Assuming my Elliot Wave skills are somewhat on par here... I grabbed a candlestick bar pattern from the previous 5 wave, inverted it and matched up the pivots (which also happen to be a very clear head and shoulders patterns. If history rhymes here I'm thinking some VNQ upside is in the cards? Also note the Market Cipher B. red money flow wave is nearing...
VNQ appears to make a head & Shoulders, sometimes a complex head & shoulders every 56 days or so. Some are more clear on nearby timeframes. Typically these have been leading to a nice trend reversal, with further continuation after the measured target has been reached. Food for thought.
History says we'll likely consolidate here for several weeks, probably between $28.5k and $30.7k, bouncing back and forth between the two several times.
After that:
An upside breakout would likely Land us in the value area from back in May 0f 2021. coming in between $33.7k and $40.2k. Then again we'll be ranging between the two levels.
However a downside...
We found support and bounced off of the blue 200 MA. Then came up to test this super critical weekly resistance on Sunday.
Market Cipher B-
Daily timeframe is neutral, oversold on blue momentum wave and printing a big green dot but moneyflow coming out and crossing below the 0 line. RSI's split apart but curving up (which often means a snap retrace before coming...
