The wave 5 could just be initialized. Buy wave 2 dip to ride wave 3 rallly.
Global equity has bottomed. Although the Aug 25th Daja Vu is coming. I much prefer to buy dips this week.
Crude oil is making a descending wedge, which could have completed. However, the correction is just short to hit 50% retracement makes the long side skeptical. The price action is going to be binary near term, bullish near- mid term. Stay cautious and don't get chopped up!.
This 4th wave is going to be complex based on the corresponding simple 2nd wave. Stand aside for now and waiting for the structure to unfold and demonstrate more clarity.
We got multiple confluence at the current level for DXY. The 200% extension of the impulsive decline. The pitchfork 50% line off the topping structure. And the most importantly, the reversal day close price of May 2016. I look forward to a bounce into NFP at the least.
The chip maker has been making quite a comeback. However, the story is going to pause at the very least in the coming month. I see a correction to at least $11. A much likely target is around $8.5-9 range. If the come back story is real, we will see it bounce hard from there.
IBKR has a large wedge comes to an end. It could resolves to both side. However, wave analysis, time analysis and the internal structure of the wedge suggests a upper move for a 5th wave.
A meaningful correction is dollar is finally going to come IMO. A slight chance of a new minor low depends on ECB. Nonetheless, a wave 4 correction is coming.
Please be aware that this is a log chart. It is always hard to count wave for a ongoing equity bull market. The exact degree of the impulsive labeling might be off, but the idea of coming corrective is imminent. Be careful in banks, big techs, and biotechs.
When evaluating equity, one should always keep an eye on all major market. Despite the bullishness in US market, both European and Japanese market are in dead cat bounce mode in my opinion. The all time high party might take a brief pause soon.
There is no obviously RSI divergence above 4H time frame. The bounce is lack of impulsive feature. Therefore, I suspect bearish continuation near term.
I view the trend line break as valid and the pair is going to charge to a high level trend line near term, which is a much more important long term trend line.
IBB is in the B wave of a huge 4th wave correction. The B wave is maturing and we need to watch minor wave 3 vs wave 5 divergence and important fib level of 339 to confirm the wave count.
The crude oil may or may not retest the pitchfork middle line support. Regardless, I view the mid-term to be bullish corrective. Long side swing trade is a good idea.
The resistant level being tested is a make or break level. My bias is bearish.
The dollar has made a short term low, and the initial bounce looks impulsive. There should be further rally in the coming week or two.
The longer time frame III wave is coming to an end. I am expecting a season long correction starting early July
buy dip around 1.278 take profit at fib extension.