Moring Update: Are we in an ending diagonal?
Last night I had a social event to attend. A lot of market talk with different opinions...some very dire, some very rosy. I'm thinking to myself the market sure has people guessing right now. I had some DM's asking about being in other patterns that suggest we're moving higher...no doubt because they've been exposed to other analysis. Me on the other hand, I don't follow anyone. I simply looks at the charts.
This pattern looks like an ending diagonal, it fits with the rules of an ending diagonal, but as I have said 100 times prior...it's the way this pattern started that has me thinking we're something complex and it's giving many people fits.
If this is not an ending as I outline above then price should be skyrocketing higher. The market has had a could opportunities to do so and has failed to push impulsively higher. Again, I do not want to get married to analysis if price proves me wrong, and I certainly do not want to loose hard earned profits...but price has a lot to prove.
Above 4090 and I'm starting to think this is something else. But many elliottitions look at the longer duration charts. I happen to believe (as Elliott said) that each smaller time frame pattern is a fractal
of the larger pattern. They're Self-Similar.
Here's a 1 minute chart below. I don't label the smaller time fractals but the overlap makes it hard for me to think we're breaking out. This is how we've traded since December.
The overlap even shows on the smallest of timeframes. Nonetheless, let's see if price can break above 4090 today to get me off this ending diagonal and get some clues as to what we're in. In the absence of that, I'm expecting in the next several days to week, for price to be heading back down into the 3800's.
Best to all,
Chris
This pattern looks like an ending diagonal, it fits with the rules of an ending diagonal, but as I have said 100 times prior...it's the way this pattern started that has me thinking we're something complex and it's giving many people fits.
If this is not an ending as I outline above then price should be skyrocketing higher. The market has had a could opportunities to do so and has failed to push impulsively higher. Again, I do not want to get married to analysis if price proves me wrong, and I certainly do not want to loose hard earned profits...but price has a lot to prove.
Above 4090 and I'm starting to think this is something else. But many elliottitions look at the longer duration charts. I happen to believe (as Elliott said) that each smaller time frame pattern is a fractal
of the larger pattern. They're Self-Similar.
Here's a 1 minute chart below. I don't label the smaller time fractals but the overlap makes it hard for me to think we're breaking out. This is how we've traded since December.
The overlap even shows on the smallest of timeframes. Nonetheless, let's see if price can break above 4090 today to get me off this ending diagonal and get some clues as to what we're in. In the absence of that, I'm expecting in the next several days to week, for price to be heading back down into the 3800's.
Best to all,
Chris
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