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All About Trends – Subscriber’s Mid-Week Newsletter

Courtesy of David of All About Trends

Yesterday’s action into the close wasn’t healthy and neither was today’s action into the close. 

First let’s start with the 60 minute chart which is bigger overall picture.

In the chart above the big red 1 is 5 waves down of a bigger wave 1 off the April highs. 

From there we went into bounce mode up to the 1131 level for wave 2. IF this is the correct wave count we are now in the wonder to behold wave 3 to the downside with waves 1 complete and us being in wave 2 which MAY have completed today. If this is the case here comes wave 3 of 3! Hang onto your hats. 

This also means that the names on our follow the leaders list get decimated. Remember in bear markets eventually they get them all. 

There is a bull count but we’ll talk about that tomorrow. 

Don’t get Elliott Wave yet? No worries because in the short term it’s all about the charts below and the green lines, they really are all you need to know. A downside break gets the ball rolling. 

Below is the Dow Industrials. Here too this issue basically put in a double top and rolled over into the close.

To learn more, sign up for our free newsletter and receive our free report — “How To Outperform 90% Of Wall Street With Just $500 A Week.”  David’s offering our readers a Special, two months at $10 a month. - Ilene  

 


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