RTY - "everyone" (including me) was faked out by the false breakout. Now it's back into the long term wedge (also appears to really have been a large ending diagonal or Wyckoff Distribution pattern). With the breakdown of Crypto over the weekend, RTY is heading to back test some prior levels. This will be healthy in the long run, but painful for those heavily...
AMZN - big step back in looking at this, - the 2020/21 price action has been an ending diagonal. AMZN will be next heading back to the 2611 to 2492 area where there is some significant AVWAP support when the diagonal is complete. It could go lower after that, but that area is a good target. Timing is the question, of course.
The monthly candles are telling a very clear story here. The Santa Rally has been going on for over a year. It is time to at least consolidate. In the next month, ES should see 4443 and then likely close December at or above 4557 to hold monthly bullflag support. If it doesn't close December at that level, then a reversal back down to "reality" may be starting.
Market dropped because of COVID? Well, not really.... just was accelerated... ES was at significant levels. Now, we have the likelihood of 5 waves down to fix some lower levels before resuming the intense bull market into January and February.
there are a number of possibilities, but for now, my target is based on the current W that is pulling back. Target should be about 109.80 (707 pullback on the W. From there, it can try to make a run up to 141 to test the B pivot of the larger M. If the low of the current M fails, then 91 is in play.
looks like we have a path to 4000 this week, pullback to 3966, then on to about 4030. Watch out there as that looks like a smaller timeframe w5 target, that could send it down to 3915 to 3883 for a W4 pullback on a larger scale. However, from there, there is a path to 4120
Here's 2 possibilities I see on ES... and right now it is really just a battle ground of bulls/bears. If the upside LIS is broken, then the blue path is where we should be heading. If the lower LIS broken, the the red path is in play. For now, I think we are playing ping-pong
So, in looking at the monthly SPX chart, it appears that it is running an expanding triangle with an upside target at 4136. Once that target hits, there is a reasonable chance of a hard sell off and a large ABC down to the 1830 area (yes, 1830.... I certainly hope that doesn't happen, but it is one of many possibilities
looks like the 149 high was a large W5 high, and now a correction is underway. Looks like it should bounce back up to about 140 to 145, and then head down to about 115 (assuming it goes back down at 140.90.) From there, I believe a new wave 1 up will start.
Sooooo, I translate this to be that the market will likely bounce this week to resistance areas (3870...