Read the story here. Advertise at Before It's News here.
Profile image
By Red Dragon leo (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

ES Morning Update December 28th 2021

% of readers think this story is Fact. Add your two cents.

Well, the bulls chose the wrong path in my opinion. Charts were very overbought before yesterdays rally and some sideways consolation all week would have allowed another strong rally up that could hold, but now the charts are super overbought and this last bull run looks like an adrenaline rush that will wear off soon and cause them to collapse and fall to the ground.

There’s major resistance around the 4800 level from a rising long tern trendline, so if the bulls reach it today the odds of them holding it are slim. Another move down is coming soon and today could mark the top of this long rally up from the 12/20 low as we are very close to that major resistance now. What this correction is likely going to turn out to be is a wedge pattern. I’ve drawn two solid red trendlines on the chart so you can see it.

The move down from the high on 11/22 to the low on 12/1 would still be the A wave and we’ve been in the B wave ever since. It subdivided into three smaller waves… another ABC basically. I’m still calling the 11/22 low a Medium A wave, but the Medium B wave up is still in play and should top out today. Clearly it’s been in a Small C up from the 12/20 low inside this Medium B up.

Once finished we should start the Medium C down, which should have five smaller waves inside it. It will complete the entire Large Wave 4 correction when done. This entire correction has been super hard to figure out as wedges aren’t easy to spot until they are over with.

But we are far along enough in the process to see it now, so after today we should start down with the goal of reaching the 4400′s or lower to hit the bottom of the wedge. There’s lot’s of support down there from many trendlines. The two dashed yellow trendlines are a rising channel from last year that the market has stayed inside of the entire time.  So I don’t really expect the falling red trendline of the wedge to be hit, but if it doesn’t it will be quick and reverse back up most likely intraday to save the dashed yellow rising channel.

Strangely though the Large Wave 2 correction last year from September to October of 2020 was also a wedge pattern, but in reverse. Anyway, after this correction is over with the Large Wave 5 up should take us to 5000 or high into early 2022. Have a blessed day.


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Report abuse


    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Load more ...




    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.