Dow Cup & Handle Forming: Possible breakout Symm Triangle

Chart says all. Symmetrical triangle now in fifth wave and narrowing rapidly to apex; correction six months old- maybe time for recovery

Index trading with support @25K (former resistance now becomes support) forming a descending wedge > suggests break to upside

Cup formed from June - July now shallow pullback is forming the handle. A breakdown to lower support will invalidate this idea

Elliot wave form had sharp wave 2 pullback so alternating behavior suggests wave 4 will be a shallow soft landing; fundamentals are still solid

Pennant on flagpole from wave 123 is a descending wedge, taken with approaching apex in symmetric triangle (continuation) & cup formation all point to an upside break.

Irrational exuberance may be just around the corner in August.

Good luck traders!

Ordine annullato:

Futures higher today world markets higher but I smell a bull trap I'm very leery of going long and getting scalped on another downdrdaft. Maybe leaving money on the table but stepping out for a few to see the real trend. Most of the cup-and-handle patterns I've seen have a tricky little fakeout lift back to the lip of the cup then a sharper pullback to 0.50 - 0.618 of cup (or flagpole) height. Waiting to see the breakout before committing - no more whipsaws please!

www.google.com/search?q=cup+and+...

Trade attivo:

Game back on. See my latest post.