Thank you for your thoughts, BullRidaH.
Looking at the 30 min chart, the SP action since the minor top of 2041.28 on Nov 11 started out as a prospective Broadening Triangle, with waves B and C, respectively, making a new high and a new low. After that, it looks as if Mr. Market changed his mind, and completed the formation as if it were a regular, Symmetric Triangle.
Well, EW analysts are very protective of their terminology, as invented long ago by old Ralph Elliott... -g. Hence, we will refrain from calling this a Diamond-shaped triangle, or anything of this sort. There are other ways of labeling it. But, in the end, it's a pattern consisting of 5 "three-legged" moves, in a location where it would look good serving as Wave 4. What we would expect is a break upwards, and then a reversal.
Same thing that you said, in a little different language.
Coincidentally (or not?), Nov 20 is an important Bradley turn date. Not an expert on Bradley, but I find this interesting. |
