After making what looks like a low it made a big jump overnight.
This test is even more bearish. First time was a green candle with just a shadow touching. Second one red candle with small shadow. This time full red candle. RSI looking oversold at 15min. A small bounce before a bigger drop?
Note the test breaks through for a short time and then bounces back up.
Now, I know this may seem a bit out there, but I think 9500 is completely plausible. I have no idea what percentage likelihood it is. Let's just say 10-20%. I have no idea what the catalyst will be, maybe there will not be one. Bubbles don't need a big reason to pop, just a "needle prick." If a panic in tech starts, then it is going to be hard to stop it given how...
The NASDAQ failed again to break back into and hold it's trading channel from March low.
S&P 500 has been trapped by several trend lines and inside a down channel since its blow off top. It still can't seem to create enough bullish momentum to break above the trend line, but not enough bearish pressure to break it down. It is sitting right on the support line of the up channel from March. As the edge of the channel approaches will that be enough to...
Looks like the VXX may have found a new bottom. Note the nice asymptotic curve in the RSI and the flatting of the VXX values with small shadows on the candle that are testing support.
NASDAQ established a down channel but broke out last night into what looks like a descending triangle (DT). If it is a DT, then that is a bearish sign and it could be a setup for a Wave C of a Zig zag down to the Feb support line. Otherwise, it could be consolidating and ready to break up to the resistance line for a double top.
Possible down channel with a short term low in the 3050-3150 range.
Lot's of trend lines and fib levels, so sorry for the mess. There are 4 trend lines and the current downward trend channel all intersect at 2640. I did not try to make that happen. I just started drawing them based on my waves and they just started to line up. I have no idea why or what it means. Maybe nothing, maybe something.
Simple trend line TA with some waves for guidance. There is a clear down channel but I also see a possible bearish rising wedge pattern.
Another idea to not take to seriously. It was a weekend project. However, looking at such a large timeframe really puts things in to context. Note that price is on the log scale and the Fib Levels on the left are also log, but the smaller time frames are linear.
Still looking very bearish to me. Will know at 9:30 because we are right up to the trend line.
So, don't take this too seriously (hence the sky joke). I have been noodling over my wave analysis for the S&P 500. Something just did not feel right about how things are playing out and what I had laid out. I know that waves are more art than science and everyone seems to have there own counts. It just seems irrational to think about how bad things really are out...
Showing the same signs as my NASDAQ analysis. Possible zig zag correction to 3050 range.
Looks like a possible zig zag correction unfolding. I was expecting some form of flat correction, but there where two failed rallies this week. In addition, several trend lines are all pointing towards 10,000. The fib levels for a zig zag correction also give a nice 1.0 Wave A retracement from the top of Wave B to the same exact 10,000 level. What comes after...
Some waves and trendlines over the last several weeks. The NASDAQ looks weak and that next week may bring more correction. I thought that there would be enough FOMO to boost this back up to the ATH, but that ATH is just way up there with no support. It could be in consolidation for a breakout, but every day that goes by the FOMO fades. Next week should be...