All About Trends – Mid-Day Update
Courtesy of David of All About Trends
Yesterday we said:
"A break of 1070, opens the door to 1057 and then a full blown retest of the 1010 levels. IF this is the true 3rd wave down then per Elliott we need to break the 1010 level on this run to the downside before all said and done, but don’t expect that 1010 to be given up easily without a fight. It is a support level that needs to be held by the bulls, even if just for bounce-mode purposes."
Well we got through the 1070 level. Do we hear 1057 or a backtest of the recent big down-trend line in pink?
See any sort of bottoming pattern we can work with right here? Neither do we and we are going into a weekend.
The other day we noted that the there is a bull count too and said we’d talk about it tomorrow.
In the daily charts below we’ve laid out what that would look like. Key in on the little blue a b c’s and the little diagram within the chart on the bottom left.
We are not saying this is what’s going on BUT it’s a possibility.
From here? It’s all about into the close and the 1057 level.
See you this weekend!
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