We can make the case for this being a rising Wedge Pattern or in terms of the Wave Principle, an Ending Diagonal fifth wave.
Looking at the Wedge pattern, there's nothing wrong here and we can short if price goes outside the pattern.
But there are two problems with this view according to the wave Principle :
1) Wave 4 did not enter wave 1 territory altough...
This is a follow up to my previous post and is here simply to show the effectiveness of the Elliott Wave Principle and one way to apply it.
We shorted this ending diagonal right after closing our longs because for 2 reasons : 1) We got an Ending Diagonal wave 5 which should be followed...
BYND - Here's a new one for our watchlist. Not sure a retest of the support zone is for right now but once 5 up are done, it's a possibility and occasion for a long.
For now, it looks like a simple wave 4 correction.
A break above the channel should take this for a fifth wave higher.
Although we have the risk of this being a 3 waves rise, by the looks of it I tihnk we'll see a new high as this move has the caracteristics of a corrective wave 4.
Looking at the number of stocks that keep on breaking out of corrective bases and making new highs (look at my profile) but also looking at the Advance/Decline Line we can see that we have positive...
Just follow the noted path.
If wave (iv) has ended then we should see the fifth wave higher, completing a higher degree wave 1.
We then need to see a corrective wave 2 that must hold above the beginning of wave 1 at 73.80 for this stock to rally to new highs.
Trump will win this election, no doubt about that and that is bullish for the markets ! (unless ofc he dies of Covid...)
Question is, will we see a new leg lower in all indexes or is the correction over and we're going for new highs right away ?
If price stalls at the 1.270/1.382 Fib zone and goes then below 1576, chances are high we'll see 1400(-ish) again.
The wave count suggests we should see one more push lower to finish a 5 waves drop as part of wave (c) of higher degree wave ((iv)).
A drop below 21.60 could get things on track and we finally could see price drop for fifth wave.
We're at the end of this Triangle.
470 and 480 are the ideal zones to watch for a potential reversal.
If price drops below 462, we could continue to see this go some more sideways as long as it remains above wave A low at 457.7.
Dollar Index - The count remains the same as it was shared a few months back with my subsribers.
Looks like red wave iv is finished and price will continue lower.
BUT if we see a bounce now and price goes above 94.75, we need to look for possibilities that Dollar strength will come back !
For now though, I see this go below wave b and make a new low...
We're in a wave 4 that seems to be taking the form of a Triangle.
Measures have been respected for now, each leg being 61.8% to 78.6% of the prior move.
This makes us believe that wave D and E of the Triangle can be of the same proportions.
But if price keeps on going higher now, we could then be in Flat correction , which could take wave B up to the noted 1.272...
DAX - Turned into a Triangle here it seems.
I'm expecting price to go down to ~12645 or even a bit lower towards the 61.% retracement level and hte 161.8% projection level, respectively at 12566 and 12515.
(It should ideally remain above 12463 since a close below that would significantly increase for bears to take over).
Alternatively, if price remains above...