Leg 5 toward 3400, then what? Update from 7/29
Reminder we are on leg 5 of an intermediate EW that started 6/15. This intermediate EW has been in a bearish flag the whole way. Previous posting on this.
This leg 5 on the intermediate looks like it has a smaller EW on it and we are looking to complete le g3 and hit the top of the bear flag zone. I am anticipating a small sell off very soon which will coincide with several things.....
1. leg 3 completing and leg 4 starting on the smaller EW.
2. end of the week.
3. congress is supposed to go into recess 8/10 which means stimulus is looking like it won't be in before recess.
This leg 5 on the intermediate looks like it has a smaller EW on it and we are looking to complete le g3 and hit the top of the bear flag zone. I am anticipating a small sell off very soon which will coincide with several things.....
1. leg 3 completing and leg 4 starting on the smaller EW.
2. end of the week.
3. congress is supposed to go into recess 8/10 which means stimulus is looking like it won't be in before recess.