The US futures join the morning rally from Europe with the Dow Jones bouncing back from a larger correction (WXY).
We are looking at an ABC wave up that could turn into a 5 wave if momentum stays strong. I favour this because the larger degree trend is still bullish.
Hello traders, i haven`t posted in a long time, but here you have some analysis from me! :)
As we know US30USD is uptrending from November/October, and friday before market closed i catched 1000+ pips from my Divergence strategy, but now, i would like to see
US30USD re-test pink STRONG TREND LINE, and then take a good long term buy!
Check my profile for morew...
Usually a pennant flag is a continuation pattern meaning here we should see more buyers. Alas, this one looks a bit weak to me.
If it fails I expect another zigzag pattern (Wave W=Y) just like we had from the previous high.
If it breaks out upwards then we can use wave X as the projection for the next rally.
Better to wait this one out and see where the pennant...
According to my wave count we should be nearing the end of the correction that has been going on this entire month. 26300 is my final target before I expect the bulls to really wake up again. This area has been a battleground before. During this year's summer we've seen it as both resistance and support, and also last year this area was of importance...
Im looking for a last leg up towards the February top near 30.000 before I expect a larger correction.
Perhaps the 5 wave correction is already finished but I see a bit more room down (circa 300 points).
Next week the bulls should show their faces or else its to the graveyard with this one.
For the longer term its important to quickly conquer that February top...
To begin almost anything, it helps having the right tools in place for the job.
The moment has come for me to set up a full outlook on the DOW JONES (DJI), everything will be approximations, and can update periodically on the same thread, I think.
This is a study completely based on my own understanding, and it is freaking minimal, but it is...