"LAST MAN STANDING" FOLLOW-UP, Part 2 Of 2, QQQ / SPY
This is part 2 of "The Last Man Standing" series. The above chart is not of the S&P 500, it is of QQQ.
QQQ completed a bearish harmonic pattern and has begun its decline. SPY (Part 1) has completed a bearish harmonic bat pattern and has not yet declined.
Here are "Don's EIGHT GREAT Technicals": 1. The Ichimoku Cloud is FALLING relative to structure to the left. 2. Prices are falling into the cloud. 3. Prices are trading WAY BELOW the thick red Ichimoku Cloud Conversion line. 4. The thick red conversion line is moving LOWER. 5. The thick black line is the Ki jun-Sen baseline of the Ichimoku Cloud and this is reversing DOWN. 6. The Top (bar-type) indicator measures the "phase energy", and this is VERY WEAK. It has completed a negative zero-line cross-over, which is confirmation of a sell signal. 7. The red fractal arrows (not pictured) are DOWN. 8. Look to the far right (middle) on the chart, around $105.72, by the large red arrow. You will notice a yellowish line on the bottom (jaws), with black dots above (teeth), and a blue line (jaw) above the black dots. Now, all three are WIDE OPENED, correct? This is where I ask you to use your imagination and envision these three items as the "jaws, lips, and teeth" of a NOW AWAKE, FEEDING alligator, and the alligator will feed into the NEW DOWN-TREND.
I am showing you QQQ because I believe SPY is next, and the S&P will no longer be the "Last Man Standing".
If I am correct about the coming decline, I thought it would be appropriate to close with a quote from Jay Leno:
"Do you have any idea how cheap stocks are? Wall Street is now being called Wall Mart Street".
By the way - my next stock contribution is going to be Mal-Mart!
I hope this has been helpful, entertaining, and informative. May all of your trades go well. Don.
QQQ completed a bearish harmonic pattern and has begun its decline. SPY (Part 1) has completed a bearish harmonic bat pattern and has not yet declined.
Here are "Don's EIGHT GREAT Technicals": 1. The Ichimoku Cloud is FALLING relative to structure to the left. 2. Prices are falling into the cloud. 3. Prices are trading WAY BELOW the thick red Ichimoku Cloud Conversion line. 4. The thick red conversion line is moving LOWER. 5. The thick black line is the Ki jun-Sen baseline of the Ichimoku Cloud and this is reversing DOWN. 6. The Top (bar-type) indicator measures the "phase energy", and this is VERY WEAK. It has completed a negative zero-line cross-over, which is confirmation of a sell signal. 7. The red fractal arrows (not pictured) are DOWN. 8. Look to the far right (middle) on the chart, around $105.72, by the large red arrow. You will notice a yellowish line on the bottom (jaws), with black dots above (teeth), and a blue line (jaw) above the black dots. Now, all three are WIDE OPENED, correct? This is where I ask you to use your imagination and envision these three items as the "jaws, lips, and teeth" of a NOW AWAKE, FEEDING alligator, and the alligator will feed into the NEW DOWN-TREND.
I am showing you QQQ because I believe SPY is next, and the S&P will no longer be the "Last Man Standing".
If I am correct about the coming decline, I thought it would be appropriate to close with a quote from Jay Leno:
"Do you have any idea how cheap stocks are? Wall Street is now being called Wall Mart Street".
By the way - my next stock contribution is going to be Mal-Mart!
I hope this has been helpful, entertaining, and informative. May all of your trades go well. Don.
