A bad omen for the Dow?
From the peak I counted a clear 5 wave impulse and what followed was corrective price action contained in the channel. Unless it is a Flat correction , whenever we see an impulse in a new direction, we should expect a correction and at least one more impulse in that same direction.
Of course conditions do exist wherein the correction is still incomplete or I miscounted the waves but my bias for the next coming days is bearish .
It is always important to trade in the right direction, in the direction of the trend, and so having this bias is useful for the trades that ensue.
Of course conditions do exist wherein the correction is still incomplete or I miscounted the waves but my bias for the next coming days is bearish .
It is always important to trade in the right direction, in the direction of the trend, and so having this bias is useful for the trades that ensue.
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