Daily-Elliott-wave-analysis-03-01-17 DOW breaks the long term target, The end of this bull market is near at hand!
The short term wave count still holds, and we may be seeing an ending diagonal developing as part of wave '2' green. That form suggests one more rise into 1.0630 to complete wave '2' and then wave '3' should begin. The compression in price of late is shown clearly in the 4hr RSI, the falling trendline has not been broken for almost a month now. This does suggest a decline is brewing.
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Aussie traded sideways after positive GDP but it managed to print lower low and the retracement in one day. My short position was filled at 0.7690 on a volatile spike last night. Stop loss is set at 0.7735 ( just above the recent resistance ) I expect the pair to move close to it and collapse down. Weekly momentum is overbought. Daily might need another swing to full unfold the decline.
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