![]() ![]() There are daily bearish signals being fired such as yesterdays “Engulfing Bar”/“Inside Bar False Break Bearish Reversal” which is a valid signal in it’s own right. Although I am not proposing trading monthly signals from the daily. Plus, it’s so very long term that the top could occur over a long time period and it still be considered a valid pattern (makes it tough to trade from the dialy TF… need to check monthly TF probably)įully agree with everything you mentioned about the current market patterns. This pattern on the dow is pretty ominous, but there’s no telling what the correction will be. Time symmetry between the tops/bottoms is important. They are very similar to the 3 drive pattern, except that point 4 goes lower than point 2. This pattern is also reffered to as an expanding triangle or 5 point wave reversal pattern. If you look at the dow over the last 15+ years there is a massive what you would call brodening top pattern. If there are tradable setups forming on the indices(long or short), I will certainly be here to give my commentary and opinions on them. This is all my humble opinion, take it as you would like. Other markets may be a little more bullish, but overall they will all be drug down together if 1 really starts to go. Now that reversal could be invalidated, but it is 1 more nail in the coffin for a true reversal. As I have been saying “If the Dow Jones breaks below 15400 there will be nothing left but the cryin’”. The markets have high correlation with each other, and if the Dow Jones breaks below 15400, we would have an almost complete reversal pattern. I would be careful going long on the indices at this point.
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