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3091 es 75% retrace a reaction is possible


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#1 da_cheif

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Posted 02 June 2020 - 05:03 AM

https://www.siliconi...90&srchtxt=3091



#2 da_cheif

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Posted 02 June 2020 - 05:05 AM

https://www.siliconi...&msgid=32704090



#3 K Wave

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Posted 02 June 2020 - 07:16 AM

Watching NQ 9600 now....finally broke above that level overnight. Could lead to final ramp to new ATH on this big leg up before some sort of pause for more than a day or two.

 

If it fails to go to new ATH over the coming hours, and instead it reclaims 9600 downside, then the corrective wave will likely get under way off a slightly lower high.

 

At this point, around 8800-9000 looks like like most likely target for a correction over coming weeks.

 

Best guess at this point is NQ has couple of months sideways/down after getting real close or slightly exceeding old ATH, and then after that corrective wave, it goes and takes out the ATH for real..


Edited by K Wave, 02 June 2020 - 07:16 AM.

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#4 da_cheif

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Posted 02 June 2020 - 07:57 AM

Watching NQ 9600 now....finally broke above that level overnight. Could lead to final ramp to new ATH on this big leg up before some sort of pause for more than a day or two.

 

If it fails to go to new ATH over the coming hours, and instead it reclaims 9600 downside, then the corrective wave will likely get under way off a slightly lower high.

 

At this point, around 8800-9000 looks like like most likely target for a correction over coming weeks.

 

Best guess at this point is NQ has couple of months sideways/down after getting real close or slightly exceeding old ATH, and then after that corrective wave, it goes and takes out the ATH for real..

im not looking for weeks of reaction just max to WWW      maybe less ....sentiment sez be prepared for upside surprises.....overniters leading to gap openings is a hallmark of monster bull..ndx has a long way to go



#5 K Wave

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Posted 02 June 2020 - 07:57 AM

9600 just backtested....so shortly we find out if the bulls have enough gas to make a run for the highs....or if they instead need to make a pit stop......


The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy

 

 


#6 K Wave

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Posted 02 June 2020 - 08:05 AM

 

Watching NQ 9600 now....finally broke above that level overnight. Could lead to final ramp to new ATH on this big leg up before some sort of pause for more than a day or two.

 

If it fails to go to new ATH over the coming hours, and instead it reclaims 9600 downside, then the corrective wave will likely get under way off a slightly lower high.

 

At this point, around 8800-9000 looks like like most likely target for a correction over coming weeks.

 

Best guess at this point is NQ has couple of months sideways/down after getting real close or slightly exceeding old ATH, and then after that corrective wave, it goes and takes out the ATH for real..

im not looking for weeks of reaction just max to WWW      maybe less ....sentiment sez be prepared for upside surprises.....overniters leading to gap openings is a hallmark of monster bull..ndx has a long way to go

 

After this 9600 area is resolved on NQ, my plan is to be in correction camp if it comes back under, and if bulls take out in only a week or two, then that would be the time to look for acceleration upside.

 

But as long as it stays under 9600 (if it does indeed reclaim it here soon), cant rule out a more extended corrective wave after that massive ramp job.

 

Could be wrong, but 9K area currently looks like a potential big backtest attractor on multiple big swing time frames.

 

And in bull market fashion, perhaps it could get there very quickly...maybe even by the 10th.


Edited by K Wave, 02 June 2020 - 08:05 AM.

The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy

 

 


#7 fib_1618

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Posted 02 June 2020 - 08:17 AM

 

Yep...taken from our April 14th chat session:

 

"Apr 14, 5:22 PM

fib1618: and as far as the SPX breadth MCSUM is concerned, it sliced through the -750 level, so let's look for our next natural resistance point of -500 to be the short term target there, with any further improvement above that being more than enough for the price sequence to reach price resistance at the 3100 level"

 

Steady as she goes.

 

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#8 K Wave

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Posted 02 June 2020 - 08:33 AM

SPX could certainly work 1% higher while NQ leads the turn back down for a bit....

 

In fact, that is what I would be looking for at a potentially big swing pivot...

 

Also, the divergence between SOX and QQQ is getting quite dramatic now since the end of April swing peak.

 

Signs are there that we may be close to a turn for a bit here....

 

Back under SOX 1830 might be the first warning shot.....that combined with throwover at 9600 on NQ might just get it started.


The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy

 

 


#9 K Wave

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Posted 02 June 2020 - 08:37 AM

well well well...not very pretty out of the gate for NQ after the overnight ramp job...

 

let's see if 9600 now becomes resistance or not....


The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy

 

 


#10 da_cheif

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Posted 02 June 2020 - 08:52 AM

gap openings usually makes for a dull day till the last  10 minits of trading