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DOW 23,000+ today?

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Grant 302

basic and well known psychic
Best way to make yourself wrong is to make predictions. But with today's price action, I think/suspect the bottom is in for this downward leg. The 'sell in May' crowd and what I think is a need to fill more price action between here (mid-25k) to mid 26k will probably keep prices range bound and not break out until Q3 range this year.
 

Grant 302

basic and well known psychic
Market makers and sheeple effects, IMO. Big shorts see news as an opportunity.

So far so good at the open today. I don't want to see yesterday's intraday low breached. We'll see!
 

Grant 302

basic and well known psychic
Nice way to end the day, and the bounce was close to yesterday's low. Expecting the general movement for next week to be to the upside without making new highs just yet.
 

Grant 302

basic and well known psychic
Best way to make yourself wrong is to make predictions. But with today's price action, I think/suspect the bottom is in for this downward leg. The 'sell in May' crowd and what I think is a need to fill more price action between here (mid-25k) to mid 26k will probably keep prices range bound and not break out until Q3 range this year.

So the price action did 'fill' in the 25.5k to 26k range. And the 2nd leg 'measured move' or 'ABCD' pattern predicting a ~24,500 target was only a bit shy at 24,680 intraday on 6/3, and still 'respects' misc bottom trend lines since early 2018. Still maintaining a Q3 target for breakout and mostly sideways/rangebound movement this summer.



To help visualize the pattern I'm referring to:
LexxFroe.png
 
I expect the volatility to continue and no major moves to new highs until the trade issues get resolved.
 

Grant 302

basic and well known psychic
I don't believe the issue has to be resolved, but I do see it as a reason shorts and sellers show up. It is another reason why I see Q3 as a likely breakout period. And seasonally, summer isn't the typical time to hit new highs.
 

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