Petrichor_

Petrichor_ Updated 

Cleaner chart compared to previous post. Previous post copied: Bearish Case: I believe we are finishing wave 2 of a three wave down, measured reversal of the long bull run we’ve been in for the past 14 years. Wave three will be equal to wave 1, which was 1291 points. Final target 2764. What this chart is displaying: * Failure to get into 14 year trend line...

Petrichor_

Bearish Case: I believe we are finishing wave 2 of a three wave down, measured reversal of the long bull run we’ve been in for the past 14 years. Wave three will be equal to wave 1, which was 1291 points. Final target 2764. What this chart is displaying: * Failure to get into 14 year trend line for the last 6 months, * Fallen out of a rising wedge on...

Petrichor_ Updated 

I don't know how to update my previous posts with additional charts. Maybe I have pay for the pro membership which I don't care for so this is an update to my previous posts. Still the same count, just different fibs. Looks like the green 3 tagged the 1.272. We've seen many 1.272 tags for wave 3s in the last 14 months. I think it's another way algos have figured...

Petrichor_ Updated 

We bounced off the .38% perfectly for the completion of a mini 4 which coincided with a retest of one of the channel trend lines. Looks like next stop is 4004-4034 for a small wave 3. It'll look like a rejection off of those numbers when we reverse down for another wave 4 which could retest the same channel trend line we bounced from today. After that we'll start...

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The market continues to defy gravity. Looks like we'll hit 4600 range and then have a 14% correction back to the bottom of the channel some time in May/June. From the looks of it, we may break out of this channel to the upside. Many of us were expecting a breakout to the downside and bears were trapped hard last Friday (I was one of them, though I should have...

Petrichor_ Updated 

I'm medium term bearish (next week, first week of July) but for today/tomorrow looks like a bull flag is ready to pop to close the window at 3188. I think it will close today headed towards 3080 (bottom of the flag/channel) unless this thing pops within the hour. If it closes down there, it'll climb after hours, open at the top of the channel or with a gap up,...

Petrichor_ Updated 

Ok, I just finished building this, now let me see if I can remember it well enough to explain it, lol. ;) It starts with the harmonic bearish bat. Harmonics are about Fibonacci confluence and there are 4 fib rules to a bat. 1. B is 38% or 50% of XA. 50% is more reliable. 2. C is 38% of AB. 3. CD is the magical 88% of XA and/or 1.61 or 2.61 of AB. So far, we...

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Sorry for the crude drawing. I was playing around with the VIX to give myself a different perspective, trying to see where the market might be headed. Saw this cup and handle and wanted to share. If we are in fact forming a handle, we could be on the verge of a quick, large spike in the VIX which would likely mean the same drop in the indices. Just a heads up. I...

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The Bat gives us much shallower targets than the Gartley I posted earlier but may be more precise. Maybe they will both play out and we'll reach March lows (and then some) after all. But if we're trading the Bat (hoping for the Gartley), the three targets are 38%, 50%, and 100% of AD, starting around June 22nd through to July 15th. The difference between the...

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Hey traders, I'd love your feedback. I don't want to force a harmonic that isn't there. This looks correct to me with the exception of the shallowness of C. It should have been a deeper retracement of 38%. For those who trade harmonics, what are your thoughts? If the pattern is correct, then there will be some aggressive moves coming up soon for the next 6...

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Hi guys - I've been wrong so far about the longer term trend with my shorts. Right now, I'm trading this curved channel that we're in. Just bought a one month option on SPY for a day trade, hopefully close tomorrow around the target zone of 2820. We are bouncing between 2800 to 2960. Looks like we are headed back down to touch the line, before bouncing back up....

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Just a theory but the last three days have been a pump before a huge drop tomorrow. Pump on 8 healthy people out of 45 having more antibodies. Trump through Saudi Arabia pump. Pump from Pastor Powell during his 60 minute interview on Sunday. "They" knew market would drop during/after G7 meeting tomorrow and Powell testifying in front of the Senate. The fed...

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Yay! MACD has turned over on all charts but the daily, though it is in the process of turning over there later tonight. We've been in an ascending channel since March 23rd and we broke through it today finally. Money is flowing out of equities and into bonds which may be the gust of wind needed for this fundamentals domino set-up. 2880 was and is an important...

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On this 4 hour chart, we can see that if we break 2901, we can see that we'll be headed back down to the bottom of the channel. This line is at 2775. Also, the MACD is turning over. Stop loss: 2910 Take profits around 2790.

Petrichor_ Updated 

Small win for the bears, however disclaimer: this is from an intraday 15 minute chart so take with a grain of salt. We had a double top reversal and it broke through the floor right at close, went down, came back up and tested and was rejected. 2930 - this important 61.8% retracement level - is now resistance. Next line to break is at 2894, which is the bottom...

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On the hourly, we can see we failed to make a higher high. We also broke through 2930, retested on the smaller time frame charts, and it has now turned resistance. The MACD is finally turning over (on the hourly, not yet on the daily). Our next goal is to break through 2905 which is the bottom of our rising channel trend line. Important support areas bears need...

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This is an updated chart to my previous published idea about a possible head & shoulders. So far, it is still in play despite the recent scary price action. I actually think it's possible that the start of the H&S is much lower, meaning a lower neckline and a lower target, but I want to be conservative given how much recent price action has continued to defy bear...

Petrichor_

Looks like the 3rd shoulder is almost complete. On the 4 hour time frame, looks like the neckline starts in the beginning of April. If this H&S is correct, target is around 2000. Would love comments and feedback. What are your thoughts?