Well, it took a couple of hours: conclusion - more room to go up.
We are potentially at the beginning of 3rd of C, which shall be fierce and cruel to bears.
Sorry, I must be crazy. I will be buying SP500 futures today.
I have been revising the short-term count on SPX500 daily. Finally, it clicked in with all those wxy. I now see that the price is likely to rally during US session and never look back. Man, it was a rough week.
SPX500 looks very choppy, messy but does provide clues to what can happen today.
not satisfied with smaller subdivisions I see the potential of a triangle here for the next couple of days.
I updated the count. Looks way better and consistent with RTSI and broad market outlook. Defensive stocks that do not defend.
Another swing trade opportunity. RTSI is likely to complete its move down with abrupt swing-up. It coincides with my outlook in oil and US markets.
SPX500 is forming a 3-3-3 pattern that resembles a falling wedge though I think it is wave b or x. It means we can see new lows today before reversal.
With oil price forming a bottom CHK appears to be a real opportunity. I have updated the count to make the last wave look right.
Always useful to consider straightforward scenarios such as this one. Wave C should not go deeper than A; therefore, I have to label this way, expecting another up and downswing.
Oil is ready to rally. In the next post, I will bring the bigger picture. Time to load penny stocks that may fire up such as CHK, DO, RIG.
Though (X) wave does not provide many clues to call a bottom, the broader market does. Also, look at this gorgeous falling wedge on RSI! I bet it means something.
This one becomes my base case for silver for now. After such a spectacular drop we may witness no less dramatic rebound.
It seems like gold is positioning itself for a rally together with SPX500
Chesapeake Energy seems to have just completed the bear cycle.