The journey from February to targeted new highs continues. Last week's outlined triangle provided upper and lower boundaries for the continued march upward with a bounce off lower support line. So what's next up (target)?
The wave 5 move as profiled since early 2018 has proven resilient and continues showing the way up. A pause at S&P 2950 area would be reasonable, but trend is still up with a higher target area of 3039-3083 as next focal point. Along the way a lower level wave 4 (within wave 5) will provide a refreshing pause before a further upward push to the target area. A pause at 2950 to shape wave 4 would serve that purpose. Fibonacci targets are shown in the chart. Note the elevated RSI level (bottom) as we approach the end of wave 3 within wave 5.
Any news event early in the week will provide an opportunity for entry at lower price levels. Alternatively, a healthy pullback after the current push will provide similar opportunity for entry.
I received a couple of questions about my positioning last week, so I'll provide them. I'm at full allocation within my personal asset/risk profile for long term investments. Any entry for near term swing trade opportunity is focused on pullbacks followed by target levels noted above.
This is not a recommendation to anyone and your unique circumstance(s) should guide your consideration(s). It is simply an open disclosure to provide transparency about my current position based on my personal circumstances at this time.
The wave 5 move as profiled since early 2018 has proven resilient and continues showing the way up. A pause at S&P 2950 area would be reasonable, but trend is still up with a higher target area of 3039-3083 as next focal point. Along the way a lower level wave 4 (within wave 5) will provide a refreshing pause before a further upward push to the target area. A pause at 2950 to shape wave 4 would serve that purpose. Fibonacci targets are shown in the chart. Note the elevated RSI level (bottom) as we approach the end of wave 3 within wave 5.
Any news event early in the week will provide an opportunity for entry at lower price levels. Alternatively, a healthy pullback after the current push will provide similar opportunity for entry.
I received a couple of questions about my positioning last week, so I'll provide them. I'm at full allocation within my personal asset/risk profile for long term investments. Any entry for near term swing trade opportunity is focused on pullbacks followed by target levels noted above.
This is not a recommendation to anyone and your unique circumstance(s) should guide your consideration(s). It is simply an open disclosure to provide transparency about my current position based on my personal circumstances at this time.