Dow in correction wave XYZ; expect lower soon Corto

Dow Jones Industrial Average IndexDJ

Descripción

⋅ 15 de Ago. de 2018 0:27

This is a 3-3-3 corrective wave pattern forming. Looks like we had 3 strong down waves in 'W'; 3 smaller up waves today for an 'X';

The 'Y' should start very soon, will likely open with a gap down and should carry index to near same decline as 'W' or ~520 points to 24818.

I do not see an ABC pattern here, as there are no 5 wave impulses in the W or X waves.

As always I am not an investment advisor, and this is not advice, it's for education and amusement. Good luck!

Operación activa

⋅ 15 de Ago. de 2018 3:31

OMGosh lookit the futures go! LOL

Comentarios

shock.rocket

⋅ 15 de Ago. de 2018 21:58

Great chart! What are your thoughts on the price action at 25k today, the sort of "double bottom" (intraday) and "reversal" (so far) with the bullish close? At what point would you say point 'Y' is nullified, or no longer in play? I am not well-versed in wave counts at all....

DaddySawbucks

⋅ 15 de Ago. de 2018 23:48

@shock.rocket, It may be complete now or there could be yet another bear-down day. Index still a bit shy of the 0.50 Fibo we expected- around 24860 but got within 100 pts of it so might be completed.

I wouldn't bet on further declines like this and it might be prudent to cover shorts, nothing like the feeling of watching proftis turn to losses, eh? BTW this is not investment advice, good luck!

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