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Strategies & Market Trends CFZ E-Wiggle Workspace
To: skinowski who wrote ( 39026) 11/27/2021 8:13:44 PM From: Sendme This market loves channels. But the first drop isn't always the "BIG ONE" I admit that I haven't done a lot with time cycles, but found this interesting. It would suggest that around Dec 7th we could see a bottom in the market if the bottom of this channel holds as support. Weekly chart with the RSI looks like it could still bounce around the 50-70 until 2023 as it puts in a topping process The Russell 2000 is also known for its false break outs. I was kinda expecting it to fail again, but thought it would have been the beginning of 2022 On the one hour chart I have a Head and shoulder target just a bit lower than we hit on Friday. Then would be open to an AB=CD move going into Dec 7th. Recommend Keep Reply Mark as Last Read Read Replies (1)
To: Sendme who wrote ( 39030) 11/27/2021 8:26:00 PM From: robert b furman Hi Sendme, I agree, C waves, they take longer and have 5 waves, but the selling dries up, so only a longer grind helps provide more shares shaken out of weak hands. Friday's drop had to be fast and big to get the job done. Monday will tell us if it did. A down premarket that recovers would not surprise me, neither would an open up whiplash. hu noes? Bob Recommend Keep Reply Mark as Last Read Read Replies (1)
To: robert b furman who wrote ( 39031) 11/27/2021 8:46:08 PM From: Sendme Hi Bob, I was watching an inverted head and shoulders on the smaller time frame that broke out to the upside, but it was backtesting a trend line break and was setting up a perfect bull trap.