The late correction might become the end of an wave 2, possibly setting out for a bullish wave 3.
Just completed the A-E pattern, within a possible bull flag.
MACD is also turning back around.
I will also explore the other sentiment soon.
If you see something different in the charts feel free to broaden my view.
From this perspective the QQQ has been in a rising wedge.
One could also argue it looks like a big H&S pattern is forming.
Once could even argue that a 1-2-3-4-5 wave has completed since december (wave 3 and 5 being very short compared to 1).
Shall we finally get a pull back on the big indices?
A continued downtrend taking out the 200sma might confirm this suspicion.
After a sharp rise of about 12% the RSI has become highly overbought.
Fundamentals for this company don't look to good with massive losses. Based on this I would say this stock is far from a fair value.
It looks like snapchat started to tumble over. For now I'm eyeing at 7 usd as a target.
Depending on what the general stockmarket is doing we can expect it to...
I was thinking for a long time that this upwardswave (sinds december) could have been a wave 4, until this became invalidated.
Therefore I believe we could be in an wave 4/begin of wave 5 of a bigger wave 5.
I don't think this will go much higher than the ATH, as the oscillators are pointing more towards oversold conditions.
This has been forming a long and slow top, often making new unexpected highs.
The probability that this tumbles over becomes increasingly higher, but markets can always go on longer than we expect them to, so be carefull.
MACD about to cross, RSI relatively high (and losing steam), 200SMA as resistance (interesting level to keep watching)
red = 200 sma
I have been waiting for a while now on the completion of a cup and handle pattern on Silver.
Combined with the MACD signal and the ascending divergence of the RSI an upwards move is probable.
Especially with the DXY getting weaker.
But also keep in mind the RSI is already relatively high and a lot of resistance levels can be found in an upwards move.
Alessio Rastani pointed this possible correlation out. I've just overlayed the two charts.
It seems like the SPX and TLT (20 year bonds) are inversly correlating the last few weeks. The TLT seems to be on strong support.
If this correlation is correct, and will hold for the future than this trend line on the TLT might be an important one.
After 11 days of consecutive green candles we finaly see our first red candle.
With this we directly break down our ascending wegde, indicating more downwards movement might follow.
The next two days will be critical to confirm this idea.
I've been keeping an eye on the dollar strength index in correlation to the american indices. It seems that the DXY is losing some strength by breaking down these support lines.
In my opinion this could have an effect on the american indices like the S&P.
(here on the chart the current future contract of the S&P is compared to the dollar strength index)
Sorry for the red text (I keep some text next to my charts which I like to update)
Overal Gold is looking very bullish long term, but I believe a correction to the 1250 levels for the short term is likely.
Already at top, bottom will be arounnd 1250 (daily)
Well over the top (weekly), bottom ~1180
Golden cross 50-200 day (14-15 jan)