Low point of the next market crash?
Based on this Elliott count we are about to complete a 5th. The RSI and %R is has a bearish divergence as well and they are in overbought ranges.
We may see the the histogram still go up, but possibly at a lower pace with a leveling off and then a downtick.
Once we see the MACD cross over to the downside this will likely be when the 5th wave ends.
If this analysis is correct, there are two areas that we can likely find the low point of the next crash which would be in the price areas highlighted in the box as that is where a lot of activity is.
The most likely area is probably around 180 and in the more unlikely and worst case is the highs of 2000' and 2007 in the 150's.
We may see the the histogram still go up, but possibly at a lower pace with a leveling off and then a downtick.
Once we see the MACD cross over to the downside this will likely be when the 5th wave ends.
If this analysis is correct, there are two areas that we can likely find the low point of the next crash which would be in the price areas highlighted in the box as that is where a lot of activity is.
The most likely area is probably around 180 and in the more unlikely and worst case is the highs of 2000' and 2007 in the 150's.
Note
[img]If we take a look at the weekly I believe we are headed towards the completion of a sub wave 3. On the completion of wave 5 we should see bearishly divergence on both the monthly and weekly chart.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.