About meTechnical Analysis, Darkpool, and option flow specialist. Elliot Wave trader based on high probability risk/reward setups. Opinions are my ideas only and if you choose to follow a trade idea, please do your own DD and have a stop loss.
your up next! Looks to have completed a major 3 wave with a completed AB wave. Wave C 1-2 looks complete and should head into an impulse Wave 3 down towards 414-431 zone. Expect a bounce there but structure likely to complete after the gap fill closer to low 380's.
I don't want to hear your news stories about Boeing as if any of that even matters. Technicals just aren't bullish yet. The fact is, 4 weeks ago Boeing flashed the weekly sell signal and this week Boeing back tested that signal and failed leaving a 50% wick down candle at the top of the downtrend channel.
I am looking for a 5 wave down structure here to fill the...
If bulls are able to push above 447.08, I do see upside into 456-458 where we should see bears come back in and take control as price will meet upper channel resistance as well as previous support that broke down which is now new resistance.
Unless bulls can push above 447.08, bears still in control imo. We have a W4 ascending triangle awaiting confirmation of a break up or down. A break down should take us into 409-416 area where I would be more inclined to BTD for a move into 450's.
A break above would set up our Scenario 2 which has also been posted.