The market is clearly exhausted. Another bounce higher to 2250 before the fall?
The VIX or Volatility Index looks like it has found some support in the short term. In reality, the VIX acts very much like a 30(ish) delta S&P 500 put. It is not exactly the fear index all the talking heads make it out to be. 98% of the time it is higher when the S&P is lower and vice versa on the S&P rally. The VIX seems to have bottomed at 13, trend line...
This chart shows a confluence point with my "Santa" chart at the 2074 handle. It's the ABCD Gartley harmonic target for the 666,79 low to the top of a possible Elliott wave ABC leg up to reach 1370,58. D comes in at the 2074 handle. RSI is at oversold levels.... but could stay there on a monthly chart for another couple of month. Last time around in 2007 RSI hit...
The S&P 500 is still ripping & is still going up. Puttin up shorts is against the trend & can lead to margin calls. But could the S&P500 bullish trend ending soon? It looks like an ascending wedge, a short would be great if the trend changes. All the indicators are still green & it did not broke out of the ascending wedge. But we know.. what goes up will go...
Count on the chart...speaks for it selfs. I'm long at the moment but 2025 seems to be where wave 5 will have resistance... If we then see a shallow retrace this wave 5 could be wave 1 of 5 ....and a parabolic move could be at our hands Time will tell .... as all ways! Safe trading @BLawrenceM Music at work: www.youtube.com open.spotify.com
the graph speaks for itself? Short between 2008 and 2019?
With this wave count I'm at the moment bearish looking for a move down. Have made a wave 4 into wave 1 violation and at a 88,6 retracement. It does look bearish if this is the right wave count Safe trading Ladies & Gents @BLawrenceM
BUYING THE DIP after an almost 100 handle deep 5 wave down !! EW ma's 13 and 34 making a bull cross - might indicate a BTFD at red c. But also indicating that we might only see a corrective 3 wave move up. If corrective 3 wave ABC up pans out it should be a 88.6 retrace. (Making the right shoulder of an IHS at orange B) SP did make a 5 wave down so a corrective...
Looks like Fed is setting the market up for a pop on there announcement later today at 2 o'clock. Market would then have made a perfect ABCD correction (yellow lines) at the 1.272 fib and looks like a 3 drive to a bottom at the same time (green lines). We would at the same time have seen a gap close Fisher looks also ready for a bounce making a possible divergens...
Smells like a diagonal being formed together with a gab close ending up with a Bearish Gartley being formed. I recommend hands of until clear signals given Safe trading ladies and gents BM