The US 30 Index is in a downtrend.
We can identify 3 corrective movements to weekly swing lows of A,C, and E.
There have been 2 rallies to weekly swing highs of B & D .
The Rallies have been approximately a Fibonacci retracement of 0.55 and the subsequent corrective phases a Fibonacci extension of between 90% and 100 %.
If this wave like downtrend continues then we could expect
1. Rally to a swing high at F ( 31800)
Then
2. Correct phase to G ( 25500 - 28800) .
( NB - The chart is without wicks , so the noise is eliminated and only the open/close is of interest)
We can identify 3 corrective movements to weekly swing lows of A,C, and E.
There have been 2 rallies to weekly swing highs of B & D .
The Rallies have been approximately a Fibonacci retracement of 0.55 and the subsequent corrective phases a Fibonacci extension of between 90% and 100 %.
If this wave like downtrend continues then we could expect
1. Rally to a swing high at F ( 31800)
Then
2. Correct phase to G ( 25500 - 28800) .
( NB - The chart is without wicks , so the noise is eliminated and only the open/close is of interest)
Kommentera:
This could be an intraday view of the US30 making a Inverse H&S
Kommentera:
H&S neckline break