Man, I completely lost faith in my 3500 retest idea and BULLGASM finale yet here we find ourselves...
You think we're likely on our way back down by last week of Oct?
Dr_Roboto
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@ProfitHarvest, 3500 is on the table. See my mark up based on a zig zag wave. Wave B = 50%, 61.8%, 76.4% or 85.4% of wave A. This rally just defies all reason, so 85% is still on the table. Heck 123% is even possible if it morphs into a flat correction.
It seems hard for me to believe it will go that high, but look where we are now from March. It took a lot of FOMO to get way up there. At every chance the market showed weakness, it just rallied on. I just don't fell that level of FOMO right now. I don't know where that is going to come from again. The only thing that would make sense is some kind of rally due to the president claiming he is "cured" and everyone thinks his treatment will save us from COVID. Markets will go crazy for some short period until the realize they have been suckered. It could be a massive case of buy the rumor sell the news.
ProfitHarvest
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@Dr_Roboto, Yea exactly, just wrote in new my idea that the best comparison for this market right now is when you're gettin close to the gas station but your tank is already under E. You just never know exactly how far those fumes will get ya!
I have it on decent data gathering that today was a short covering rally from a bigger group of Retail that went short Friday + Bulls who longed Trump's immune system. Big Money checked back out to a large degree compared to Friday so pretty amazing how much Retail and the algos actually held sht together and kept things movin today.