You can see in this chart that all the trend lines and channels line up for it. 3050 is also the 0.382 fib level, and the best I can tell that market really likes to stick to these levels.
Ends up right in the trading channel from 2003 and on top of the 2009 channel.
Comment
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Failed to close above trading channel today after testing it most of the day. Holding right around the fib level at 3385.
Very little data lining up sub 3180 but seems to be more likely in a Biden win scenario. Consensus low closer to 3240 right now. I’m losing hope in crash scenario below 3180 based on my data but Biden on track to win and Trump getting the Supreme Court to call it in his favor early as he has indicated def could cause a lot of downside.
Data refracting hard through Election Day, most uncertain people have been since March low. Will be much clearer in 1D.
Great working bringing the sober bear case, let’s see!
Dr_Roboto
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@ProfitHarvest, I don't think it matters who wins. The market is just too far above that main trading channel from 2009. You can also see in the chart that it really liked that 2003 channel over the last 2 years. It is going to find its way back into one of those two channels somehow. Corrections really like to hit those key fib levels like 0.236 and 0.382. A retrace of only 0.236 would be extremely rare, most seem to hit at least 0.382 and often as low as 0.618. Fib 0.382, 0.5, and 0.618 are right in that channel. At best, I think we see a triple top before it returns to the channel in early 2021. I really think this week we will see a small rally to 3385 range and test the edge of the down channel (maybe even test outside of it), and then move on down to 3050.
Good luck.
ProfitHarvest
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@Dr_Roboto, nice, love it. It’s trying to test 3385 already haha.
Dr_Roboto
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@ProfitHarvest, it is either headed for a big break out or it is time to short.
Data refracting hard through Election Day, most uncertain people have been since March low. Will be much clearer in 1D.
Great working bringing the sober bear case, let’s see!