still decent that we will get the bearish Cypher targets...
Biased short based on the Cypher.
We could be seeing some upside short-term though based on the oversold condition of the stochastics and the recent pinbar at the trendline...
Smaller TF's should give us clues on whether this will be a correction or a new up move.
If it goes back up then I'll be looking for a possible developing wedge structure..., I will the update the count accordingly if it goes in that direction.
If we see a corrective pattern in the up move on smaller TF's or if we break below the recent low the chances are still decent that we will get the bearish Cypher targets...
Biased short based on the Cypher.
Trade closed: target reached:
All shorts are done, TP2 for the Cypher was met ending a possible wave 2, now we could be going up for a wave 3 and new highs..., wait for a new higher high and then look for longs...:
