Was last weeks dip a glimpse of an exhausted market?
For me it looks like we are in a blue wave 5 on the monthly timeframe. This 5 wave uptrend started in 2009.
While wave 1 and wave 3 where strong and had a high momentum, wave 5 was weak.
A closer look on the dayily timeframe and the violet elliot 5 wave uptrend that form blue wave 5 shows that that higher highs were difficult for the market.
Right now we are in some fibonacci resistance of blue 3 extention, blue 4 invesrse extention and the same for last violet 3 & 4
The past showed that the markets can stay unbelievabaly long overbought but at the moment I see a lot of signs for an exhausted uptrend
For me it looks like we are in a blue wave 5 on the monthly timeframe. This 5 wave uptrend started in 2009.
While wave 1 and wave 3 where strong and had a high momentum, wave 5 was weak.
A closer look on the dayily timeframe and the violet elliot 5 wave uptrend that form blue wave 5 shows that that higher highs were difficult for the market.
Right now we are in some fibonacci resistance of blue 3 extention, blue 4 invesrse extention and the same for last violet 3 & 4
The past showed that the markets can stay unbelievabaly long overbought but at the moment I see a lot of signs for an exhausted uptrend