4 replies to this topic

[gannman]

and we could easily run to 3150 imo. its just my take fwiw 

[pdx5]

why you think that??

[gannman]

its in a wave  iii imo this is the strongest wave. once it breaks the 200 dma 

 

and stays there it is going to bring in a lot of buying

[K Wave]

We are launching the attack out of the wedge on the hourly 900 (should it come over the next day or 2) quite close to it.

 

Those type of attacks are the most likely to succeed on a first attempt.

 

Theoretically, we are close enough to gap above it if we have another Midnight Rambler move up tonight....

 

A gap above that does not come back below immediately could be a powerful bullish statement...

 

Not saying it will happen, just pointing out that it is not out of the realm of possibility at this point.

 

Proabaly the most likely scenario, what with the big round number and all, it that price stalls right around 3K.

 

But if it goes above 3030 and sticks, bears could have a Heap O' Trouble on their hands....

 

[K Wave]

And here is an updated look at the 15 min SPX.

 

IF...that 200 MA starts to pull away from the 900 over next few days, bears may have big problems on their hands...

 

This allows for a little bit more upside, but not A LOT more.

 

If it starts to kink upwards, then the possibility a REALLY LOT MORE upside on the next swing up would come into play.

 

Otoh, If price comes back under the 200 now, and the spread narrows, then this leg up is very likely complete....
 

Edited by K Wave, 20 May 2020 - 06:16 PM.