ABC Fib Extension 1:1 at 4255; 1.27 fib extension could give a wick down to 4170 area. Friday's 1k drop in DJI feels like a finishing move. Left shoulder was 4222, see if we get it Monday.
IF this is an impulsive 3rd wave down, then it's bottomless. Monday likely to enjoy a bounce, ofc can sell more but a bounce is coming.
P/C ratio .72 now; two puts open for every call, typically a pivot point. Buying puts here is unlikely to produce desired results imo.
RSI at these levels produced bounces before and is likely to do so again imo. Trade with care, risk is stupid high.
Longed TQQQ EOD. GLTA!
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P/C ratio higher than current value occurred on 1/21 at 0.82 (bottomed) and 12/3 at 0.74 (bottomed). SOMETIME REAL SOON IMO, BOTTOM FISHERS REJOICE!!!
I see sideways rangebound trading more likely than an inverted H&S. No reason for a new high with rates heading up, and earnings sucking. Growth stocks are dead.
DaddySawbucks
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@hungry_hippo, Yeah and FB will tank it again Thursday after ER EOD Weds.
UnknownUnicorn7131705
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Hello ;) Which is your opinion regarding S&P and NASDAQ? Do you see a rebound from the current levels ? Thanks
chriscr78202
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Yes the inverted HS is on the table, but there is an even bigger normal HS on the table as well. Though the indicators are hitting their limits, small bounces and time can reset the indicators, such that the sell off can continue. We have 2-4 weeks of selling left. Additionally measure the Fib extension from jan highs to end of feb lows to end of march highs and it points to under 4000. Just pointing out the same analysis but on a bigger picture.
DaddySawbucks
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@chriscr78202, yes i just looking at that atm. imo it's a crash configuration, serious bad juju. new idea to follow