I didnt have much time on research today, busy day.
But I did spend some time on the NQ, as I didnt do NQ update for a while.
I will also add comments to this post after I do my other research and go through few others updates I follow.
So stay tuned, high chance this chart will get updated with extra comments several times.
So as you can see on the chart, we are in a small (compare to the rest of the year) bear flag and we are already in most overbought conditions for this year including TRIN number and volume.
My best extension (if it was not topped yet and they will push it higher before the elections) is at 12110-50NQ, with the top of the channel at 12250-300.
But first it has to close above recent highs - 11750NQ
I do expect a yo-yo style (outlined on the SPX yesterday) going into EOM and then Midterms.
But the ideal target for this year is actually at 8-8.2k zone!
I know it sounds crazy, but hey wasnt today's numbers crazy early this year?
Some are still in denial.
I do not call for a crash any longer, as we are out of that window astrologically and cyclically but I want to see another 25-35% cut from today's levels before this is over and we bounce hard into a bigger B wave
No new highs next several years at min, maybe after 2026 if not 2032. I do expect 1999 and 2009 pattern, check it out.
Again I might be wrong as anyone else out there, but this is my long term view, gotta stick to it till I see clear changes in trend.
My plan for the short term is the same, its short tomorrow (Im already swing short) into EOM or 1-2nd FOMC rate decision) which should spark a rally and ideally mark the temp bottom going into the Midterms.
They might make a big hike and stop for this year. Canada already increased .50 points instead of .75 points today, so FED can surprise.
After the Midterms is where it gets tricky, I think we will have a last move down into week of 21st of Nov low, that should mark the low for the year.
Can we extend into next year, yes we can, I will be updating you with my view going forward into mid of Nov.
If something not clear, just shoot a question below this post.
Here is zoomed in chart
Also please dont forget to press that 🚀 sign under this post to push it up in algos for others to discover.
But I did spend some time on the NQ, as I didnt do NQ update for a while.
I will also add comments to this post after I do my other research and go through few others updates I follow.
So stay tuned, high chance this chart will get updated with extra comments several times.
So as you can see on the chart, we are in a small (compare to the rest of the year) bear flag and we are already in most overbought conditions for this year including TRIN number and volume.
My best extension (if it was not topped yet and they will push it higher before the elections) is at 12110-50NQ, with the top of the channel at 12250-300.
But first it has to close above recent highs - 11750NQ
I do expect a yo-yo style (outlined on the SPX yesterday) going into EOM and then Midterms.
But the ideal target for this year is actually at 8-8.2k zone!
I know it sounds crazy, but hey wasnt today's numbers crazy early this year?
Some are still in denial.
I do not call for a crash any longer, as we are out of that window astrologically and cyclically but I want to see another 25-35% cut from today's levels before this is over and we bounce hard into a bigger B wave
No new highs next several years at min, maybe after 2026 if not 2032. I do expect 1999 and 2009 pattern, check it out.
Again I might be wrong as anyone else out there, but this is my long term view, gotta stick to it till I see clear changes in trend.
My plan for the short term is the same, its short tomorrow (Im already swing short) into EOM or 1-2nd FOMC rate decision) which should spark a rally and ideally mark the temp bottom going into the Midterms.
They might make a big hike and stop for this year. Canada already increased .50 points instead of .75 points today, so FED can surprise.
After the Midterms is where it gets tricky, I think we will have a last move down into week of 21st of Nov low, that should mark the low for the year.
Can we extend into next year, yes we can, I will be updating you with my view going forward into mid of Nov.
If something not clear, just shoot a question below this post.
Here is zoomed in chart
Also please dont forget to press that 🚀 sign under this post to push it up in algos for others to discover.
Comment:
Next Ideal low is at 10100-250 zone, then we bounce into Midterms