Today was disappointing to say the least. When I say I know some of the best Elliot Wave Practitioners on PLANET EARTH, I am not exaggerating. No one was expecting this. The Math at the 1.0 Fib Extension was perfect. WHY GIVE IT AWAY?
The problem with today is we lost positive divergence on the daily chart. What does that mean? We go down...is what that means, and we now need more time to rebuild positive divergence on the daily chart before we can even think about looking up. That's why today's morning update was titled "TODAY HAS TO BE THE DAY".
Therefore I look to the next area of support at the 3700 level. Is it strong support? NO
But for right now there's no power behind the BULLS so this could end up getting far uglier before it gets prettier.
Potential Good News: The breach of the 1.0 was not substantial. To change my perspective on the above I need to see the following.
1) I need a lower Open in the AM.
2) I need to see off that lower OPEN a rally of epic proportion. a Green close above 4084.00
I'll see you all in the AM as we continue our efforts to track a bottom.
Best to All,
Chris
The problem with today is we lost positive divergence on the daily chart. What does that mean? We go down...is what that means, and we now need more time to rebuild positive divergence on the daily chart before we can even think about looking up. That's why today's morning update was titled "TODAY HAS TO BE THE DAY".
Therefore I look to the next area of support at the 3700 level. Is it strong support? NO
But for right now there's no power behind the BULLS so this could end up getting far uglier before it gets prettier.
Potential Good News: The breach of the 1.0 was not substantial. To change my perspective on the above I need to see the following.
1) I need a lower Open in the AM.
2) I need to see off that lower OPEN a rally of epic proportion. a Green close above 4084.00
I'll see you all in the AM as we continue our efforts to track a bottom.
Best to All,
Chris
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.