Greetings programs!
Okay so just wanted to give what Socrates is putting out atm. I'll get better information at the close of the month so no point going too detailed for the moment:
Daily level: (I didn't bother marking these)
- Probable decline this week with choppiness/dojis. Monday continuation and then turnaround Tuesday (and Wednesday, Thursday...)
- October 10th has a big direction change, turning point target, and panic cycle. JPOW speaking? lol
Weekly targets really are the most important for trading. Overall on a weekly level the targets are not especially strong suggesting we're going to continue trending downwards. However:
- Oct 3rd suggests maybe a short term bottom.
- Oct 17th suggests a bounce.
- Election week of Nov 7th is a turning point, direction change, and panic cycle. Go figure lol.
- November 21st is the strongest target for a turning point.
On a monthly level:
- December has a panic cycle yet no direction change. Maybe this implies November 21st could be a low followed by Santa Claus rally?
- January is the strongest target for a turning point: We might have a high there rather than a low.
- Don't think we can't spike low into the 240's. We do have monthly bear reversals in striking range.
As far as reversals go we are near major support so eh, personally I trade backtests for continuations not breakdowns but maybe if there's a good entry.
I'll do a full Q4 summary at the close of the month with actual trade ideas.
Trade safe traveler
Okay so just wanted to give what Socrates is putting out atm. I'll get better information at the close of the month so no point going too detailed for the moment:
Daily level: (I didn't bother marking these)
- Probable decline this week with choppiness/dojis. Monday continuation and then turnaround Tuesday (and Wednesday, Thursday...)
- October 10th has a big direction change, turning point target, and panic cycle. JPOW speaking? lol
Weekly targets really are the most important for trading. Overall on a weekly level the targets are not especially strong suggesting we're going to continue trending downwards. However:
- Oct 3rd suggests maybe a short term bottom.
- Oct 17th suggests a bounce.
- Election week of Nov 7th is a turning point, direction change, and panic cycle. Go figure lol.
- November 21st is the strongest target for a turning point.
On a monthly level:
- December has a panic cycle yet no direction change. Maybe this implies November 21st could be a low followed by Santa Claus rally?
- January is the strongest target for a turning point: We might have a high there rather than a low.
- Don't think we can't spike low into the 240's. We do have monthly bear reversals in striking range.
As far as reversals go we are near major support so eh, personally I trade backtests for continuations not breakdowns but maybe if there's a good entry.
I'll do a full Q4 summary at the close of the month with actual trade ideas.
Trade safe traveler
1. The NASDAQ and DOW are diverging: The DOW is showing a temporary low is in place which will likely give a rally for a of week or so. In fact it might already be at its low now. Unfortunately this is bad because it probably means the war will expand sooner rather than later.
2. The NASDAQ however has moved its monthly target back a bit to November which makes sense since people will be too nervous before the election which is a domestic issue.
3. The "real" bottom isn't going to be in until January really.
4. Seasonality puts a short term rally around this time of year in the election cycle usually.
5. Everyone is saying we're looking at a 2008 style crash. Honestly? I'm not seeing it. Not yet anyways. That might change tomorrow though.
6. We are not in a bear market. Disregard all the porpoises synchronized clicking. We are in a MAJOR CORRECTION which might last another quarter if that.
Seriously guys. We're already 34% from the highs. A bit late to be calling the top aren't we?
That's it i'll be back with something more substantial tomorrow.