Let's ease off the speed of the doom a little and propose one more bounce this week off the support at the 200 DMA, lower daily Bollinger band, and channel support at ~2699 on the S&P 500. This can then retest and reject the old channel (8/8 or so) and finally crush the 200.
We can then complete a 5-wave impulse to the larger channel support -- the core channel of the rally -- into the end of August, giving us a wave two bounce up through September back to the 200 DMA, this time as resistance, precisely at the September 26 FOMC meeting and press conference.
MAGA!
2 comments:
First! (activating the comments email feature)
Sorry, I still think it's not the right time
http://keptarhely.eu/view.php?file=20180730v00o8ddvs.png
This Spring would have been a perfect time to start a big crash, but this triangle messed it up. I expected some faster type of correction here
The good part is, that triangles are usually the last corrections (fourth waves) in an impulse, so now we have a good reference.
Maybe the top will be around the middle of Sept?
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