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Bearish Bat

DJI Bear Market Path to Lower Low: WXYXZ EW Pattern RepeatsChart says most all. Expect lower low around 17K in late May or early June. In 2008 and again in the two zig-zags of 2018, we saw the Elliott complex wave WXYXZ recur. W is pretty clearly carved out, lol. X1 is nearly completed, or at completion. Short entry for Y. Y has been a higher low, followed by a lower high at X2, giving the 'hunchbacked M' pattern which is a Bearish butterflly or bat and precedes the final impulse to the bottom. A strong rally typically ensures; however, this may STILL NOT BE THE BOTTOM! In 2008 after the WXYXZ pattern completed, a final bottom carved out months later. Whether this happens again depends on the length and severity of Coronaviral economic impact.
TVC:DJIShort
by DaddySawbucks
8
Trade Ideas Position: GBPAUD BatA bearish bat may just be a better opportunity in engaging the trade. I chose to temporarily ignore the spike(black eclipse) as the market just spike down in seconds on a 396pips of market movement. It did give me my profits on that but also understanding the candlestick chart, I've chosen to intervene and exit trades for my second target that has already been summarised on my previous post(check link on related ideas below). I've plotted an equal distance move projection, and both of them terminate close to each other its ends near the resistance level too(look left). A break and close below the accelerated trendlines confirm the downward move.
Short
by RaynLim