DislikedDOW V shape recovery, ABC or a 5 wave structure retracement? Considering the wave structure on DOW daily, makes me very nervous if not depressed. I still hope for V shape recovery, otherwise Failed C, or C of an ABC rather than 3rd of 5, when the possible 5th fibs indication of the whole 5 wave down move proposes a total disaster scenario. Over many years of trading and observations together with some trusted traders we have observed that DOW likes the Fib extension 261 of the first impulsive (forceful move), likewise DAX likes 224Fib ext. As it...Ignored
Secondly, in such unprecedented financial stimulus it is possible that the patterns are likely to be of limited use.
After the preceding post I am more likely to see the current move up as a V or U shape recovery, also due to the monetary policies of central banks, and slowly coming to terms with corona v.
It looks to me that DOW is building a structure of HHs and HLs, the fibs to watch is 50%, and 61.8% on Daily.
Do not want to speculate about the possible wave structure or a cycle pattern on this thread, to confusing.
Let the PA and market structure be the leading consideration.
Celebrating discipline.