To go along with the thoughts from my post last night Sneaky Little Market ..., I wanted to look at some longer term charts and indicators. I contend that if this is in fact the final Wave A of the triple zigzag, then this 5th wave cannot extend anymore. (see the notes from the last post). If it does then I think it is far more likely we are in separate waves as per Daneric's count - Did Minor B Already Happen?. Having a massively extended 3rd wave and an extended 5th wave in the same wave doesn't make a lot of sense (at least it doesn't to me).
There appears to be a lot of circumstantial evidence that this is still Wave A and is about to end. I know, I know. If I could get paid for incorrectly calling a top to this Wave A, I would be rich. So take this with a grain of salt.
60 min chart: The price keeps piercing and consolidating at several MA ribbons that were support. Move is definitely slowing.
Daily chart with S/R lines. Churning at top resistance. All the indicators are rolling over with new downtrends. Negative RSI divergence. "Looks" like a top.
CPC is also still hanging around in **HIGHLY** bullish territory at this top. And since the CPC is a contrarian indicator, I suspect things are gearing up for a move down.
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1 year ago