Elliot Wave Completion Setup
Please excuse all the markups, I am trading intraday scalps... However what I want to bring attention to is a potential roadmap for price action over the coming weeks...
FOMC minutes released yesterday resulted in bearish price action and sentiment, I wouldnt be surprised if price continued to weaken into the close of January... Today we saw unemployment claims higher than expected as well...
As far as price action goes, theres clearly a bullish elliot wave channel that has formed here, I am looking for a potential completion of the 4 wave to channel resistance in confluence with a 61.8% retracement from the 3 wave top @ 35500.
from there i can see the DJIA possibly testing all time highs... if it breaks we could see continued momentum towards the upside... however if price fails to hold the highs at 38000, i would then turn my attention to a breakdown of the elliot wave map as price paints a corrective ABC wave pattern.
FOMC minutes released yesterday resulted in bearish price action and sentiment, I wouldnt be surprised if price continued to weaken into the close of January... Today we saw unemployment claims higher than expected as well...
As far as price action goes, theres clearly a bullish elliot wave channel that has formed here, I am looking for a potential completion of the 4 wave to channel resistance in confluence with a 61.8% retracement from the 3 wave top @ 35500.
from there i can see the DJIA possibly testing all time highs... if it breaks we could see continued momentum towards the upside... however if price fails to hold the highs at 38000, i would then turn my attention to a breakdown of the elliot wave map as price paints a corrective ABC wave pattern.
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.