Compare to 6/14 Harami cross. Identical price behavior 8/21-23 c/w 6/12-14 and 8/7-9. Slapped down hard from high channel retest after 8/21 high.
All the Doji have been seen- pin bar, shooting stars, Harami crosses, engulfing bears, Red Shooting star today. Perfect setup for lower and soon- imminent.
Today I observed a bear flag all afternoon following the sharp intraday correction on 15m charts. Daily chart on 8/23 looks eerily similar to annual chart, past six months!
Expect a harder test than last time. Probably at least to 2791 as shown in graph, maybe lower; WS2 at ~2777. Gonna be a choppy week.
We have convergence of twin C waves bearing down from 08 Feb and 27 Jun A wave downspikes, rolling together now will bear down hard.
Batten down the hatches- good luck!
This isn't investement advice and I ain't no advisor. This post for amusement and education only. Enjoy!
Trade attivo
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Looking back at the 15m charts I head-slapped; "DOH!" We had a 5-wave impulse with the sharp down Thurs PM on a 4th minor wave. This new high in Sand P not confirmed by US 30 which ende 98 pts below Tues high. Divergence. I'm holding my shorts and look for bearish action soon in the days ahead. Caution: market could push higher but is trading right at R2 now. Will require moar volume. I'll post the Elliot wave on 15m chart shortly.
I have loaded on short positions this afternoon especially in Dow as I see a sell off in the next 2-3 sessions BUT with a high probability of hitting a bottom around 2815-2795 (Spx) and 25320-25400 (Dow) and reversing higher like last week. Have your SL at 25885 in Dow and 2875 in spx. Good luck.
DaddySawbucks
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@lkdahleh, Agreed tyvm. Expect lower still later on this Fall but near-term yes a sharp retest and bounce likely.
DaddySawbucks
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@lkdahleh, We got surprised by what looks like a 5th minor wave. Can't tell if it ends here or still higher, but doubtful if it can hold this level long.