My weekend update is a day early, I will update those who are on my list with a bit more details on shorter time frame view tomorrow.
We are in a bear market and those 5500 callers got destroyed all the way down calling every bottom from Jan.
This is my long term view and I think we have bottomed here today or super close to it!
I got targets for the potential bottom left, all SPX:
- 3643 (came super close to it today)
- 3688.50
- 3555
We clearly had 5 down or A completed on this move! Now the time for the B (still think this will be an ABC correction going into Mar of 2023)
My main target now is 4300, down from 4425. Extension target now is 4425-45 down from 4600
110MA (descending every day) becomes the main magnet for the move up to hit at least
I got 2 main targets to hit for the C, one in Oct/Nov of this year and next one is Mar of 2023.
Ideally we see the first target hit and then some sort of damage control move into the EOY close and finish up in to 2600 handle (2800 at min) in Q1 of 2023.
I was saying for a while now, that the whole move from 2020 will be erased this year, its getting supper close to it now!
That yellow dotted line is line in sand for the bears and bulls, break it above and test it from the top will make me change my view to the whole view and look higher.
Before it happens its the main line Im paying attention to now.
Have a nice day
P.S. next week should rally up and ideally we make a higher low end of the month before the window dressing rally
We are in a bear market and those 5500 callers got destroyed all the way down calling every bottom from Jan.
This is my long term view and I think we have bottomed here today or super close to it!
I got targets for the potential bottom left, all SPX:
- 3643 (came super close to it today)
- 3688.50
- 3555
We clearly had 5 down or A completed on this move! Now the time for the B (still think this will be an ABC correction going into Mar of 2023)
My main target now is 4300, down from 4425. Extension target now is 4425-45 down from 4600
110MA (descending every day) becomes the main magnet for the move up to hit at least
I got 2 main targets to hit for the C, one in Oct/Nov of this year and next one is Mar of 2023.
Ideally we see the first target hit and then some sort of damage control move into the EOY close and finish up in to 2600 handle (2800 at min) in Q1 of 2023.
I was saying for a while now, that the whole move from 2020 will be erased this year, its getting supper close to it now!
That yellow dotted line is line in sand for the bears and bulls, break it above and test it from the top will make me change my view to the whole view and look higher.
Before it happens its the main line Im paying attention to now.
Have a nice day
P.S. next week should rally up and ideally we make a higher low end of the month before the window dressing rally