A short update.
The Dow has completed a major top early this week as we stated in our weekend idea.
From the 4th January to the 17th June's bear market low, the Dow has corrected exactly a Fibonacci sequence of 61.8%...this on top of all the converging data, points to a major top.
See the small throwover on Monday's candle and reversal today.
Confirmation will arrive with a follow through selling day tomorrow.
In what has been a torturous rally, driven on hope and short covering....bears are about to wake up en-mass.
It is rare for such a confluence of signals that all come together in technical analysis, even rarer with current times which feel like a market on the brink.
Appreciate a thumbs up...Good Trading & God Bless.
The Dow has completed a major top early this week as we stated in our weekend idea.
From the 4th January to the 17th June's bear market low, the Dow has corrected exactly a Fibonacci sequence of 61.8%...this on top of all the converging data, points to a major top.
See the small throwover on Monday's candle and reversal today.
Confirmation will arrive with a follow through selling day tomorrow.
In what has been a torturous rally, driven on hope and short covering....bears are about to wake up en-mass.
It is rare for such a confluence of signals that all come together in technical analysis, even rarer with current times which feel like a market on the brink.
Appreciate a thumbs up...Good Trading & God Bless.
Either five waves up for wave c are done or yesterday's reversal was wave 4 down and a minor wave 5 to complete the rally next.
All things considered, ideally it would be great to see a decent selling candle next and to take a position late in the day on confirmation.