As expected, we bounced up and re-tested the Fib 50% zone of the second leg of the last week's drop. I expect the first days of this week to offer more movement south, and with a close below 1400, we might go down and re-test the previous bottom at 1260. The price will tell us whether or nor this is the bottom or if we will follow the 2008 scenario and go lower...
Closing into the fibb 0.618 area. Could bounce and get a new kick down to our strong support at around 1344.
If we break the 0.618 area we could go further to the next strong 0.5 area and 0.816 would act as a new support.
As expected, OMX30 made a lower low followed by an attempt up toward 1500 (Fib 50%) and failed. Still negative around the 1300 level and am expecting a drop to 1250-1200 before we see a strong reversal pattern.
Levels I'm looking at for the coming week. Minor positive divergences on daily RSI and Cycle but still no change on weekly. Expect the coming week to be volatile with a new weekly low. Like last week, expecting SP500 to be the leading index. Still negative and will look to make short entries.
The RISING WEDGE IS A FACT!!
The market smashed into the roof and is now holding on to dear life at the support level.
Was the fast crash connect to Corona? Yes, BUT it was not until we reached the roof that the market went into reverse mood, and that faster than ever!
So where do we go from now?
We should most likely see:
A: Sideways movement due to the...
We broke down the previous count, invalidating the expected 5th wave start. The ABC pattern is still in play though!
When shifting the trends around it looks like we have a bit more on the downside before the bulls can come back. With this count, I would expect a bottom formation between 1575 (fib 61.8) and 1600 (1592 at c=a). Note that the possibility for a flat...
Efter en hysterisk start av vecka 9, klev björnen in och slet huvudet av den skenade tjuren. Negativa divergenser i Rsi:n har gett ledtrådar till detta bakhåll.
Omx föll ungefär 14% från sin toppnotering! Barn grät, föräldrarna skrek, tanten på ICA ramla och Löfven vill föra in korttidsarbete, ett totalt kaos spred sig...
In the last week there have been very large movements on the world indices. It seems the larger waves are coming in more quickly than expected.
Currently looking for a flat ABC and hop to trade the C wave.
After C is complete and does not break 1700 we should be good to go another 15-20% to reach C5.
Looking to complete ABC pullback for larger wave 4 that should stay above ~1700. If the C does not gap down it should be tradable.
After larger wave 4 is completed I'm preparing to be bullish and look to build aggressive long positions.
After C5 is completed, a larger pullback is expected. Planning to move...
This is my thoughts.
We have reached an historic high and a recoil is natural. Now with the corona virus spreading worries OMX has landed at a in my opinion natural level.
What worries me is if we are to break the mid term trend. If that happens we will have a consolidation period that rapidly ends up in a "crash" down to former levels.
This can we take...