Elliott Wave 5.0 "Reboot"

Friday, March 4, 2016

Mini DJIA Daily Chart Review: Still A Potential Bull Trap!

Bears have a nasty habit of striking from above when the bulls least expect a bear attack to happen. Another violent move to the upside when viewed from this daily chart perspective, looks like a very long spike has formed. This is scary as we are at the cross roads when my impulse wave has no room to go off on some tangent.  Impulse waves must not break character much like a movie actor cannot work from a different script when he feels like it. 

There is little room to work with in any decline otherwise this could be a "C" wave bullish phase and a bear attack is imminent. If the momentum slows down by the 8th, then this will also add to a potential bearish turn in stocks, as a new moon is fast approaching. New moons can be very devastating for stocks.