Todays rally in Europe which started again in the early morning opening bells consolidated recent selling a lot for all timeframe oscillators (it is not necessary a good thing).
It started yesterday in United States allready during last hour session and Europe just make it further. US is very lazy to move much actually, it allmost seems all serious swings occures in Europe and pre-market, not in official US hours.
With closing SPX for 1262-1272 range and DAX back to 7150-7200 they are not oversold anymore which is not good because both have power now to drop again if needed but they are not overbought either which leaves zigzag to rally further also – just to fail later again. Fully neutral with them in here.
I am expecting a bit more actual violence for this market (oversold conditions again) to pick up someting from there, at least for that 1240 level should be somewhere.
But that´s just index, individual stocks are key everywhere and more interesting.
I am tracing very much CL ie. Oil now, I believe it is reasonable close to correct up reasonable significantly, once it does – likely the SPX and DAX are preparing doing to the same but keeping in mind cont.triangle can also end B wave (CL chart in previous post). It is possible this major 4 hour contracting triangle is missing only fifth of fifth anymore to end this first leg or first part of the correction for it. Ffor major timeframes I don´t see it as bullish however like daily charts but for technical bounce for hourly and 4 hour charts I do see it attractive, something more meaningfull might be building during the next few weeks for it to finish it and offer relief bounce – for next month ?
Chipotle Mexican Grill might be building something interesting for bear side when speaking about Elliott Wave patterns and yes, it´s weekly EW divergences are also landing allready marking same W3 / W5 issue – attatched daily chart for it. Personally I think it might miss one leg more for it, ending diagonals hits boundary lines 7 times and in some cases even 9 but this is closing before autumn.
