Decided to post this although it is late to call the tops here (although i managed to post a chart earlier closer to the top). S&P broke many of the possible support lines and in my opinion the previous trend is not there anymore (it ended at crossing of 1945...just like WWII start)
While the main noticeable trend (blue dotted lines) that is a "connect the lows and see support" is already broken, i've found another range that is interesting (experimenting but who knows) - the "connect the tops and see how many tops and bottoms touch the range" - the orange range built on previous tops has several tops and bottoms touching it. SP has yet to reach its support. Bouncing off it would still mean a higher low, but still a long shot from being back on the track with the previous trend.
The next level is the previous low, and testing it would mean that stocks did not care about making a high, much about touching the water and see how deep it is. Breaching it below 1900 would spell trouble. There's no need to check fibs from previous tops as all major levels were passed through. so all were left with is 23 points below today's close (1.19%) for the markets to consider this a correction. We're already 5% down, but i feel we will see lower grounds this year. Be prepared!
While the main noticeable trend (blue dotted lines) that is a "connect the lows and see support" is already broken, i've found another range that is interesting (experimenting but who knows) - the "connect the tops and see how many tops and bottoms touch the range" - the orange range built on previous tops has several tops and bottoms touching it. SP has yet to reach its support. Bouncing off it would still mean a higher low, but still a long shot from being back on the track with the previous trend.
The next level is the previous low, and testing it would mean that stocks did not care about making a high, much about touching the water and see how deep it is. Breaching it below 1900 would spell trouble. There's no need to check fibs from previous tops as all major levels were passed through. so all were left with is 23 points below today's close (1.19%) for the markets to consider this a correction. We're already 5% down, but i feel we will see lower grounds this year. Be prepared!
