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Nasdaq 6198 - Intersection of Fib and Lower UT Line

Upside Target

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#1 SemiBizz

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Posted 12 May 2017 - 08:50 AM

So looking at Nasdaq now... 6198 is the Fib Target I have been talking about...

 

Shown below is the ORIGINAL ELECTIONS UPTREND CHANNEL...

 

We fell under it on 3/21... there was a sideways pattern that resulted in another ramp job... and that ramp ended on 5/2 and we are sideways/up since then...

 

6200 approximates where that LOWER UPTREND LINE is at the present time...

 

So if we get that "explosive" rally that Mark is looking for... this is where I think we could go from here...

 

large.5915bc52243d6_nasmay17lowerutlinek


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#2 SemiBizz

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Posted 12 May 2017 - 09:06 AM

So one more thing, for me GS is at the heart of the market...

 

Same sort of uptrend chart here for GS...

 

It appears to be BROKEN - and for me regardless of how other things can rally to new highs...

 

This is the barometer that tells me longer term this market is also BROKEN.

 

And if I'm right, GS is going to turn down SOON, and take the market southbound with it.

 

 

 

 

large.5915c00fca1a0_gs051217Electionsupt


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#3 SemiBizz

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Posted 12 May 2017 - 09:25 AM

But as long as GS remains sideways, all this high flyer stuff can run, finish the move...

 

Hottest index right now is the SOXX - trading at 1040's

 

All time high still 300 points away at 1362...

 

So... there are things to do here, things that might make some of us airsick.


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#4 SemiBizz

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Posted 12 May 2017 - 09:27 AM

Just remember though, GS is the FIRST ONE out the door...

 

If you see this thing headed south, this market is going to follow it...


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#5 alexnewbee

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Posted 12 May 2017 - 09:29 AM

Not this time, IMHO. 

We are entering a bit bearish part of the cycle. 


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#6 SemiBizz

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Posted 15 May 2017 - 09:04 AM

 

 

 

Nasdaq is well underway now to the target...

 

Don't be confused however with these issues that are finishing off the rally...

 

The market direction is here:

 

Sideways/DOWN


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#7 SemiBizz

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Posted 15 May 2017 - 12:32 PM

SOXX only 300 pts off it's all time high now... plenty of room to run...

 

SOXX and NBI are both up 15 points here...

 

6198 here we come...

 

CSCO and AMAT report this week.

 

How fitting, to see those old dotcom turds mark the end of the bull market...

 

We shall see.

 

GS is going NOWHERE FAST

 

Still 30 Pts off the HIGH.


Edited by SemiBizz, 15 May 2017 - 12:36 PM.

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#8 SemiBizz

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Posted 16 May 2017 - 10:11 AM

6161.96 high after testing the hourly low on lighter volume from yesterday's platform of hourly lows...

 

Bullish Spring Bounce...

 

not far to go now to 6198.


Price and Volume Forensics Specialist

Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"

Volume is the only vote that matters... the ultimate sentiment poll.

http://twitter.com/VolumeDynamics  http://parler.com/Volumedynamics