Wednesday, January 5, 2022

Outside Key Reversal Day for Dow

The DJIA had an outside key reversal day down, after making a marginal new high. The ES and NQ futures did not. The Dow's wave minute ((iii)) pushed it right to the limits of equality today, but did not exceed such.

The down move occurred when the FED's FOMC prior meeting minutes were released. They seemed to indicate a more aggressive Fed on inflation.


The potential contracting ending diagonal pattern has a better chance of playing out today. It is expected, but what if it doesn't? What if wave ((ii)) is broken to the down side first? Then, the waves may be counted as in the red alternate count A, B, C to Intermediate (Z) of Primary ((B)).

Let's see how it goes. Have an excellent start to your evening.

TraderJoe

9 comments:

  1. Sorry David, links to paid for services are not allowed.
    TJ

    ReplyDelete
  2. YM (dly) -

    https://www.mediafire.com/view/firoqbptczkvvrq/YMd.PNG/file

    ReplyDelete
  3. Everything is lined up to decline in a cycle wave A down. Bitcoin and Nikkei look the most bearish and are the possible triggers. IMHO

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  4. BTC 4 hour H&S? it sure likes its channels https://www.tradingview.com/x/mSMuFOTu/

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  5. SPY 30m - apparent broadening top - (click to sharpen)

    https://www.mediafire.com/view/72doxojdmphbunr/BT-overlay.png/file

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  6. BTC (2day) - 3PDh update -

    https://www.mediafire.com/view/x6bpora9hs1syl2/BTC2dy.PNG/file

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  7. Gold alternate update - (click to sharpen)

    https://www.mediafire.com/view/9cb2seukejmzi3v/gold2dy.PNG/file

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  8. After a few months of mostly sideways moves, this looks like classic distribution to me. The Russel has been doing this since early this year. I think your chart is going to be spot on, with the distinct possibility of a 5th wave failure.

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  9. A new post is started for the next day.
    TJ

    ReplyDelete