Well, today jumped all around until we got some kind of trend going until the last hour knocked the bull off its feet. I think that is as good as sign as any that our wave C down has started. I'm looking for a minimum target of 745-760 before we get any more bullish.
I did update my labeling of the ED to 1-2-3-4-5 instead of a-b-c-d-e, which is the technically correct way to label it. Thanks to one of my readers for pointing that out.
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There is not as much support at 750 as you might think. The H/S at 780 measures to 720s where there is NO support, suggesting 666 will be tested.
ReplyDeleteDaily charts rolling over suggests we are not going to go to 750 and then rally off of it, imo.
Hello Schweizer....this is kidflare in Wilm, NC..go to the web site afraidtotrade.com; click on Blog then on the right side under Featured Posts see the article named "Two Competing Elliott Wave Interpretations." Great charts to view = both saying your thoughts
ReplyDeleteHi Rich. What is your opinion on the potential head&shoulders scenario that would signal a further drop to ~730ish?
ReplyDeleteThanks for sharing your work.
April 1 1:43 pm...geeeez...when it this market ever going to roll over?????? Why so damn bullish..looks like we are headed to 840 now
ReplyDeletelots of bears!!!! looks like three of three to me
ReplyDeleteSchweizer / haydetecvx,
ReplyDeleteWell, I think the H&S pattern is off the table now. The best the bears can hope for is a double top, and that of course doesn't give us an exact low.