DOW - ES Charts 16/12 - 20/12

Ian56

Junior member
32 0
The sharp move up at the open today was EW b of C for the move down from 8640.
C waves are notoriously sharp.
The European markets had their c of B moves at their open today.

The rest of the day until 8330 was a of C. A wedge pattern.

It looks like we are currently in b of C (a small rise).
When (or if) c of C starts it could result in a fast drop (just like Wednesdays open).
If we get this sharp drop, it should be followed by a VIOLENT rebound up. (An X wave.) Straight up, no pauses and 200 pts+.

Watch the European markets in the morning to see if this pattern starts.
The US will likely repeat whatever Europe does.

(It probably won't happen now I've posted this. Don't be surprised if it does.
The alternative count which I think is less likely is that wave C down has completed and we go up tomorrow.)

Regards,
Ian
 
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ChartMan

Legendary member
5,580 46
We got our nice big Inverse H&S. :) Closing above 8500 was nice too, and a pretty much solid up trending day. A quick response to the 2 days positive divergence too. Where to next? Well for now, all we can look forward to is staying in the channel with 8600 tops. Xmas period is a funny time and I have seen reckless things happening. MM's hangover maybe?
 

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ChartMan

Legendary member
5,580 46
Very whippy day today, but the overall moves were reasonable.
 

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ChartMan

Legendary member
5,580 46
Another low volume day for the most part, but two nice divergent tops.
 

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