Dow Retrace: How deep - how low will it go?
Updated
Many ideas posted about bullish up wave in the flag, but to get to that we need to have a down wave first.
Only q? How low will it go? Three possibles depicted here in chart - Fibo .382, .50, .618 retracements.
I'm confident we will get back to at least 250 support (former resistance) for a .382 pullback in an Elliott A wave.
If investor confidence fails and we get panic-style selling the drop will be sharper. I expect likely to get to at least 0.50 around 24852; S&P would settle ~2740 then.
Frantic selling will produce the 0.618 Fibo at 24680 and a real panic will take us back to 24400 (not charted).
Notice that the deeper the pullback, the stronger and higher the resulting bullish impulse (B waves - looks like a pitchfork) after the selloff.
Fascinating - I wish I knew what the dam thing will do but I went short Friday and looks good today - good luck peeps!
Only q? How low will it go? Three possibles depicted here in chart - Fibo .382, .50, .618 retracements.
I'm confident we will get back to at least 250 support (former resistance) for a .382 pullback in an Elliott A wave.
If investor confidence fails and we get panic-style selling the drop will be sharper. I expect likely to get to at least 0.50 around 24852; S&P would settle ~2740 then.
Frantic selling will produce the 0.618 Fibo at 24680 and a real panic will take us back to 24400 (not charted).
Notice that the deeper the pullback, the stronger and higher the resulting bullish impulse (B waves - looks like a pitchfork) after the selloff.
Fascinating - I wish I knew what the dam thing will do but I went short Friday and looks good today - good luck peeps!
Trade closed: stop reached
Stopped out made 10% on the puts now let's see what comes next!Trade active
Back in the game after the short squeeze, bring it on!Trade active
B wave completing now, C wave might drive to ~24760 then explosion upside to new ATH by DecTrade active
Close Monday at 0.786 Fibo on retrace from Thursday flashcrash. Has made a double top and met R above 25500. Failure to break higher = possible short entry signal.Trade active
Entering shorts on 8/8 and 8/9 looks like its thrown over now, good luck!
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