Market moves down for 2 weeks
With fresh stock splits, tightening election polls, eviction madness about to start, more schools open, the Fed, Congressional inaction, COVID positivity rates ready to climb, and maybe football, The first 2 weeks in September will bump lower.
I am not using those events to justify the analysis but the catalyst could be in there somewhere. I am using enhanced Elliott Wave analysis for the following modeling and projections.
Intermediate wave 3 was strong, but was set to end. Initial forecast was for it to last around 42 days, it made it to 43 on Friday.
Intermediate wave 4 should last around 7-13 trading days. My specific target is 10.1 days based on my models. Wave A typically lasts 39% of the the overall length of the larger wave (Intermediate wave 4). Wave B typically lasts 25%, and wave C is 37%.
The price drop could be greater than 225 points, but my specific forecast is a drop to around 3310 or 199.23 points from the ATH. Wave A typically moves 74.5% of the overall drop. Wave B typically gains 45% points of the overall drop and wave C drops about 67%.
All told. I have wave A lasting about 3.9 days and dropping 149 points. Wave B could gain for 2.5 days and claw back 90 points before wave C drops 134 points over 3.7 days.
I have placed all of this on a 2 hour chart in order to track the movement better.
I am overall long for now, but will be short through September 11, 2020.
I am not using those events to justify the analysis but the catalyst could be in there somewhere. I am using enhanced Elliott Wave analysis for the following modeling and projections.
Intermediate wave 3 was strong, but was set to end. Initial forecast was for it to last around 42 days, it made it to 43 on Friday.
Intermediate wave 4 should last around 7-13 trading days. My specific target is 10.1 days based on my models. Wave A typically lasts 39% of the the overall length of the larger wave (Intermediate wave 4). Wave B typically lasts 25%, and wave C is 37%.
The price drop could be greater than 225 points, but my specific forecast is a drop to around 3310 or 199.23 points from the ATH. Wave A typically moves 74.5% of the overall drop. Wave B typically gains 45% points of the overall drop and wave C drops about 67%.
All told. I have wave A lasting about 3.9 days and dropping 149 points. Wave B could gain for 2.5 days and claw back 90 points before wave C drops 134 points over 3.7 days.
I have placed all of this on a 2 hour chart in order to track the movement better.
I am overall long for now, but will be short through September 11, 2020.
All forecasts are based on analysis of past behavior. Prior movements are not always indicative of future movement. Develop the theory, test the theory. Do your own research. Nothing in this analysis constitutes advice. YouTube For More. Good luck!!
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