Major Top Complete!

17 Ağu 2022

A short update.

The Dow has completed a major top early this week as we stated in our weekend idea.
From the 4th January to the 17th June's bear market low, the Dow has corrected exactly a Fibonacci sequence of 61.8%...this on top of all the converging data, points to a major top.

See the small throwover on Monday's candle and reversal today.
Confirmation will arrive with a follow through selling day tomorrow.

In what has been a torturous rally, driven on hope and short covering....bears are about to wake up en-mass.
It is rare for such a confluence of signals that all come together in technical analysis, even rarer with current times which feel like a market on the brink.

Appreciate a thumbs up...Good Trading & God Bless.

18 Ağu 2022

Not

The Dow pattern can be counted as complete but we wait for confirmation.
Either five waves up for wave c are done or yesterday's reversal was wave 4 down and a minor wave 5 to complete the rally next.
All things considered, ideally it would be great to see a decent selling candle next and to take a position late in the day on confirmation.