Elliot Wave count for a triangle formation ABCDE currently at E indicating a new impulse in the opposite direction might be coming. Bearish Gartley pattern fully formed. Bearish AB=CD pattern fully formed.
HIGH RISK trade, remember this is against the major trend so place your stops accordingly. Risk/Reward ratio is excellent nonetheless, and that's the main purpose of this trade.
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Stops moved to BE for protection. The market is unstable, it is better to be prepared and wait for the news.
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Trade is evolving just as expected. DJI index official volume numbers show healthy reversal heading lower. I'll use volume as my indicator for an exit in case i see volume decreasing.
Stick to the plan.
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Wave 1 seems to be completed. Wait for a retrace to complete wave 2. So far, so good.
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Looking good.
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Better than expected. Wave 2 earlier?
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First target, incoming!
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Heavy buying at the bond market. Buyer unknown. This will make yields go lower for a bit. It could boost stocks also. So, i'm paying close attention.
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On point! 2nd order still open.
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Possible turnaround here, watch this support.
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Almost got the second target. Also, the long term trendline seems to be broken (candle closed below) BUT, i'll monitor it anyway. I also might move my 2nd target further down to last low.
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Bullish Gartley Keep this on your watch. I'll keep my 2nd target but i'll move stops just a bit above my 4th wave projection.
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Was that wave 4? hmmm
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Saw that low volume on the rise, reentered at 24414 and many times on the drop. I call it a day. This is going to retest and possible jumping back, due to the risk I prefer taking profit and waiting for a new opportunity. Hope you had a nice ride as I had. Cheers