Dow Finally Beginning Multi-Year Bear Market.
This is just a general idea where we are headed and in what form. I haven't even calculated the actual levels...just a general eye from experience. At trackthemarkets.com I keep closer tabs on what's going on. This is what I post and trade. Bulls better watch out...the next move down could be around 900 points with a first target of 15370. This is just the beginning of a multi-year bear market.
My Ending Diagonal was malformed on my other DJIA chart....it ended sooner than I thought it would. This is an update...but nothing has really changed, long term.
My Ending Diagonal was malformed on my other DJIA chart....it ended sooner than I thought it would. This is an update...but nothing has really changed, long term.
Comment:
UPDATE: I have changed the structure of the Ending Diagonal where the green arrow, on my site, is best seen as wave 1. There will be an update after the trading day today to reflect this change. I expected an overlap at 16664, which never happened. The Ending Diagonal should nearly be complete, with a first target of 15503. Wave 1 is presumed to end at 16796. We may get the overlap today...soon...for wave 4. If accurate, this should dominate the news cycle.
The previous low of 15450 on Jan 20th 2016, could be a first wave down, where we are just now completing wave 2 up. 1st Feb is wave a, 11th Feb 15503 wave b and possibly an Ending Diagonal for wave c...up from wave b and, so far, within converging trendlines. If correct, this would give the next wave down a thrust back to the origin of the Ending Diagonal to 15503 in short order. The length of the third wave would be expected to be > 3700 points. I will post a chart on my site, possibly today. trackthemarkets.com
I also notice that other global markets could be very bearish patterns. If correct, this should dominate the news cycle for some time. This is not the time to have any exposure to the global markets...unless you are short.