Unexplicable after-news euphoria is calming down and we should take profits after last push ups. We are a week away from knowing if we will go into a big selloff - or if we're gonna detach from this path. Good luck ! I'm full short.
I know there is no much Technical Analysis on this chart - this is just the result. I have published many charts on stocks, crypto and economic fundamentals that prove this would be the trajectory until April 2023. And this is what I expect. If you want to sit on the sidelines - feel welcome to monitor this chart every once in a while. If you want to trade it...
Meanwhile the price is headed for the first target - I see it coming even lower than that at the end of this bearish trend. Crypto isn't doing good and even positive narratives haven't the power to push it higher - so risk-on assets are slaves of stocks rn.
It looks like so - support is strong here, and DXY could retrace back to the bull flag while SPX retraces last couple weeks movements. Possibly forming a double top, as the cup and handle didn't play out - still pretty sure DXY has found bottom for this year.
I marked the gap that SPX is trying to close - and it matches with the top of the channel it is in - right now it is a good spot to start a retracement, therefore this week looks bearish to me - but a final push towards mid December could happen - as marked on the chart. If that plays out - what's coming next is clearer than a baby's butt. Down, then Up. Then...
I still see this as a fakeout, very likely to close the previous gap. Everybody expects a bullish sentiment around christmas - as it always was. Well, I think this time it's gonna be different. Up.
Down ! Down ! Down ! My indicator triggered THE signal. Time to go down finally
These last waves were really similar to some movement I've already seen in some other time - So I placed it and they fit the nowadays Price Action like the Glass Slipper fits Cinderella's foot. It Looks like SPX has an excuse to close a gap above and touch the top trendline. I was more conservative with my ceiling for this EOY price action but it seems it will...
Lowtimeframe - wyckoff distribution - This is a local top. Sorry for the quick publish - but this confirms my short term prediction on BTC.
Elliot waves counted on Russel 3000. Waves 3 and retracements of waves 2 suggest the counting should be shifted by 1 - and a possible breakout could happen - allowing the price to move towards the ATH - if that happens you know what to do - but due to fundamentals - I'm more keen to think this is properly counted and we are headed toward that tick curve at the...
Retest - done. Breakout the the downside to higher 14's - ahead. Retest of broken curve - ahead. This years bottom at mid 13's - ahead.
It's time to push up - handle formed and showing strong resistance - stocks at ceilings and exhausted.
We have a huge gap to be filled and we are now at the ceiling - both curves coming to an end. It's time to end this euphoria and take profits.
So here is the idea - I DON'T THINK THE FALL WILL HAPPEN 1:1 as in 2008 - there will be more trickery around - that's why we need to monitor those two marked areas - breaking the lower one will very likely hit target #1 - that would be THE crash - Target #2 is marked just because it makes sense within the past lows (extended trendline). My bias is still strongly...
So today's open may result in a first bullish wave but overall we are headed down - stocks had their euphoric push up - but not expecting a break out here - if we do, it will be a big one - but until then - I remain as bearish as I was for past few months.
Nothing changes with VIX - it is creating a bottom on the bottom long-term curve - this is really bearish for stocks and crypto and we have an exact sentimental replica of 2008. Stay safe!
At some point alts will popup like mushrooms after the rain - and it will most likely happen when BTC bottoms at 13,8 area and will head to 20-22k - then alts will go crazy and this chart shows it. Good luck !
This Asian selloff was marvellous - now we touched a local bottom before Europe's open - very likely we can see Europe consolidating/bullish after asian selling - and possibly NY will retrace that selloff. Expecting a retest of that upper local curve before moving to 15k. Cheers ! PS: just a small long, still bearish short term.