We broke out of the sharper downtrend in 2016 but were not able to break out of the downtrend from 2011 and 2012 highs (runs close to the .5 fib fan trend). Moreover, the fibonacci fan .382 trend line is unbroken.... a long way to go to break that. The long term uptrend though, is coming to the rescue and combines with this downtrend to form a wedge, which will terminate in early 2018. In the meantime, probably a bumpy ride between the 2 dotted red lines.
Additionally, we've already had a 50% retrace of the move to 2011 highs in Dec 2015 (since the rate hike..) so we should probably expect longer term moves to be upward ie. higher lows. So maybe it's unrealistic to expect anything below 1086...
I'd like to see some long term wave count predictions if anyone can assist.
Additionally, we've already had a 50% retrace of the move to 2011 highs in Dec 2015 (since the rate hike..) so we should probably expect longer term moves to be upward ie. higher lows. So maybe it's unrealistic to expect anything below 1086...
I'd like to see some long term wave count predictions if anyone can assist.