I had initially been going with the blue count for this etf following on from my chart idea on this from October 2019. I now think there may be in fact another wave of to go and I like the red count for this one.
I'm not sure if my red count wave 1 can really be labelled as a leading diagonal or not but it is the only way that I can justify the bullish count for JP Morgan. Personally, it looks more like a 3 wave ABC to me and so I prefer my bearish blue count and taking the view that this is a downward ABC correction. Which is the right answer? I wish I knew.
I look at one equity index and see a bearish scenario while another one can look very bullish indeed. Really not sure which way this thing is going to head right now but this is one of those charts that can perhaps be viewed in a bullish light.....More upside after correction.
So many permutations for the US dollar longer term that I am only concentrating on the shorter term charts for now. This looks to me like a reasonably clear 5 wave pattern forming to the downside. Lets see if it pans out.
It might look a bit foolish to bet against US tech with the action of the last 11 (even 20+) years but both these counts reckon there might be room for a decent correction (blue count) and for a much larger and prolonged correction (red count) . (There is another variation for the red count that suggests the correction that began in 2018 finished a running flat in...
Is this a possible route for the Pound versus the US Dollar? And if it is correct does that mean that equities may also have another leg up too......?
As always, there is risk in the markets and these two scenarios, whilst both bullish, offer differing paths. The equity markets really took off on Friday......was that a 3rd wave in progress or a massive fake out (on dodgy employment figures). I wish I knew the answer.
Seeing a similar pattern in most European equities. Getting close to a correction or is calling a (interim) top a fools errand and the bullish red count the way to go?
US markets have rallied dramatically since the February "crash" but is it time for a pause? This pitchfork mid-line has provided strong support and resistance for this index. Will the index smash through it or take some time to consolidate?
It might need a break above 23.67 to add a bit more weight to this count but as I look through the markets this morning there seems be some strength flowing into the financial stocks and away from the tech stocks.
Some pretty impulsive looking waves to my way of thinking and some confluence provided by the fib measurements. Lets see what happens......
3 different counts all suggesting differing degrees of weakness ahead. Is there a 4th count I'm missing here.....?
Here's a very successful UK investment trust of the last few years focused on Japanese equities presenting, imo, a bullish pattern. This count is suggesting further gains going forward although I am not sure we have seen a wave (2) correction yet in the ongoing wave 5.
Another chart from the UK investment trust stable that could still have some life in it yet perhaps......
As a UK based proxy for mostly US tech stocks this FTSE 100 Investment trust has given it's investors a pretty good run. This count suggests that there may be more to come after this recent break out.
Looking at my oil chart has sent me very bearish this morning . Here is a count that would see a further dramatic decline in this index (and most other equities with it).
My 4th wave correction is a slightly dubious running flat but I like the confluence of various fib measurements for this stock, especially the red 5th wave target for this degree meeting the red 3rd wave target for the larger degree. Lots of doom and gloom out there but stocks like this still like they look to me that they have some room to run. I have derived...