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Panic? 10% Plunge on the SPX Expected Monday....


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#21 K Wave

K Wave


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Posted 20 July 2022 - 09:42 AM


I don't know why you guys are expecting a larger drop to flush everyone out of the market..    This usually happens when majority are bullish..   We are not there yet..     We need more people turning bullish before the rug can be torn out beneath them...

9.1% Inflation is stronger force than how many are Bullish or Bearish.

These are not normal times and normal rules may not work.

Has there been a bull market since WWII with 9%+ inflation?

I am not speaking of rallies, I am speaking of bull market trend where markets advance 10-20% per year.

Shall we see 4500 in 2022 from current level of around SPX 4000 ? 

Paging TA experts? Fearless Forecasters? Blustar? Anyone?


Assuming we get past the wave of Mega Cap earnings relatively unscathed over the next week, and since my initial downside targets using TA were hit nearly perfectly, I am thinking there is a chance we may survive the July wave, but October may be an entirely different story.


So going with that assumption, which TSLA could possibly throw a big wrench into this evening, am looking for perhaps 4320 area sometime in early September. 4500 would be a pretty big overthrow, but perhaps not impossible.


Rusty is the one to watch over next week or so, as it is by far the weakest technically. And if it Fails to overcome the 900 day resistance, which again a nuclear bomb from TSLA could easily cause, then my views about making it higher into September could change quickly.


But as wiped out as sentiment got, willing for now to gives bull benefit of doubt on surviving the July Mega Cap wave.


As I have said for nearly a year now, all about the Mega Caps....


See how it goes tonight, and through the 28th...

Edited by K Wave, 20 July 2022 - 09:43 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



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