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Dow is faltering around the target area. It reached 24,650, just shy of the target at 25,550. It’s possible that the decline is complete, although also possible that a 4th wave is forming. Tuesday is the Bradley (not that Bradleys are reliable) and we *might* see a final 5th pop lower and reversal. Alternatively the pattern is complete and Monday will see a sharp recovery. On the daily the Dow is showing an impressive ‘hammer’ reversal, suggesting that a low has been reached. However the hammer lows have a habit of being retested. If this is a completed ABC – *if* – then one should expect an overlap attempt of ‘A’ in the 27,000 area.
*24,550*
Very nice Hatman . I am no Elliot wave expert but it will be good to see a small 5th wave to complete the pattern.
I am looking at this drop as an opportunity to purchase some solid blue chips which have fallen a lot in percentage terms. Alternatively just get into a suitable ETF without too much leverage and hold.
The FTSE 100 is showing part of its candlestick outside the BB on the weekly and monthly charts. I am not very good at posting a chart but if you look at a chart historically there should be a decent bounce. The US markets haven’t even taken out October lows so they are either very strong or could be subject to further drops after bouncing. ( even a V shaped recovery who knows)
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