Read a fascinating article from Forbes this morning about the state of the American housing market, Allegedly supply and demand are at an all time high and millennials Nearly at the mean age of buying houses 34y/o. so I opted to have a look myself and yes its True, sinse February it's been on a 45% bull run. Impressive stuff... And they say it can go higher... Can it?
Switching between weekly and monthly TF's tells a more cautionary tale:
Bear scenario
- weekly it has double typed with a huge spike in volume followed by Dismal volume
- monthly it broke upwards. Which is good.. Orrrr is it? Based on volume tend It could also be a B wave and waiting for 20-28% correction C wave with bearish divergent on the RSI
On both time frames it has recently completed 5th waves
Bull scenario:
Weekly it may have already drawn an abc correction and started anew and is waiting for volume to push it through resistance
monthly it is above the weekly double top. Will it turn it into support and follow a new channel to an elliot wave extension?
Overall I am thinking it is on a tight leash and which ever way could have real consequences.. We are in the longest housing bull market in decades.. Interesting times.
Opportunity abounds
Switching between weekly and monthly TF's tells a more cautionary tale:
Bear scenario
- weekly it has double typed with a huge spike in volume followed by Dismal volume
- monthly it broke upwards. Which is good.. Orrrr is it? Based on volume tend It could also be a B wave and waiting for 20-28% correction C wave with bearish divergent on the RSI
On both time frames it has recently completed 5th waves
Bull scenario:
Weekly it may have already drawn an abc correction and started anew and is waiting for volume to push it through resistance
monthly it is above the weekly double top. Will it turn it into support and follow a new channel to an elliot wave extension?
Overall I am thinking it is on a tight leash and which ever way could have real consequences.. We are in the longest housing bull market in decades.. Interesting times.
Opportunity abounds