DHLawrence

DHLawrence

Good morning! Friday surprised me with a strong push past all the local resistance vectors... This morning, I see a rising wedge (pink) which correlates to a over bought Relative Strength Index on he 30 day... this should break south. The next prominent pattern may be the purple accumulation / upward channel. This is still nested with in the green downward...

DHLawrence

This pink pennant pattern is the current argument we are playing out. This is likely to break out bearishly, as we did not see any reversal patterns when we entered the pink pennant. 320 was a strong support level a month ago... but I would like to see a reversal at lower support or Fibonacci level, or the intersection of both! ..., With a more notable reversal...

DHLawrence

We look to be testing the (red) Support of a long time frame growth channel (on the Log scale). If this fails to support, our next chance is the green line. There is a pink gap that is begging to get filled below that, and the previous low of 308 (blue) could offer some support after that. I’d want to see some strong signs of reversal before buying back in......

DHLawrence

Filled one big gap, and the July 30 gap remains as a target in my mind. 93???

DHLawrence

We broke out of the summer growth channel, and saw some big support overnight at the 50% fib level, measured since the last correction ($3255). I would Exocet a bounce here, but I feel that this level is too close to the channel we just left to really hold water. The 61.8 fib level seems more interesting as a target.

DHLawrence

We have lost the turquoise Chanel, and are now testing previous bottoms (indicated by the blue lines). I believe this yellow channel is the prominent momentum right now, and we could see some significant downside movement (320 or even 300) if the blue lines don't hold. It is also interesting to see that the volatility index VIX is near an all time low... that...

DHLawrence

Broke the pink rising wedge. Testing the turquoise support. If it doesn’t hold, looking to the 320 area, then the 300 area, based on previous prominent support levels, and the various downward channels on the chart.

DHLawrence

As expected, the pink rising wedge has given way and we are testing the support of the turquoise channel (slight wedge shape). Watch the level 332.50 this morning. if it doesn’t hold, I’ll be looking for the next serious support at 320, then 300 (based on previous prominent support levels)

DHLawrence

The Volatility (VIX) is gently coming to the bottom of its swooping arc, just as the momentum on this bounce of the SPX is slowly burning out at the top of an arc. So, the question on my mind, as we approach the top of the pink and intersect the top of turquoise rising wedge (both reversal patterns) is: As the pink wedge fails to support the bulls and begins to...

DHLawrence

Looks like we are inside this pink rising wedge, which is also inside the turquoise nearly horizontal, but also rising wedge. The bounces seem to be loosing vigor as well... so will the pink wedge be able to break through the turquoise before it converges and the bulls give up? I think it is more likely that we will bounce off the dotted turquoise resistance...

DHLawrence

Fib retracement levels from the bottom of the covid crash to the top doesn't match 3295. Fib retracement from the last correction to the top doesn't match. I don't see any prominent support channel vectors at 3295. The big red line doesn't seem to land on any interesting historical levels. RSI is maxed out, and the MACD just crossed bearish while already under......

DHLawrence

Not a whole lot has changed in the world since the covid crash... still looking at an inflated market bubble desperate for a correction. Will the masses of Euphoric investors turn to a fearful herd of panic sellers on the ride down? This bars pattern is from the covid crash, overlaid on the current correction. I see an uncanny resemblance between the patterns...

DHLawrence

BSV looks to be lining up for some long term support at 180!

DHLawrence

You look to where your about to go. SP500 appears to have broken out of the mustard yellow channel. With a right hand turn. (Head and shoulder just completed with a bearish sentiment). I notice the (grey) support vectors of its last few bearish wave segments are all looking to the same area. Does that mean we are headed to that spot? What happens when we get...

DHLawrence

The way this chart bounces around off of its support and resistance vectors, has me thinking that we may have just completed the pattern same pattern that led to the last jump (behind the short pink bars). .... ... or maybe we get some more support at 125 before the jump!

DHLawrence

Working on a right should now, inverse Head & Shoulder pattern up next? I do see a broadening megaphone type pattern forming amongst these HS patterns... with an overall bearish vector.

DHLawrence

Saw some Elliot wave patterns today... whatcha think? 1-5, ABC...

DHLawrence

The slope of the RSI bottoms (red lines drawn on the 5D/5minute scale) looks an awful lot like last months run of the #VIX! SPY falling??? projection is a repeat of last month, slightly scaled.