BUYING THE DIP after an almost 100 handle deep 5 wave down !!
EW ma's 13 and 34 making a bull cross - might indicate a BTFD at red c. But also indicating that we might only see a corrective 3 wave move up.
If corrective 3 wave ABC up pans out it should be a 88.6 retrace.
(Making the right shoulder of an IHS at orange B)
SP did make a 5 wave down so a corrective 3 waves up making a wave 2 - could def. pan out
RSI has broken out above resistance but still in overbought area on the 4h chart.... have to show strength after having made the red abc retrace... but might be coming short an start showing divergens...
As always.... time will tell
BLawrenceM
Music at work:
youtube.com/watch?v=BBMriOspUvA
youtube.com/watch?v=PukKW3gY4uo
EW ma's 13 and 34 making a bull cross - might indicate a BTFD at red c. But also indicating that we might only see a corrective 3 wave move up.
If corrective 3 wave ABC up pans out it should be a 88.6 retrace.
(Making the right shoulder of an IHS at orange B)
SP did make a 5 wave down so a corrective 3 waves up making a wave 2 - could def. pan out
RSI has broken out above resistance but still in overbought area on the 4h chart.... have to show strength after having made the red abc retrace... but might be coming short an start showing divergens...
As always.... time will tell
BLawrenceM
Music at work:
youtube.com/watch?v=BBMriOspUvA
youtube.com/watch?v=PukKW3gY4uo
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Related publications
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.