As those who know me at all know.. i use a lot of different tools The Pivots, EMAs, VWAP, Market Profile (price volume in different time periods), Fib analysis, etc.. but my favorite is Elliot Waves, and there is my count and then there is the count, and setups from the MTPredictor SW... This is a sell setup that appeared in the 1 hour timeframe at 6:00 AM EST...
Back when I ran a room on TCNet "Kauai Dave Trendtraders" i learned many things from the folks who ran the other rooms there. One guy ran a room based on a series of EMAs he called the rainbow. In this chart I have picked EMAs that relate to fib numbers. The idea is very simple.... If we are above the rainbow you should be long, if price is below the rainbow...
Stock Index Futures have opened Sharply LOWER
for Dec 6,2018 on a large spike in VOLUME right at the OPEN,
very unusual activity for overnight trading,
continuing the sharp selloff that hit the market on Dec.4,2016,
when Dow Futures were down 800 points.
Believe it or not,last night, and earlier today
the bulls were at it again rallying the futures markets,
In this 1 hour chart I have marked the possible 1st and 3rd impulsive and complex waves down in red, the corrective waves 2 & 4 to the down trend in this timeframe in green... One possible scenario is we go down on a 5th wave impulsive and complex next. Sometimes I post MTPredictor trade setups, and Steve Griffith's count, but this one is mine.
I have suggested that you focus your attention
on the DOW INDUSTRIALS, because the Pattern
in place is much easier read and therefore understand
On 12/3,/18 i also suggested that you watch YMZ Dec.18
Dow Futures 25810, as a Break below that level would be the
first significant hint that a Downside Reversal was brewing.
It certainly did not...
DOW FUTURES for Dec 2018 YMZ
have a VERY CLEAR PATTERN in place
actually much easier to interpret
than the S+P Futures
12/3 OPEN on Dow Futures at 25813,
with the current overnight low at 25810,
...BROKE OUT EXACTLY AND FINITELY ABOVE..
THE MAJOR RESISTANCE DOWNTREND LINE
FROM THE ALL TIME HIGH of 26966 on OCT 3,2018,
CONNECTING THE SECONDARY HIGH of 26268 on...
i calculate all the 4.618, 5.618, 6.618, 7.618, 8.618, 9.618, 10.618, 11.618......
find out they is some interesting support line.. if the market follow the sequence and continue downtrend, the future index will stop at this all fibo number and rebound back, and continue fall.
I am quite exciting on it. let see what will continue happen.