Didnt do a weekend update, was no point, nothing new since the last updates.
NQ hit it's resistance cluster I mentioned before, SPX did as well and even exceeded a bit, but now way below it. Resistance cluster is at 4160-77SPX, where 68 is the maj resistance on closing level
Im going to watch 3992 and 3938-40SPX level for the support to hold and a push into EOM after.
Some changes on my chart, we did in fact hit one of the channels I had for a while and retraced of it.
Now some Elliot Wave slapping from non expert (I find short term EWT counts useless!): - What if the 4 is over and we will star a first move down and 2nd wave up will be beck into the same trendchannel resistance. The fibs align with my main target zone for the wave 3 down as well as the 5th wave landing. That would make it 5 waves down into Sep/Oct low! How big of a slap those EW "analysts" will get after their 5500 call for over then 8 months gets destroyed. I know some will just add another count and be so "right", always "right"
I still favor another push into 4300-30 zone, but now see a much more bearish potential.
We are not even close to a bottom, the bull market wont be back till 2023 or even 2024, only bear market rallies!
Thanks Tima...yeah, I've been planning to goto cash in all my accounts at the 4250-4300 level...for safety.
RealTima
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@enlclemence23, If we get there, I will be only short at those levels
enlclemence23
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@RealTima, TMF is thinking the same...he's been layering into shorts lately and plans to be max short at 4220.
RealTima
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@enlclemence23, Lets see how we do after the mid month low, if we stop at the same downtrend resistance line, it will be a perfect short with a stop above. If it squeezes we buy on a retest of the channel