Evening Update: ED pattern is Filling In but is that reality?
Today we got a little retrace and so far our Ending Diagonal pattern is intact. This would mean we should get one more high into the 4130-4170 area but well within the confines of the trendlines. If the ED is playing out then price should come into the .618% of the previous move up which would be 4018-4021 area and bounce to approximately the 4130-4170 area. Now, I have stated this before, but to be abundantly clear...we have enough waves in place to consider this retracement a full pattern.
Therefore, if price were to decline lower than 4018...and breach 3990 the ED is invalidated. If 3990 is breached on this move down then we look to 3901.75 to hold but in truth we stand a high chance of heading to the 3850 area, but more than likely sub 3788 becomes the ultimate destination.
One of my followers Only_Losses wants to do a thought experiment for Fed Day. You guys know the drill...I have to do what my followers request so if 25 replies to this evening update say "Do it" I will hang my neck out to dry...expose it to ridicule for the world to see. But only if at least 25 of you want to see me experience that pain...lol.
Best to all,
Chris
Therefore, if price were to decline lower than 4018...and breach 3990 the ED is invalidated. If 3990 is breached on this move down then we look to 3901.75 to hold but in truth we stand a high chance of heading to the 3850 area, but more than likely sub 3788 becomes the ultimate destination.
One of my followers Only_Losses wants to do a thought experiment for Fed Day. You guys know the drill...I have to do what my followers request so if 25 replies to this evening update say "Do it" I will hang my neck out to dry...expose it to ridicule for the world to see. But only if at least 25 of you want to see me experience that pain...lol.
Best to all,
Chris
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