Please tell me if I'm wrong as I'm shaky on technical patterns but is that 2 cup and handle patterns for the SSMI? It's pretty obvious that it may well come up against some massive resistance sooner rather than later but if it can break that resistance......... Interesting times.
Please see TOMJ2417 great post today 11/23/17 on the SSMI
This is a follow up post, showing at the 15 minute level a probable completion of what TOMJ2417 has labeled as wave "5"
The fifth wave of wave "5" appears to be an Ending Diagonal Triangle(EDT). The sharp and impulsive decline from the peak is
exactly what you would expect after an EDT.
Additionally the ...
This one will probably let me down right at the end of the move but I have attempted to show how this 5th wave has taken on board many facets of Elliott Wave. The principle of alternation in the two corrections, the fib extensions and the otherwise clear nature of the count. I am expecting another, final leg up to complete the 5th wave and this text book example ...
Swiss Market Index* INDEX:SSMI formed the bullish wave and appears to be ready for take off to point 6.
This potential move is being supported by RSI divergence as well as significant volume at point 5 (unfortunately not available here, but I can see it in my terminal).
It is also worth noting that internal structure of the wave is being enhanced ...
TVC:SSMI reached point IV of the bullish wolfe wave and after failing to break the resistance level(s) is heading South to point V.
If this point is reached and reversal of downtrend is confirmed by forming the local low and supported by divergence/volume/data, it can become a nice long opportunity.