I had recently publish the idea to short and now I am re-iterating this with an update to the count. While I had expected another small wave up in my previous analysis, I did not expect a throwover. If you had traded with the previous published idea (linked here), you should do well if you had managed your risk well. This, for you, will just be an update to the count.
Mr Burry said it himself.
The beginning of Wave C on S&P. Sold based off rejection on LTF. Nice volume into Weekly close, however. Not convinced due structure.
Target based on local Fib extension and Wave 4 pullback level from ath which 0.5 fib is in confluence to this.
Seems that Gold is first to lead this market in both directions.
Alright, the wave (x) is about to finish almost as portrayed here www.tradingview.com
Wave c is taking shape of ending diagonal and there is a chance that it has already been completed.
Looking for Higher Price
As price has trade back into the discount of the leg and took SSL from the left, price may continue higher from here.
Confluence: Divergence with DXY
Algorithm use FOMC as catalyst to move price back into the discount in order to accumulate more Long orders at cheaper price while taking out SSL stacked from the left.
The overall daily trend is bearish.
Price has taken the liquidity which confirms the LL and price can take Engineering Liquidity in the coming days to tab on the extreme point of interest and can bounce back towards a Lower Low.
I see a significant pattern setting up for more downside on this index.
- engulfing candle patterns at major daily 200 EMAs
- PA below the 200 EMA on the daily
- a flag (bearish) pattern has been completed
- layering on the fundamentals of gold/silver and even bitcoin being purchased over more "risky" stocks - especially this banking fiasco.
2.3 : 1
1% risk...
Quite recently the Fed is adding $300B on it's balance sheet to save the economy from banking crisis. The move is effectively reversing the QT to temporary QE. As a result the amount of money supply circulating on the market is increase as shown on this Index Value Rainbow Indicator. Based on these fact we can expect the S&P500 index price range will be shifted up...
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The S&P500 (SPX) hit today the 4H MA50 (blue trend-line) again and the Higher Lows since the March 13 bottom. That was a bottom on the 5-month Channel Up and the best buy opportunity on a 1 month time-frame.
With the 4H RSI sequence similar to the Higher Lows of the previous bullish leg in late December/ early January, we see SPX attempting to price the new Low....
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Hi traders,
I'm sure everyone who watches markets has made some kind of chart like this over the past six months, but I thought I'd share for those of us more comfortable with reading price action rather than economic reports or the news (obviously one needs both to be a truly excellent trader or analyst).
I marked off with the pink vertical lines every low...
