ES S&P500 Daily Shark + Evening Star Pattern
As per earlier post, rally has been on declining volume right into the origin of the Brexit decline
Right now we have a completed shark pattern and also a daily evening star pattern which suggests that we could get a decline of 50-61% of the current advance (at a minimum)
The risks with Brexit are still real, Chinas shadow banking system is still bubbling away and Yellen (Snow While) is not doing QE and basically is trying to buy time by stalling any rate hike and changing their intentions almost on a monthly basis
Right now we have a completed shark pattern and also a daily evening star pattern which suggests that we could get a decline of 50-61% of the current advance (at a minimum)
The risks with Brexit are still real, Chinas shadow banking system is still bubbling away and Yellen (Snow While) is not doing QE and basically is trying to buy time by stalling any rate hike and changing their intentions almost on a monthly basis
Note
Did not enter short on this as no clear setup presented itself on shorter timeframesThe fact the Japanese are commiting more QE Seppuku and printing more yen suggests Equities will rally again as central banks print more QE
Long term charts look bullish right now and the overall wave4 may be complete heading into wave 1 of the final phase of the bull market since the GFC low in 2009
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.