gold and gold miners have finished wave 5 at resistance. Price might retrace or go sideways. Watch closely the 0.236 to 0.382 level to initiate longs if you are bullish
Right now is a good opportunity for neutral trade setups: strangles, iron condors.....
I have been mistakenly bearish on equities lately. Hope this one is a better call. Stay safe, traders!
the last low was on the 200 week average, a very powerful support traditionally.
I am not making a bold call that the ultra bottom is in. However looking at the TD D-wave 5 wave structure, we can speculate that price is finishing 2nd wave correction in a 5 wave up move.
This setup will be invalidated if BTC breaks below 3100.
But if we can form a higher low...
A lot of bad news. All the guidance saying lower. FED always has dovish comment. Overeacting rally from President's tweet.
No sign to short yet, but I think it is going to happen soon. And when it does, embrace for impact. I think it is going to be a big crash.
I want to go even further to say we can see 2000 S&P and 10000 Dow.
I might be terribly wrong, but...
The market is dropping. All my previous ideas (SPY, IWM, DIA, .....) have been featuring this drop. However, BAC has a quite different chart compared to those so I guess I will post this one for reference, since we are having a big j confirmation red candle today.
I think we are on wave 5 down. the target is the red box. I will look for a finished setup 9 and...
EEM just broke 50 day for the first time after quite a while.
I think the downside wave is finished, as wave 5 reached the 1.618 extension of wave 3 perfectly. If price in the next few days breaks above upside wave 1 I think it is a great time to go long, because wave 3 is usually the strongest and most impulsive wave.
The downside wave 5 also hit and bounced at...
AMZN just completed an ABC corrective wave at a 9 and 13 combo and yearly pivot. The weekly chart also posted a 9 exhaustion signal as well.
This is either a bounce to a lower high, probably at 200 day, or a spike up for new ATH
Stay safe traders!
TD-D-Wave(by Tom Demark) is similar to Elliot-Wave Theory but lessens the subjective "calls"/"changes" to wave counts done by most Elliot-Wave practicioners by implementing minimum requirements as far as candle counts (much like baseTD Indicator).
Won't go too far into the rules in this series of posts but encourage people to poke holes in this analysis where...
For some reason today I took out the chart on XLF and saw my wave projection which I outlined after the materialization of wave 3 and was very surprised. We have a very nice red 9 setup to lock in wave 4. Price is now heading to finish wave 5 at around $24.
I was about to re adjust the wave 4 to fit in the realistic price action but somehow felt that it is better...
Island doji candle, at monthly pivot R2, at around 0.618 retrace level ---> good short entry signal
Wave price projection is pretty low, so I would not rely on that setup yet. However I am trading this short until 276. Stop loss on chart.
Good luck trading!
we are in wave 3 of TD D-wave. Just took some of my profit at 22.99
The target for a textbook Wave 3 is at ~18.76.
However I will take my profit at the next Trend Factor, which is 21.72 which happens to be S2 monthly pivot.
Good luck trading! I will update this idea accordingly