Okay already posted the top down view so here's the practical side.
TL;DR We're crashing with JPOWs speech. No the low isn't in place. Load shorts. I'll be using SQQQ again. Christmas rally (TM) will show up right after.
Summary:
Okay so if you look at my last idea we had a pretty good bounce and the arrays worked almost perfectly. I'm always impressed when price follows the arrows nicely (No I don't draw them to scale or anything. It's just coincidence). Even called the daily low on the 28th! That's the good news. The bad news is the squeeze is over. We have one more dump into the holidays here.
Some correlation for nerds:
- Dr. Copper just bit the dust. - DOW transports is NOT confirming the DJI rally. - It's a little sus how much Nasdaq and SPY have diverged from the DOW. The character of this market has definitely shifted. There should be a snap back pretty soon here.
For any masters of the arcane reading: The only index really hitting the bullish reversals is the DOW at the moment. The low for QQQ and SPY is NOT in place.
Looking back, Socrates has so far correctly predicted the market reaction to every Fed meeting and this time it's no different: Down.
Weekly Level:
Oct 31: FOMC meeting Wednesday Nov 2nd. Don't trade Monday. If you insist on a starter open a small short position Tuesday. Also we have a bunch of earnings coming out. Volatility targets confirm this.
Nov 7: Election Apocalypse 2. Expect civil unrest and major drama to start. Lots of fireworks and we'll have a panic down into those weekly reversals. Chop and drop all the way down.
Nov 14: We do have a temporary low with a direction change. We'll see how it plays out.
Nov 21: This is a short week cause of American Thanksgiving so maybe a good time to start taking profits.
Nov 28th: Low should be in place this week in time for the Christmas rally. Now it could be the lowest (close) and we penetrate a bit into December kind of like how we did with the Dow Jones in September/October where they closed above it right after. At this point i'll start swinging TQQQ or calls into March.
That about covers it. May the force be with you.
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Okay to confirm look at HYG: Corporate bonds are crashing. This rally is a markup so funds can make their numbers look pretty for the month.
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There is zero chance of a pivot. We're going straight to 4% tomorrow.
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Okay so temp high worked perfectly during the speech. Average 52.76 on SQQQ. Already up 7%.
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We're backtesting right now and probably will into Thursday. I closed my short and I'll re-enter for the CPI, which corresponds with a high on the timing array as well as a volatility target.
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Whew. That Binance news threw the market into a spin. Got in SQQQ on the 60 minute candle 55.06 avg.
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Took profit again. This divergence on HYG is too good rn. I'll let them rally another day then let the puking commence lol.
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So CPI beat today pretty good and we're gapping up now. I'm reluctant to trade heavy because its still inside last weeks range now. However the array still says we're going to reverse down by tomorrow. We'll see how we open and close today.
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Interestingly the Weekly Global Market Watch Comment flipped last night: "Possible Temp Low In Place Turning Back UP". That does suggest we're in a bottoming process within the next couple of weeks. Also the strongest target for a bottom looks like November 15th strangely with a sharp reversal on the 16th.
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I'll update the array over the weekend but let me be clear: This is a trap. Friday 31st was a bit interesting when we touched the weekly bearish reversal and closed above it for the second time. Should have suspected a stronger rally. Make no mistake: We're about to get crushed hard. The good news is that we according to the Weekly GMW comments:
"Low in Place Turning Up."
We may have the lowest weekly close in place now.
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Corporate bonds are not confirming this rally.
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I'll publish something in a few hours today but this looks like really bad news. Was hoping for a rally into December but it looks like we might have a crash then. Very concerning.
i agree with your update, big money is lowly pulling there money out
cas34310
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@sethsalazar70 right. go look at the smart money/dumb money indicator. bad things happen when they cross over.
sethsalazar70
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@cas34310, i'm gonna post a update today but im seeing alot of bearish divergence..
cas34310
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@sethsalazar70, Yeah. There's a lot to look at. I decided to let them open today then I'll post an update tonight.
UnknownUnicorn7131705
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Do you see it going higher from here? Thanks
cas34310
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@tintin300 the DOW has its low already (for the year anyways). QQQ not so much. We aren't even at any of the weekly bullish reversals yet and have tested the bearish ones several times now. Yes we're going lower. I thought Nov 7th would be a low but this rally means a high and sharp decline could follow.
cas34310
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@tintin300 You can look at my long term idea right before this one to show what I mean.