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I know this is would be a quick move and can’t happen right!? Maybe not but there is a lot better risk/reward taking a short position than a long one right now IMO. Indicators are already moving, the Wolfe wave is pointing to a move real soon, the price structure fits the technicals for the wolfe wave perfectly, look at the volume by price, the PO for the wave hits right in the center of the meaty area where it should find support. I know I know, can’t happen. There are many ways to construct the waves where time can vary, it may take more time to play out but there is the discussion on Obama care tomorrow and the media hates Trump, so they will not be helping the market with kind words about him. Check out MA’s blog from a couple of days ago about the Dow, he is hinting at some turbulence forthcoming, is this why the miners are being hesitant?
What strikes me is the volume, realistically that price is a house of cards.
Randy ..you know I am a Wolfe skeptic
I don’t see many of these things that actually play out
do you ? And if yes…what % ? I am thinking 20% would be a lot
Nothing works 100%, here are a couple of examples where they were used for timing. DX nailed the move to 100.20 the day after the fed. Trans is working out well, NG would have saved a person from looking skyward and taking a bath. Like I say nothing works 100% and you can disregard them, that’s the great thing about being able to make a choice. I can quit posting them if you would like?
https://invst.ly/3im7u
https://invst.ly/3im8w
https://invst.ly/3im9s
Not looking for 100% …But…to be useful a pattern has to have as high a % as possible.
Certainly at least 60%
Keep posting of course but I am making the observation I don’t see many of them fulfilling
From my experience, i doubt this’ll play out by turning into a steep decline. Trust me, Id love nothing more, but it seems the more likely route would be to drift sideways towards the lower TL. Once we reach that lower TL, sure it could break or bounce and keep going but let’s cross that bridge when we get there.
Lacking DJT impeachment (unlikely), i say it goes sideways & slightly lower like the previous retracement inside these trendlines.
And you could be right, we will have to see what April brings us. Do you guys have any charts that give any direction for the markets? Would like to see what you two propose for a possibility of what will happen if you don’t mind.
Here you go Randy
https://stockcharts.com/h-sc/ui?s=%24INDU&p=W&yr=5&mn=0&dy=0&id=p08664807969&a=514249858