Today the market feared the worst on the US stock markets. Early on the markets didnt dissapoint th dow30 was down over 300 at its low. From then on it worked its way higher to close down 100.
In elliottwave speak we have started a wave 5 down which should take the markets to new lows. This started @2260 area and should go below 1980.
A classic wave 5 is an inpulse wave that subdivides into 5 component waves.
In elliottwave speak we have started a wave 5 down which should take the markets to new lows. This started @2260 area and should go below 1980.
A classic wave 5 is an inpulse wave that subdivides into 5 component waves.
- an initial downmove (wave1)
- a shallow upmove (wave2) usually a 38.2% - 68% retracement of wave 1
- a much stronger down move (wave3)
- another retracement
- a final downmove to complete the whole downmove
on this hourly chart
We have had a strong downmove and are curently at 38.2% retracement. we have to all to 2200 area for the strong downmove to begin
Let us watch this one. BTW I am not an EW practitioner so all the above need personal d/d
OLu
Find a trend and milk it for all it is worth. That's how to be profitable