Since I'm not streaming today I thought I'd put together an idea. Breaking the .618 yesterday on the bear side of things confirms that this bull market is still not yet over. I'm expecting a last push to complete the 5th before we see our next bear move.
Looking like another bloody Monday yet again. Last one was a little disappointing especially since we saw a tremendous rebound on Tuesday - Thursday.
I don't see any more rumors to keep the market irrational so this could be an easy 7% dip. If we break the .618, even better for bears.
Make no mistake, I still maintain a bearish bias in this economic climate. Last Friday (3/13/20) we saw a crazy pump up across the market so I do not doubt we will experience the same action tomorrow (3/20/20). Buying a short before closing bell will be a nice setup for BLOODY MONDAY! (3/23/20)
At this point I can only use TA to predict where potential pivots may be. We have yet to see 1st Quarterly earnings to see how much of an impact COVID-19 has. I'm predicting a small rebound before earnings then back to our scheduled dump.
Since we know the market is going to get absolutely dunked according to tonight's Futures, I'm looking for targets on the Fibonacci scale. If we blow through the first .618, I'll start retracing from further support levels.
So last time I tried to time this very poorly when I wasn't working with any meaningful pivots. This is the volatility I'm looking for to call a reversal from bull market to bear market. I was a little ahead of my time when I was talking about the Coronavirus (Covid-19) dumping the markets. This time I'm using Fibonacci to try to measure where the bull trap is...