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If my cycle work continues on it's course and keeps with right translation then we need one more low before a rally to say 6650+-.
If this is the case and we hit the session high last night then we are looking at 2510+-7.25 for a normal low zone.
Godzilla signal (2525+-10) came in yesterday at 95% probability, fighting that for more than a few days was like running up a slip and slide on a 30 degree hill. There are 2 signals left with ultra high probability both are about 500 points lower +-. It is a bear market for those of you who keep fighting this on a bigger time frame. Personally I do not care which way it goes until I am in a trade.
I will adjust as we move.
Good trades all.
128 Views · 9 Replies ( Last reply by zoropb )
There are bullish patterns on XLF, DIA, SPY, IYT
Bearish patterns on VXX, TZA
A bullish AB CD on QQQ
Market can still flush down more but the oods for a huge upward spike seem quite good at this zone.
Also the TRIN hit the same extreme oversold reading as on February 2 2018 on an intraday reading.
If the market prints an inside day tomorrow and Wednesday until 2pm also, then gives scenario more credibility.
Of the course the patterns can also fail and we could break below 2529, in that case the selling could be crash type of action.
I guess it all depends on the Fed, they need to not raise rates and then say they will do only one next year or none.
123 Views · 2 Replies ( Last reply by tradesurfer )
Weekly chart below to give a longer perspective of where we are now in the context of 2018.
SPX bounced off the 2530 intraday low made earlier this year and finished about half a % higher with a few more follow-up S&P Futures points in Globex session
There are two likely paths from here: bounce to SPX 2660 or drop to SPX 2490 and if this does not hold, to SPX 2420
With the extreme negative sentiment and widespread bearishness, desperate calls to the FED, even talk of no hike on Wednesday, I am looking for a bounce to at least 2590 and then....will that be sold or bulls will pile in?
I would prefer a retest of the SPX 2018 intraday low at 2530 and then see how the market behaves there, with a possible spike down to 2490. But that will be too good to me and allow me to load up on more Calls so it will not happen in 2018.
Again, I will not be surprised to see SPX 2720 when the market closes at the end of 2018.