Here is a very rough path if the end of Primary wave 1 is in October 2023 and above 4030. We are currently signaling a wave 3 of 3 meaning some sort of upward movement should begin within the next 2 days and possibly last 1-4 days.
The end is coming in focus. We have re-adjusted some key points and placed the next estimates on the chart. The biggest question was the placement of Minor 1 (yellow), once Minor 2 jumped. We are breaking down the future on the hourly chart to make it easier to follow along.
We are in Minor wave 3, a day later than originally expected. The index dropped after the...
CASE A: Very Strong Sell. RSI shows an over bought market.
CASE B: Market retests first before a sharp decline and return to downward trend.
CASE C. Trend Direction has changed.
Whatever the case, wait for a confirmation and trade the trend.
Currently the market seems to be breaking out of the downward trend it has been in since May 2021.
Case A: Wait for breakout from triangle. With the high inflation affecting the USD, this is the more likely scenario.
Case B: Price breaks to the downside and we maintain the downward trend.
Note: Patience and Discipline. Don't chase after the market. Allow it to...
We see possible scenarios here. The market direction may have changed already but we have to wait for a confirmation. This will be buy a retest on the previous support followed by a decline.
OR
It might be a false break out due to some fundamental news. In this case, wait for a retracement back into the trend then buy, putting SL and TP at reasonable points.
