The Dow is not looking good as there is clear bearish divergence confirmed twice by two higher highs in price and respectively lower lows on the RSI. Wait for further indication before taking either side. Short bias is certainly reasonable as of now.
This wedge pattern is an alternate scenario that is also very possible!
Now we have to think about how we can play this. The setup you can see in the chart is one way to do it: Wait for a break of $6,427 to the downside, enter a short position and set your stop slightly above! The target you can see in the shown setup is...
This is, again a very long term scenario! But for long term investments, you really should be able to see where something could potentially go. Not to say that you are going to be right even 50% of the time on such calls but I still believe they are important! If you can't come up with a scenario that would generate above...
This 23k level is very critical for the DOW right now! While it has the potential to play out bullish as it would have made a beautiful double bottom if we can bounce from it it also has the potential to initiate a huge selloff since everyone is watching it!
Bullish indication on the daily:
- divergence in the...
This is just a very quick heads up on what we could potentially be looking at! These two B structures look fairly similar so far: both with a leading diagonal for the smaller a and both moved very quick on their smaller b wave!
I hope this was helpful! Take care!
For this one it is very important to take note of that sloped yellow support line that has already held for longer than I initially thought! Only after breaking this line we can confirm a bigger correction.
Starbucks has made an amazing run all the way to above the 2.618 fib extension of wave 1!
It is obvious that this kind...
I don't know why so few called for this at the beginning of the correction... I guess many just do not know this rule, which kind of surprised me since it isn't something very sophisticated.
I wanted to make this post to educate those who do not know this elliot-wave rule yet!
This rule specifically applies whenever you...
Allthough volume is not confirming this it looks good to me from a pattern perspective.
Since we are in a downtrend we usually start counting from the low, which does not mean that we cannot use the prior high to gage where the upper line of our triangle will be!
Many might argue that it doesn't even help to consider...
Invalid if sloped support is broken with conviction and followed by rejection to the upside! If it only pierces the line and comes right back in we assume bullishness.
I hope this was helpful to you! Follow for future TA and like if you want to!
This ascending right may have bullish implications and could take us to $1.600 or higher!
Patience is key here, this is not for right now but you might want to keep your eyes on it!
To be profitable over the long term you need to trade like a sniper: be patient, cool and collected and wait for your chance!
I hope this...
As shown in my chart, we finished our first 5 waves down and are right now in a sideways movement, which can be identified as a flag! Usually, we would expect flags to be tilted against the prevailing price trend but this one is tilted in the opposite direction.
What does this tell us?
It shows us a slight weakness of...
This is extremely long term, keep that in mind! Why do I even do this? I think it is very important to see the forest for the trees to be aware of where a market is at in its cycle!
Is this forecast crazy? I don't think so.
It makes a lot of sense to me and that is why I am sharing it with you!
If this was helpful to...
If you havent seen my other post about the bigger picture, check that out first!
Here is a more detailed view of how the rest of this correction may unfold!
If this was helpful to you, follow me for future content! A like would also be very much appreciated! Thank you! Take care!
This is definitely one of the more probable scenarios, since there are a few factors coming together as to why we would correct to around $4.5k!
1) At that level is the 0.786 fib retracement
2) We have a sloped long term support line coming up to probably be met at around 4.5k
3) We would be in wave 4 territory, which...
Well, Facebook has been in a very stable uptrend since 2013. Now, there is a good chance that this will be the end of it! 5 waves are complete and we already came back from this overextended zone (green) into the channel. Therefore we can call that an overthrow, which indicates the end of an uptrend. In combination with...