US 30 Setup to test ATH
Updated
Just an idea; I'm not sure about this but I expected a LOT more selling, and it's not happening.
An ABC countertrend surge may be in progress; if so, we'll have a new ATH this summer.
There is NO rational or logical reason for this to occur; therefore I consider it highly likely.
IT's exactly what happened in 1929... Fascinating that Fib time projects possible ATH on 03 September 2019... exactly 90 years to the day!
If you read nothing else on TV, read this re valuations and future ROI:
marketwatch.com/story/the-buffett-yardstick-may-be-signaling-the-worst-risk-reward-setup-ever-2019-06-12?mod=mw_theo_homepage
During the final phase of the Bull market, irrational, frantic exuberance fueled by short covering will drive prices to extreme highs, until the shorts are covered...
then the real selling begins. FYI I closed all my shorts today Weds 6/12/19, maybe a mistake, but futurz are pumping up again, so I can sleep at night.
As always, this is not any kind of investment advice, just another crackpot idea. Please comment and like if you do! Thanks for watching. -DS
An ABC countertrend surge may be in progress; if so, we'll have a new ATH this summer.
There is NO rational or logical reason for this to occur; therefore I consider it highly likely.
IT's exactly what happened in 1929... Fascinating that Fib time projects possible ATH on 03 September 2019... exactly 90 years to the day!
If you read nothing else on TV, read this re valuations and future ROI:
marketwatch.com/story/the-buffett-yardstick-may-be-signaling-the-worst-risk-reward-setup-ever-2019-06-12?mod=mw_theo_homepage
During the final phase of the Bull market, irrational, frantic exuberance fueled by short covering will drive prices to extreme highs, until the shorts are covered...
then the real selling begins. FYI I closed all my shorts today Weds 6/12/19, maybe a mistake, but futurz are pumping up again, so I can sleep at night.
As always, this is not any kind of investment advice, just another crackpot idea. Please comment and like if you do! Thanks for watching. -DS
Note
Closed longs as R/R is poor atm. Could and likely still will bull up all summer. Gonna get a choppy ride though. See-sawing post-FOMC looks bearish- directionless.Trade closed: target reached
US 30 touched the upper channel TL and turned decisively back to form a shooting star. This is a very bearish warning Doji. Look for confirmation that the uptrend has completed. Expect a few days of pounding at the ceiling before the rollover.Note
Expect another retest of the highs. Too soon to short this bronco IMO. Target box for near-term ATH retest, termination of wave 3: ~ 27040 - 27120, at or above the long-term TL.
Trading above 27k will provoke intense distribution.
Wave 2 was shallow and brief; wave 4 will be deeper and longer, but should hold above 26300. Break below 263 would indicate an ABC countertrend > rollover.
If this is truly a Bullish Impulse, a 5th wave will be parabolic and carve out a new ATH, about 800 - 1k pips above terminus of wave 4 (target ~27100 - 27500 by 3 Sep, depending on how 4 plays out). If a fake breakout, throwover will be steep.
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