The market closed at an ATH and above every resistance line that I had.
- 1.236 fib from Sept top - Check!
- 1.236 fib from Feb top - Check!
- Above rising wedge - Check!
- Outside the down channel off the Sept top - Check!
- Above the major resistance line from the Feb top and the Sept top - Check!
As a bear, I am not 100% ready to through in the towl, but it looks like the S&P is ready to go full bubble. Especially if you combine this with my recent wave analysis of the NASDAQ with a target of 14,000. We still need the S&P to follow through next week with a retest of the down channel as support, so there is still hope for the bears.
Have a good weekend. See you Monday morning for another round. Da bears!
Close up
At this scale it does not look too bad for the bears.
A little cleaner version
- 1.236 fib from Sept top - Check!
- 1.236 fib from Feb top - Check!
- Above rising wedge - Check!
- Outside the down channel off the Sept top - Check!
- Above the major resistance line from the Feb top and the Sept top - Check!
As a bear, I am not 100% ready to through in the towl, but it looks like the S&P is ready to go full bubble. Especially if you combine this with my recent wave analysis of the NASDAQ with a target of 14,000. We still need the S&P to follow through next week with a retest of the down channel as support, so there is still hope for the bears.
Have a good weekend. See you Monday morning for another round. Da bears!
Close up
At this scale it does not look too bad for the bears.
A little cleaner version
Comment:
Look at this channel I found. Is there still hope for us bears?
