IMO this bounce is corrective as noted by wave count and should see further downside.
Even the US small caps are showing potential top.
I'd say that's quite bearish for SPX (bullish for the inverse etf). Incredible risk/reward at this point.
The secular bull market starting in '09 is showing a significant mile marker by hitting the 100% fib extension level. RSI weakness on daily/weekly confirm as well as elliott wave counts.
If this scenario plays out, it's going to be a face-ripper. No position...yet.
Can count 5 waves down from recent highs. Looking for a corrective bounce and at least another move down. Breaking below 2791 would be huge over the coming days/week IMO.
Silver and gold will either be heading up very soon, or taking another dive. This is either a complex WXY correction that is ending, or the entire price action from late July has been a continuation triangular pattern.
Very similar RSI divergence on NQ last seen in early 2018. Can also count 5 waves up since end of wave IV in May. All major US indexes showing similar setup.
I'm liking the 5 waves up, 3 waves down on silver futures. So far so good, need to see strong move up from here.
Watching this level closely. 23.6 Fib line on Primary degree converging with fib line on Intermediate Degree in possible ending diagonal.
May be coming to the end of a complex WXY correction. RSI seems to be confirming as well.
Silver hitting some big fib lines (78.6 retracement, 68.1 extention). Dollar showing weakness on RSI = Good for Gold/Silver
Looking to go long wheat via ETF. EW suggests wave 3 of 3 starting. Could be massive. Great risk/reward at this point.
I can see a possible 5 wave count on hourly chart w/ a complex WXYXZ correction. If so, gold may have lift-off soon.
I can see a possible 5 wave count on hourly chart w/ a complex WXYXZ correction. If so, gold may have lift-off soon.
Can't help, but lean to a more bullish view on NASDAQ (and broader market) after last Thursday's bounce. Looks strikingly like a running triangle as a wave 4, which should see a 'thrust' higher.