Weekly Update: So Far... Everything is Going According to Plan
I’ve shared this chart with my followers for a couple months now. You can check my posting history to see how the forecasts have NOT changed, but the chart is filling in nicely. Tracking the minutia at the micro level has been maddening over the last month. In my trading room I’ve advised my members to focus on the intermediate term pattern depicted in the above chart.
Nonetheless, yesterday’s seemingly straight up move after about 9 am I’m sure scared traders who were positioned short. The irony of yesterday’s price action was although price traded not unexpectedly in my micro target box perfectly, I was expecting that sort of price action to take up till Monday or Tuesday of next week. So, in today’s market I’m not ruling out one more high into the 4170 area which would be the .786% retracement area. Much above that and the potential gets raised of invalidating our triangle pattern we started back in the last week of December 2022. But with no violation of the micro target box region which stood at 4130-4170 when price was at 4068.75 I have to continue to adopt the triangle pattern.
So how does this triangle pattern conclude?
I have guided both members and followers of my work with red arrows on the above chart since the end of February 2023 when the triangle pattern was first given credence. Currently, I am projecting this pattern to conclude mid-to-third-week in May. Yesterday’s price action has caused me to adopt a more sub-divided a-wave of our larger e-wave of the triangle, to complete our primary circle B. This was adopted after what I originally would be our a-wave came up slightly short of the 4064-4065 area, followed by a quick a-b-c retracement yesterday into 4166.50.
Yesterday’s price action, although introduced further complexity and sub-divisions into what I am projecting as an e-wave bottom in a larger triangle B…to the degree we do not eclipse 4170, but ultimately 4198.50 (which would be a new short term high).
I have to say… so far, everything is going according to plan.
Nonetheless, yesterday’s seemingly straight up move after about 9 am I’m sure scared traders who were positioned short. The irony of yesterday’s price action was although price traded not unexpectedly in my micro target box perfectly, I was expecting that sort of price action to take up till Monday or Tuesday of next week. So, in today’s market I’m not ruling out one more high into the 4170 area which would be the .786% retracement area. Much above that and the potential gets raised of invalidating our triangle pattern we started back in the last week of December 2022. But with no violation of the micro target box region which stood at 4130-4170 when price was at 4068.75 I have to continue to adopt the triangle pattern.
So how does this triangle pattern conclude?
I have guided both members and followers of my work with red arrows on the above chart since the end of February 2023 when the triangle pattern was first given credence. Currently, I am projecting this pattern to conclude mid-to-third-week in May. Yesterday’s price action has caused me to adopt a more sub-divided a-wave of our larger e-wave of the triangle, to complete our primary circle B. This was adopted after what I originally would be our a-wave came up slightly short of the 4064-4065 area, followed by a quick a-b-c retracement yesterday into 4166.50.
Yesterday’s price action, although introduced further complexity and sub-divisions into what I am projecting as an e-wave bottom in a larger triangle B…to the degree we do not eclipse 4170, but ultimately 4198.50 (which would be a new short term high).
I have to say… so far, everything is going according to plan.
Go to ewtdaily.com for DETAILED DAILY UPDATES on this ticker, and get a 7-day FREE trial on updates on 27 unique tickers.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.