Still bearish, we need a break of psych support 3900 and ultimately 3870 for our descent to be fueled further which may very well be the job of powell. I don't just look at one instrument, the DXY basket is pricing in bullish rate rise signals and the VIX is doing a massive hook on all timeframes, from daily down to upside.
Still bearish to 3450 day traders switch positions more than a pornstar trying to get his/her (PC) 15 minutes of fame...i've been in this for 2-3 weeks with an initial 1-3 month hold, 75% powder in at 8.40-8.50 with 25% bought in small increments down to my last buy a little above 7, average cost 8-8.10... now it's 2-8 weeks give or take. my right shoulder was...
no notes on chart, didn't even adjust my trend lines for accuracy, all you have to do is look at one or two spots on the chart and make your own determination!
which way will it go, which way will it go? :) bearish until 3492-3500 and 27k on dow intermediate term, then further towards 3k-3400 thereafter...
Bullish, shit is about to whipsaw shorts to another dimension.
Technical divergence, more right shoulder confirmations, 3900ish zone very strong resistance a confluence, news can come out with anything they want, the pattern is the pattern, priced in and ready to rock
I believe the markets already priced in the stimulus and as far as the money being spent, assuming it doesn't just leave the country or sit in banks, takes time to trickle in after people get them, if anything the stimulus will have more of an effect in helping pull us out of an imminent correction
zoomed in version so you can see the S&P500 bearish head and shoulders forming..
I had to repost this idea and adjust wave 2 to the proper termination area, since I believe the expanding flat ABCDE complex correction is what it is or was, I through me off when wave 4 appeared to be entering the territory of my previous impulse which is not allowed, but 2 had to end before the correction (I think) it's been a while since I read Prechter's books on EWP
Elliot Wave Principal and wave counts are really based off of the Fibonacci Sequence, you can arrive at similar conclusions with different counts as long as you follow the rules, this is my best count on the S&P500 With my ABC correction post wave 5 which I assume has ended around 3950. This is relatively a shallow correction and if it does play out over the next...
make your own interpretation, i wont even list bullish or bearish just look at the chart (monthly chart very very long term
see my similar vix post with similarities, difference here are the retracement is to the .786 fib level instead of .618 like the vix and our basing or reversal candle here is a doji, instead of a spinning top like on the VIX, this makes sense though as this ticker has built in 1.5x to 2x leverage per its perspectus!
bullish the VIX buying with UVXY AND VXX. This is only an intraday cup and handle showing an entry point with multiple confirmations. The Monthly and Weekly charts show we are nearing the end of a multiyear cup and handle which is the third since the VIX inception!! buy time UVXY
short term correction towards $5 coming, load up at $5-5.25, wave count from about a month ago remains on the chart
As you can see my projections from a week ago are traceing nicely, we may see down to 20,500 before heading up towards 22.5k-23k, stocchastics still turning up. 24k is my sell target.
So I left my wave pattern on my chart from last week, untouched, you can see we are hitting an interim resistance at our last .382 resistance zone, well technically on a weekly timeframe the body was rejected, though on an intraweek basis we formed a wick....until Friday hits the candle formation is not complete. it's around $5.27, we need a weekly close above...
I proposed a bear market rally analysis towards the 23500 to 25800 zone over the coming weeks, looking at a great depression chart, this looks eerily similar . I'm viewing this rally as a fake out rally and using tight stops. We are still oversold so I think we will see 25k, we may see some small falls as show in my additional a,b,c,d,e (blue) overlay. I plan to...