Dow had a strong come back and in the hourly chart, the sub-5-wave impulse of the Elliott wave indicates that there is one more leg up in the 5th wave. Also, recent selling occur near the supply is weak and the formation of a larger bullish pennant signal Dow to make a bullish upside. Also, the smaller flag within the pennant signals a strong bullish desire.
Thank you for sharing. Your estimation is very accurate. Can you do estimations for Jmia, GME and AAL?
PainKillers756
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Hi William, great TA thanks for sharing. IMO, iv appears in a triangle formation. Coz after the drop, price action doesn't look like impluse wave move, so it should not be part of v wave. BTW, Do you have daily time frame analysis? Thanks.
William-trading
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@PainKillers756, The 5th wave is part of a daily time frame wave analysis. Previously I put the recovery as ABC corrective wave as i thought it will be forming a double three corrective wave. However, since SPX 500 has broken key fibonacci levels, so there is a possibility there is a 5 wave impulse on a daily time frame of a larger 3rd wave cycle wave
PainKillers756
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@William-trading, Hi William, again, thanks for sharing. The iv has finished as a typical ABC adjustment pattern. US30 is in the v wave now. I would like not to predict a "Failure v Wave", so i am going to short US30 when v gets done, hopefully 4H/1D TF drop.
William-trading
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@PainKillers756 You’re welcome. All the best for your new short. Good sharing on your end!
PainKillers756
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@William-trading, Hi William. For now, US30 remains in iv with a Triangle Formation finally. Sign....so, we will be seeing v soon. What do you think? Thanks.
William-trading
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@PainKillers756, I previously thought that there will be a greater double three corrective wave but now with the momentum staying bullish, I'm increasing my probabilities of a wave III of a supercycle. However, 28,500 must be cleared first
PainKillers756
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@William-trading, When iv appears in a Triangle Pattern which normally means the last v is coming. I would like to estimate the height of v at least 28200 by considering 1.00 * i , 1.00 * the largest side of the Triangle, 0.382 * iii side. When v with 5 waves gets close, it will be a pretty good opportunity to short. Tks.