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What do you see as a confirmation that Y is completed? Certain level breached? Or any other technical confirmation before we know. Atleast before a good selling happens. Thanks for the blog update as usual. Really appreciate it.
I'm watching the 3880 level, which is still far away. With further downward wave pattern revelation, we may be able to tighten the level. The current downswing has the potential to get it there. But on the bullish side, the current downswing could be an expanded flat, marking the end of the purple (x), blue ii in Chart 1 above.
Don't remember anymore. However, please see the INDU chart posted above, and note the overhead red TL and the gap between the current high and the TL, potential only.
MTU - also the red upper channel line on the INDUST chart really needs to be run off the least squares regression line which is to the 2015 top, not the 2018 one.
That should gives us recent highs as the more probable projected resistance area.
I just realized the numerical std DJIA chart HAS reached that red upper channel line and slightly over shot it - yours being a logarithmic one. Given this the conditions for a wave seq peak have been met in my view.
Pattern on NASDAQ is not bullish. Sideways range since mid Feb.
ReplyDeleteNote that it has just past 21 fib yrs since the March 2000 peak and various indexes are 13 fib yrs from he May 2008 peak.
What do you see as a confirmation that Y is completed? Certain level breached? Or any other technical confirmation before we know. Atleast before a good selling happens. Thanks for the blog update as usual. Really appreciate it.
ReplyDeleteI'm watching the 3880 level, which is still far away. With further downward wave pattern revelation, we may be able to tighten the level. The current downswing has the potential to get it there. But on the bullish side, the current downswing could be an expanded flat, marking the end of the purple (x), blue ii in Chart 1 above.
DeleteMTU, what was your price target for DJIA which you said a long while ago ?
ReplyDeleteDon't remember anymore. However, please see the INDU chart posted above, and note the overhead red TL and the gap between the current high and the TL, potential only.
DeleteReason I asked is I seem to recall that its recent peak was close to the figure you gave just over 35000 pts.
DeleteMTU - on your INDUST chart above I would put the red (4) at the 1991 low and the red 1 & 2 at 1994-95 area. The count comes out better on that basis.
DeleteMTU - also the red upper channel line on the INDUST chart really needs to be run off the least squares regression line which is to the 2015 top, not the 2018 one.
DeleteThat should gives us recent highs as the more probable projected resistance area.
I just realized the numerical std DJIA chart HAS reached that red upper channel line and slightly over shot it - yours being a logarithmic one. Given this the conditions for a wave seq peak have been met in my view.
Delete