With DJI rising fast, NQ slowing down (falling at the time of writing / suddently the weakest index) and VIX showing some strength at the same time, it might be that we're just waiting for DJI to hit it's target.
Measured move, gap fill, break down zone calling, double channel expansion, completion of 3 drives pattern.. Lots of stocks got trapped traders in that vicinity. YM has made a possible 50% correction on the way up and with the tech bulls roaring, NQ could "easily" hit target - if DOW really is only half way up that is.
Dax has been acting rather harmonic lately and now we've got another Butterfly completed on the 4h, while a beautiful bullish Wolfe Wave is in play. I'm still expecting a much larger correction in the long term, but I think we could see a nice run from around here or the bigger daily AB=CB at the fake out in daily + weekly demand, before bears eventually takes...
I'm thinking it's quite possible we're gonna see a long torm top in this area, but for now we have a range set up with bullish harmonics pointing to it's lows. I will be watching this for clues to a possible higher time frame trend reversal.
Just a rough sketch with some areas/lines I'll be watching to complement eventual setups on the lower TF's. The time element will of course have a big influence. It's nice how the MA's seems to line up with these energy points.
Ideal AB=CD (precise 0.618 -> 1.618) (possible Bat a bit higher) to WW completion. Looking for a move down to the 59 area at least.
Some great details about this Wolfe Wave: The 1-4 target line has the same slope as the blue downsloping fork. The 2-4 line exactly the same as the steepest upsloping black fork. The 1-3 line the same as the turquoise upsloping fork...
Bullish bat completed. A close above EMA 8 or the trendline seems like a reasonable entry trigger. Alternatively a trade above last minor swing high.
AB=CD, Gartley or Butterfly also possible below. Only looking to catch a bounce equal to the BC leg of this bat. NB. long term down trend!
/edit: This 15 min bear bat might offer an opportunity to get in if it...
B didn't quite touch the .786, but it sure seems to be reaction to this level. A 1h close below the could confirm a pullback at least.
DAX 30 min shark pattern:
DOW testing the daily downsloping pitchfork top for the first time + the upsloping medianline:
DAX overshot the downsloping pitchfork and turned at the 2.75 warning line at both the bottom and the top and is now returning to test the original upper median line from above. At the exact same level we got the completion of a bullish 5-0 pattern and a Shark. This should be a strong area of support.