Possible Retracement Levels for Dow Corrective Reactionary Wave
מעודכן
Don't expect a real hard selloff; this is an alternating wave coming off the June Swoon deep selloff, but could still have some pretty fierce selling and ^^Vix.
Index will likely go on to form double top and new All-Time High, breaking up from channel later this year after resting comfortably at ~24840-25040 for a few days.
We are in a 'reactionary wave' meaning countertrend, corrective; the Primary trend is Bull, and this looks like a primary 4th down wave in 5 wave bullish impulse.
This fourth wave (Y/D on chart) will possibly consist of a full 5 wave corrective impulse, we will see more as it unfolds, which will help gauge depth of pulloff.
Fifth wave will possibly have extraordinary strength and breadth, as it is a combo of several coincident bullish impulses (V)(5)(v)(E) of multiple waves cycles converging.
In short; it could be a trip to the Moon. Don't miss the launch!
Notice how rising support lines reach back to intersection at "Y" corrective wave- look for strong support around former resistance at 25040.
If wave breaks thru S1 @.382 Fibo, it will likely find firm S2 around 0.50 Fibo @24840. I wouldn't bet on a deeper pullback, although a flash crash is always possible.
Comments are always welcome-
Good luck!
Index will likely go on to form double top and new All-Time High, breaking up from channel later this year after resting comfortably at ~24840-25040 for a few days.
We are in a 'reactionary wave' meaning countertrend, corrective; the Primary trend is Bull, and this looks like a primary 4th down wave in 5 wave bullish impulse.
This fourth wave (Y/D on chart) will possibly consist of a full 5 wave corrective impulse, we will see more as it unfolds, which will help gauge depth of pulloff.
Fifth wave will possibly have extraordinary strength and breadth, as it is a combo of several coincident bullish impulses (V)(5)(v)(E) of multiple waves cycles converging.
In short; it could be a trip to the Moon. Don't miss the launch!
Notice how rising support lines reach back to intersection at "Y" corrective wave- look for strong support around former resistance at 25040.
If wave breaks thru S1 @.382 Fibo, it will likely find firm S2 around 0.50 Fibo @24840. I wouldn't bet on a deeper pullback, although a flash crash is always possible.
Comments are always welcome-
Good luck!
עסקה פעילה
Gosh the maniacs in the US markets continue to amaze me daily. Last week a mad scramble to load up on shares and buying seats on the Moon shot shuttle; now throwing out babies with bathwater in panic to dump the shares they overpaid for just two days ago. Look for a 50% retracement or about 150 - 200 point rebound for a small up Wave 2 in this countertrend, before continuing lower. I am still long on a few puts but sitting on cash to see what madness awaits on Monday. Good Luck!
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.