I made some tweaks to my long-term wave analysis of the Nasdaq. I thought that there maybe a small correction then one more rally high up before a major correction. However, after some more noodling through it this morning, there is a more than zero chance that the upcoming corrective wave C may be it. The rally off the recent low (Wave B) in March hit 1.236 of...
I did this for fun. All notes are on the chart. It requires that you believe in Elliott wave theory and that markets will eventually reset to the mean.
If you look at crashes like the great depression, dot com bubble, housing market, then it is a lot more plausible than you think. People during those times never thought the party was going to end, until it...
Similar chart pattern on Thursday for the third time in a month: small gap at the open, then small indecision candlestick, possible an evening start formation?
QQQ up the last three session, time for a breather.
Also the Dow found resistance yet again at the 200 days line, plus the SP500 is at the top of the trading range since June 11.
Long SDS at close of...
Simple comp between QQQ and IWM. Spread between the two reaching its highest level today with tech rallying and small caps underperforming. One theme that has been developing over the past month or so is whenever the Nasdaq makes a new record high, other indices fail to see the same follow through while virus headlines continue to worsen.
The QQQ has gained over 50% in the last four months, we expect a strong correction soon.
On June 10 - 2020. it had its first new high at $248 with an RSI topping at 75.
On June 25 - 2020 . We had a new high topping at $251 with a lower RSI 69.40.
July 01 - 2020 . We had a new high of $250 with an RSI of 63.
The divergence can be seen when it has touched...
Covid Cases are on the rise. If this continues into the fall it could be worse than March.
but with unemployment ending in July and fed is itching to crank up the printers.
Also I'm expecting a lot of volatility until the next president is decided. not to mention international tensions.
I'm hoping for reasonable buy in opportunity before November. Or maybe...