markrivest

The Big Downside Rollover

SPCFD:SPX   S&P 500 Index
The Fibonacci Forecast technique illustrated comes from Robert Prechter's book "Beautiful Pictures" in which he noted the DJI 1932 to 2000 bull run was equally bisected by the 1966 major top. Also shown was the 1974 to 2000 DJI move bisected equally by the 1987 top.

If the same phenomenon is happening with the SPX 2020 to 2021 move, 02/16/21 could be a very important peak.

Daily Stochastics, RSI , and MACD have rolled over and could continue lower.

If there's more downside action in the first week of March, it could confirm a very important peak.

Mark

Comments

Dow Industrial Average Monthly, Chart shows an "Ascending Triangle".
February saw the index attempt to breakout above Monthly Triangle Resistance Line
It failed...
March Dow Monthly Parameters:
31400 Ascending Triangle Resistance, 29250 Ascending Triangle Support.
The Dow will confirm major trend continuance or failure in March.
Watch these numbers carefully.
Thank you for an excellent, and gifted analysis.
+2 Reply
DaddySawbucks The_Unwind
@The_Unwind, Tapped 32K and rejected wow... I expect there's one Big Bounce left in this dawg before it don't hunt no moar!
+1 Reply
The_Unwind DaddySawbucks
@DaddySawbucks,

The 32 K Rejection is key, as you point out.
Usually, but not always, a rejection like that,
is followed by an equally important test in the opposite direction,
in this case Support.
........29250
+2 Reply
markrivest The_Unwind
@The_Unwind,
Thanks for the compliment. I will watch your numbers.
Reply
Great chart mate! I think however we will have another and final ATH before a big fall!
+1 Reply
markrivest GreenCandleTrading-GCT
@GreenCandleTrading-GCT,
Season patterns for US stock market are bullish until late April, so its within the range of possibilities.
What could also happen - a drop of about 10% then a rally to just below February 2021 highs.
+1 Reply
@markrivest, 100% agree! 10% drop, ATH and then big drop makes perfect sense!
Reply
Bounce Baby Bounce! Gimme a double double top dawg!!
+1 Reply
Oh wow, nice catch
+1 Reply
markrivest ProfitHarvest
@ProfitHarvest,

Thanks for the compliment.
Reply
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