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YM1!

Elliott Wave View: Dow Futures Zigzag Correction In ProgressElliott Wave View in Dow Futures (YM_F) suggests the rally from July 30,2020 low has ended at 28069 high as wave 3. Up from July 30 low, wave ((i)) ended at 26457 high and wave ((ii)) dips ended at 25905 low. Index then extended higher in wave ((iii)) towards 27307 high. The internal subdivision of wave ((iii)) unfolded as 5 waves impulse Elliott Wave Structure. Wave (i) of ((iii)) ended at 26678 high and wave (ii) pullback ended at 26439 low. Rally higher in wave (iii) then ended at 27193 high, followed by wave (iv) pullback which ended at 26924 low. Wave (v) then extended higher and ended at 27307 high. Afterwards, the Index did a pullback in wave ((iv)), which ended at 27105 low. Finally, wave ((v)) higher ended at 28069 high. This final move completed wave 3 in higher degree and ended cycle from July 30 low. Index is currently correcting that cycle within wave 4. The correction is unfolding as a zigzag structure, where wave ((a)) is currently still in progress. This will be followed by a bounce in wave ((b)) and then another leg lower in wave ((c)). While pullback stays above 25878 low, expect the dips in 3,7 or 11 swings to find support for more upside.
CBOT_MINI:YM1!
by Elliottwave-Forecast
3
Follow the smart money! 1. Bonds are showing a very similar up trend pattern as in the early 2020 (black line) See what happened next in late February and early March. As soon as the market started its descent, bonds shut way up ! 2. The dollar appears to want to bottom. Where did it go when bonds shut up? (Orange line). There was a small lag but DXY went way up to the roof! 3. What does it mean for Gold (cyan line) & miners? As the dollar shoots up, Gold, priced in USD, will correct like they did then. Target is hard to establish at this point but a significant pull back is expected. I will update when I am out of this trade. 4. Conclusion, as soon as the over valued stock market shows signs of weakness, bonds will shoot up, the dollar will follow and gold & miners will correct significantly. As they also did in 2008 (not shown in this chart) before taking off! Please note this is a short term view (30 to 60 days). I am bullish on gold and miners long term. However, a great entry price should come soon. Why not profit before then? Disclaimer: The above is not an investment advice. It is merely an opinion and I share it for your entertainment only. Do your own due diligence and above all, trade safely and stay safe!
AMEX:GDXJShort
by adventurous51
Coming week can bring turbulence. ExplainedComing week can bring turbulence to markets. Special attention has to be paid to the SP500. The technical analysis is still neutral. We got rejection last week, but it happened with a low volume. It can’t be considered a valid swing failure. If 3170 – 3140 holds, we can see a retest of 3400 and possible double top formation. However, fewer stocks support this rally. We have seen the same scenario before each sharp decline. So, keep that in mind if you long the stock market. The Federal Reserve meeting is scheduled for the coming week. But likely we will not hear something new. Implementing negative rates looks doubtful. So, the dovish tone is all I expect from the Fed. Extra jobless benefits disappear at the end of the month. Currently, 20 million Americans get an extra $600 a week. If there will be no fast extension of this payment, the income of the average unemployed person can fall to $200 a week. That will make people spend less. Less spending means less income for the retail business. Some of them will have to close. We have already discussed a big number of bankruptcies and their impact on the economy and the stock market. The situation looks dramatic. The second-quarter U.S. GDP is another important data all traders are waiting for. Atlanta Fed forecasts almost 53% decline. Those numbers can shock the market and cause high volatility. Such expectation is a result of rapid COVID spread in the USA. The situation in the EU is more positive with a 12% GDP decline expected.
CME_MINI:ES1!
by UnknownUnicorn1156963
Elliott Wave View: Dow Futures (YM_F) Resumes HigherYM_F 45 minutes chart below shows that Index has ended the cycle from July 7 high as wave 2 at 25293 low. The pullback unfolded as a zig-zag Elliott Wave Structure. From July 7 high, wave ((a)) ended at 25661 low. Wave ((b)) bounce ended at 26029 high and wave ((c)) ended at 25293 low. Up from that wave 2 low, Index has resumed higher as a 5 waves Impulse Elliott Wave structure. Wave (i) ended at 25519 high and pullback in wave (ii) ended at 25362 low. Index then extended higher in wave (iii), which ended at 26215 high. Wave ((iv)) dips then ended at 26024 low. The index then pushed higher in wave (v) which ended at 26524 high. The rally ended larger degree wave ((i)) and also broke above previous wave 1 high. This confirms that the next leg higher is already in progress. Afterwards, the Index corrected that rally as another zig-zag correction in wave ((ii)) and ended at 25871 low. From there, Index continued to resume higher in wave (i) of ((iii)), with the internal subdivision unfolding as another 5 waves Impulse in lesser degree. Up wave ((ii)) low, wave i ended at 26310 high and wave ii dip ended at 26156 low. Wave iii then ended at 26817 high and wave iv pullback ended at 26720 low. The index can still make another high in wave v, which will end wave (i) in the larger degree. A 3 waves pullback in wave (ii) should happen before the Index resumes higher. As long as pullback stays above 25871 low, expect wave (ii) dips to find support in 3, 7, or 11 swing for more upside.
CBOT_MINI:YM1!
by Elliottwave-Forecast
Dow Jones Long-term Megaphone, Limit Reached to the TickOn both the long-term (weekly and monthly) S&P 500 chart and here with the Dow monthly chart, one can see a large megaphone structure or broadening pattern. In both cases, the Fed balance sheet reversal and then repo-induced mania of last year created an overthrow. On the S&P 500 megaphone, this bear market rally culminated in a small overthrow again, but that index now sits once again inside that structure. With the Dow, on the other hand, the rally came to an abrupt halt as it found resistance at that structure and subsequently retreated from it, to the tick. In this chart, it is forming a very strong, long-wick rejection candle. I do believe we will be making our way to the bottom channel once again. We will likely find some support there, but I believe it will then fall out of the structure altogether, the common conclusion of a pattern like this.
CBOT_MINI:YM1!Short
by CHTradingGroup
Dow Jones Bearish Wedge Breakdown and Failed BacktestThe Dow Jones futures, much like the NASDAQ and S&P 500 futures has formed a bearish rising wedge from the March lows. Last Thursday's bloody drawdown broke the index out of this structure, after which it tried to recapture it, which then failed, and a subsequent backtest looks to have failed now as well. This is in keeping with the other major indexes. Any forthcoming selling from this point spells serious trouble. I am seeing rising similar patterns everywhere at this point.
CBOT_MINI:YM1!Short
by CHTradingGroup
2