Elliott Wave: Week of 5/14/18 - FOMO Mo Mo
The boisterous bears since February's decline will likely suffer FOMO. The case for the bulls has gained significant strength technically, economically, and even politically. Last week's narrative described how the unwind process for rates, tariffs, and other fears can provide strength in reversal to higher prices. How much translates into FOMO and buying strength will be determined next. For now, momentum looks favorable towards new highs.
The 2675 area has been a battle ground for weeks. It would be beneficial for a pause and re-test as support. The area was previously one of resistance and has now been eclipsed.
Once again, time is on my mind. My window for all of this has always been 5/9/18 - 6/1/18. It is the hardest thing to forecast, more so than price levels. For the latter, there are various measures that land in the 2950-2985 area (butterfly pattern, Fibonacci, Elliott Wave). A move there, and on time would be dramatic, but consistent with "thrust" after a pattern of abcde triangle in EWT terms.
A lower degree wave 3 within wave 5 may just provide enough thrust if first preceded by a similar lower degree wave 2 down to 2675.
The 2675 area has been a battle ground for weeks. It would be beneficial for a pause and re-test as support. The area was previously one of resistance and has now been eclipsed.
Once again, time is on my mind. My window for all of this has always been 5/9/18 - 6/1/18. It is the hardest thing to forecast, more so than price levels. For the latter, there are various measures that land in the 2950-2985 area (butterfly pattern, Fibonacci, Elliott Wave). A move there, and on time would be dramatic, but consistent with "thrust" after a pattern of abcde triangle in EWT terms.
A lower degree wave 3 within wave 5 may just provide enough thrust if first preceded by a similar lower degree wave 2 down to 2675.
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Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.