The last time I updated followers of my work; I stated that the pattern was advancing, but NOT with confidence, and that it is marked with choppy, overlapping price action that appears to be an ending diagonal. Those sentiments have not changed.
However, what has changed is I was forecasting a more pronounced drop first before getting to new highs. It is now possible; this move higher is completing that move on a more immediate basis. Although I cannot rule out the previous larger ABC...it is more likely once this high completes, it could represent the end of the bull market.
Only the structure of the decline will inform us what is playing out.
I will warn followers that once this more immediate high completes, I am expecting a forceful and swift reversal that will undoubtedly catch most traders off guard.
Best to all,
Chris
However, what has changed is I was forecasting a more pronounced drop first before getting to new highs. It is now possible; this move higher is completing that move on a more immediate basis. Although I cannot rule out the previous larger ABC...it is more likely once this high completes, it could represent the end of the bull market.
Only the structure of the decline will inform us what is playing out.
I will warn followers that once this more immediate high completes, I am expecting a forceful and swift reversal that will undoubtedly catch most traders off guard.
Best to all,
Chris
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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.