I'm looking forward to the next correction. I see the potential for a drop from current price back to 2800-2900 in the s&p and a 40% chance that, IF that occurs, we could retest March lows.. seems unlikely doesn't it? Remember to expect the unexpected and look forward. Don't spend too much time looking in the rearview mirror at old news, trying to make fundamental sense out of what you believe. Look down when everyone is looking up and look up when everyone is looking down. The most likely scenario I see playing out is a 15-20% drop from here into Nov-Dec and a period of consolidation and volatility. I would welcome that. If we continue to creep up without a pivot from this area very soon, then I expect another 60 days of upward creep with a price target of 3960-4100. I am fully prepared for that and still have some long exposure just in case. There are a few oil & natural gas companies that I am holding and will hold for the long term regardless of what I believe in the short term. However, I am very cautiously, slowly, and patiently hedging for this next potential drop. It's when, not if. Then, after such an event (whether we retrace only 50% of the Fed's corona rally or past March lows), I will begin looking up again. Consider what actions the Fed would surely take if that happens.. We have all the ingredients in the cake for the s&p to double from current price into the end of 2022 to over 7000. That move would not come without sharp drops and pops in volatility but don't be stubborn trying to be right by fighting price.
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My perspective on weekly timeframe that shows that 12-year trendline I call the backbone of the bull. We are touching it NOW this week. Will be blow through into a hyper bubble? It's possible. Do we pivot here for a correction? It's possible. Decide now.
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this could be much more significant than I first realized. I've noticed this before but... If this month closes down hard like February or March then we could have bearish confirmation of something much worse. It's hard to imagine.
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I suspect a lot of new traders 'buying the dip' but this is still toppish.. You'll know a dip when you see it.. time to hold on tight.
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DOW futures- this is concerning. Take a peek at the wavetrend divergence.
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60 min short term view- divergence on stoch/rsi.. watch for price to drop suddenly.
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Today was one of the most pivotal I've seen in a long while.. I often refer to ES1!/S&P on renko bars to get a more accurate read.. take a peek at my wavetrend/rsi indicator and what's going on here