Looks like we have , what is (by now) to be a familiar bottoming pattern .
If your feeling like BIG tech is had its run an you want to rotate over this stock has always been a giver, when others were takers
A daily close above 4330 would negate this short idea until a more substantial sign of weakness is demonstrated . There will be several support areas to unwind if market heads lower each zone will be an area to pause and pay particular attention.
Admittedly a bit early to publish this before the market closes: (because market could inch up all day and into Monday), BUT looks like a potential bearish Gartley harmonic on the NAS ... APPL still looks as though it has fuel in the tank to 165. So do your own do dill...this is just an idea
As I have mentioned before things "look" bullish and they are at leased until February option expiry. I still sense the market will eventually retest of 4,000 at which point the market can sink to new lows or complete a nesting wave 2 and move higher
I am seeing a post FOMC drop to the lower diagonal trendline (@ 3950-sish), followed by a lazy recovery targeting a new high of the 4,175-4,200 ish areas (finally completing ending diagonal Wave C) Expecting this new top to coincide with the FEB 18th options expiry.
THEN after expiry I'm looking for a larger pullback retesting of the 3.650-ish areas
Looks like Yen has reached a Pivot (bottom) and so to does the EURUSD pair. (or are oh so close if your long on EUR or YEN some profit taking may be advised).
So we are expecting a WAVE-2 correction within a longer term bullish impulse. I would expect moving forward NOW on GOOD news, "is good news" and BAD news "is bad news".
Gold nearing a top, Its been a nice ride so far, and it could still push higher, but My personal trading plan calls for Profit Taking in the 1880-ish area. Will look for short set-ups at lower time frames after Golds overly exuberant parabolic spike tops out.
I have to admit GAS could continue to dump OR ?. There seems to be a curious possible setup here exactly at the .618 FIB (4.5) .... NOT for the faint hearted.
This is based solely on wave pattern and experience there is absolutely NO fundamental analysis involved, so do your own due dill
I generally trade stock and not the indices. BUT I produce a SPX personal trading plan such as this most weekends . Thought I would share it, but SO much of the potential success of a chart such as this depends on my personal character, rules and accumulated strategies (to many to explain here) I'm not sure how useful it is to anyone else.
Because I am lazy I...
So far the DXY105 level has been breached as well as the SPX 4,000.
BOTH market are at critical price structures and levels. IN the comming days I will be monitoring very carefully and considering how to allocate capital.
(i.e. Will not be publishing charts)
In both MARKETS ( DXY & SPX ) I expect a retest of these levels. BUT how this retest happens (or it is...