⭐ Merited by El duderino_ (2)
The daily closed as a shooting star after all, a potential top signal:
Very strong volume too, the highest since the March crash. As mentioned earlier, volume extremes often indicate reversal points. However, I'm not convinced about a significant correction until I see sellers follow through below yesterday's low of $8,407.
Update on the long term triangle:
Watching the stock market closely. Lots of terrible earnings numbers being released. Volatility spiked up, and showing some weakness here off the 0.618:
"Buy the lockdown, sell the reopening?" We'll see.
Very strong volume too, the highest since the March crash. As mentioned earlier, volume extremes often indicate reversal points. However, I'm not convinced about a significant correction until I see sellers follow through below yesterday's low of $8,407.
Update on the long term triangle:
I can't bet on the bubble scenario myself, not yet. I think it's more likely we keep building out this consolidating range. The proportions and character of the sub-waves really supports the idea of a 2018-2021 triangle.
My trend line is closer to $11K, although in Elliott Wave, breaking that line isn't the determining factor anyway. The B-D line will form the upper bound of the triangle, and Wave D hasn't completed yet. We could even see some short-lived shenanigans above the $10.5K pivot and still come down to build out Wave E.
My trend line is closer to $11K, although in Elliott Wave, breaking that line isn't the determining factor anyway. The B-D line will form the upper bound of the triangle, and Wave D hasn't completed yet. We could even see some short-lived shenanigans above the $10.5K pivot and still come down to build out Wave E.
Watching the stock market closely. Lots of terrible earnings numbers being released. Volatility spiked up, and showing some weakness here off the 0.618:
"Buy the lockdown, sell the reopening?" We'll see.