Let's take a little challenge, shall we? I know nothing about this company called Eversource energy. In fact, the only reason I know it exists is that I was trying to type /ES into TdAmeritrade's quote system (that's the symbol for S+P500 es mini futures) and I forgot the "/". No, really, that it.
But when the chart popped up I almost immediately knew it was going to count as a rising wedge using Elliott wave analysis and in that analysis the red C wave of blue 5 is either all done or almost done. I would most like to see one more small move up to the $80 level but that would be the shorting signal. Also, if it falls back below red A then the collapse has already started.
NOBODY should be able to predict this. Nobody. It's just not supposed to be possible. In fact someone would have to be crazy and arrogant to even try. After all, the chart has been going up since the dot bomb bailout and recently it has increased its rate of climb to as fast or faster than anything seen in this chart since 2002. How can someone just walk up with no knowledge of an industry and make a chart prediction like this?
All I can say is that this is almost textbook Elliott and I'm confident it will play out per the model below. It would take a move above $87 to shake my confidence in this model. I guess we will know soon enough.
Tuesday, August 20, 2019
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