Bear claws taking a big swipe

22 Jan 2022

Been some rough days for the bulls lately. I've update my Wyckoff trading channel. Friday's trading was very steep and high volume that may, just may indicate a selling climax. It is possible we get another low but I count 5 waves over the last several days which could indicate the finish of a C wave in this correction for an expanded flat or zigzag. Pure Elliot Wave has some nice Elliot wave assessments from Lara that are really helpful in keeping track of these trading channels. I placed a downward trading channel for this down movement but likely too steep for any significant value. Volume has been increasing for the most part over this bearish pattern and with Friday's candle closing on the low on high volume, still indicates bearish sentiment. Had that candle been green or a bigger tail on high volume, would indicate a turn towards upward movement I would think.

This is information only and by no means implies any suggestions for trades. Trade at your own risk. Good luck.