Needs to take orange top line out on next attempt
or neckline could be tested again and possible
further down move to shs target.... gap close.
@BLawrenceM
Looks like Fed is setting the market up for a pop on there announcement later today at 2 o'clock.
Market would then have made a perfect ABCD correction (yellow lines) at the 1.272 fib and looks like a 3 drive to a bottom at the same time (green lines). We would at the same time have seen a gap close
Fisher looks also ready for a bounce making a possible divergens...
UPRO normally showing gabs more clearly then the index.
Price has made a exact 3.618 fib ext. of wave 1 and stopped at gab
I could see chop here due to low volume ending up Friday with a gab close and reaching the exact 88,6 retrace.
OR a gab close today and a bad NFP report tomorrow bringing the Gartley butterfly in play.
I will take a short at 88,6 as a low...
Smells like a diagonal being formed together with a gab close ending up with a Bearish Gartley being formed.
I recommend hands of until clear signals given
Safe trading ladies and gents
BM
The back test of the break out of the trend channel looks like a failure -
But is now finding support at ma361 and creating the right shoulder in a larger IHS with a target around 107....but neckline has to be broken.
Safe trading Ladies & Gents!
BM
ABCD in play with a promise of gap- close
Playing right now with a 23.8 retrace... I do though see price action brings at least a 38.2 and then bears comes could come in with conviction.. so caution!
As always time will show
Safe trading Ladies & Gents!
BM
