Showing potential for shorting once you are in the short zone. No promises, but this zone seems a likely candidate based on current market conditions and trend lines.
Predictions for upcoming days are as follows:
I drew the very long-term top trend line and the bottom trend line from the crash to the first point of correction, and wouldn’t you know it, they converge exactly on 1-28-21.
I then forced my retrace method to figure out what price we would have to hit for the convergence of those lines to line up with the .382 retrace to about 29220.
According to this we...
This is the Dow Industrial Average - Weekly. (Price & Time)
This is only a 2-D Time Slice of a high(er) dimensional wave analysis (see - attachment), with standard Price projection onto the Time axes. (Will add the rest as time allows.)
For your consideration on the DOW, some FIB retrace thoughts as well as a potential point of interest around February 10th where trend lines, for now, converge. What goes up, must eventually come down...
DXY bouncing off major support with the presidential election result shouting out Biden => significant uncertainties + end of megaphone as well as decades resistences.
Expect a BEARISH MEGAPHONE in play.
My last update on this.
Remember the fundamentals of stocks don't matter in the modern stock market. Banks need volatility from markets to make money and its far easier to short sell the current zone than it is to prop the price of large companies higher during a downturn.
Just ask yourself ``If I were a bank would I carry all of these schmucks to all time highs and hope they don't...
Did anyone else notice we did not stay true to the pattern that happened twice before? We missed the bottom trend line. This leads me to think we might have to head down to kiss that baby before we really head up again. Either that, or it is a very real sign of a bull trap going back up in such a hurry. Tread lightly.
Short Term Elliott Wave View suggests the rally from December 21, 2020 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from December 21 low, wave (i) ended at 30198 and dips in wave (ii) ended at 29735. Index then resumed higher in wave (iii) towards 30502, wave (iv) ended at 30166, and wave (v) ended at 30691. This completed wave ((i)) in higher...
Short term Elliott Wave view on Dow Futures (YM) suggests the rally from October 30 low is unfolding as a 5 waves impulse Elliott Wave structure. Wave (1) of this impulsive rally ended at 30333 and pullback in wave (2) ended at 29308. The Index has resumed higher in wave (3). Up from wave (2) low at 29308, wave ((i)) ended at 30198 and wave ((ii)) pullback ended...
Based on the wave count and the time phase proportional factors, we believe the the sub-5 waves of wave 1 of the intermediate phase has been over and as such we are heading for a possible 3rd wave.
Plus the resistance at 30,302 has been tested multiple times and thus it’s weaken.
Should it revert back lower, the possibility of an complex sub wave 2 is...