Ticking Time Bomb Signs:
1.) This is indeed the 5th wave which means we can see a correction of as short as fib level .382 (38%). However, that is very unlikely and we are looking at a correction on more towards fib level .618 (61%). Also, take into consideration how massive the DOW is. Just a 38% correction would be a major hit on the economy itself.
2.) Looking at the (indicator on the top of my chart) in the month time frame, the DOW has been operating at 100 for a year straight. The shows you basically if markets/stocks/coins/etc are being oversold or over bought and everything in between. This has been an amazing year, almost unbelievable for the DOW. However, this is a sign of a major "snap back" coming.
3.) Now if you're not a user or don't know exactly what the is, the regular lines up with my analysis as well (indicator at the bottom of my chart).The has NEVER been this high for the DOW, pushing up to 90 .
4.) Another confirmation made was on the . As you can see on the monthly and weekly (since the February is just starting) , there is the down-tick supporting a downtrend accruing.
I have been keeping my eye on this for about a month now, maybe a little more, and have been waiting to see where the possible peak of wave 5 is. I believe it was at 26,500 in January. Once again, I hope I am completely wrong, because this correction could cause some economic problems and many jobs being lost. If you look back at the last corrections of wave 1 and wave 3, we had a depression lasting years and then two economic collapses in the other correction. If my analysis plays out, what we want to see is a slow gradual descent. Hopefully no major factors causing a large crash.
Let me here your thoughts...
Not taking into consideration the EMA's and , here is a weekly time frame supporting my analysis of the , , and .
Confirmed Downtrend: Uh Oh! This is a 1hr time frame chart of the DOW. I would say its safe to say that this has confirmed the peak of wave 5 being at 26,500 in January. Obviously, today has not been a good for the DOW at all. A friend and I were looking at the 3 minute time frame and saw a 3.6% drop (855 points) in 9 minutes. That is $230 billion dollars!
For anyone checking this idea and following its updates, this is a long term Idea I will update here and there. I won't do too many daily updates and short trend patterns. With that said, here is an daily update with a few trend patterns.
Today was national ascending wedge day. Just kidding, but there was a ascending wedge inside a ascending wedge inside another wedge. Some crazy support lines held strong. However, this means we can see a downtrend ounce we break the support lines of the largest wedge. Which we did. Now we will wait to establish another support line when the market opens tomorrow morning. I see a major drop in the next 3 days.