$SPX - Chart Link- price is coiled into
converging trendlines (energy is building) so expecting a larger
move to transpire. Would prefer to see a move down first to
complete the Ending Diagonal but have to be mindful of the
ascending triangle should price want to thrust higher (high tight
flags can resolve either way and the simple abc was negated
today)
In either case, this confirms my view that we are in a seasonal
bottoming process, trade low set up type for a bit. Then we get the
mother of short covering rallies. Those who are just getting
negative now are late to the party and this is a time to be
accumulating long now and on any weakness, not selling.
This is a business, they need to drive it up for a while to get
their bonuses, then it can resume downside if warranted. Either
way, they sleep well and always win. All that aside, will respect
price and take what is given.
Reminds me of when everyone was bullish and thought markets
couldn't drop. Now nobody believes the market can rally ever again.
Climb the wall. Fear/Greed at 12 now:
https://www.cnn.com/markets/fear-and-greed
p.s.-I have no idea on what day or hour the move will begin. It
is simply clear the risk/reward says to be buying because the tutes
are buying while telling you they aren't.
I'm looking for a move up to the 4100-4200 area either direct or
after one more move down into the ending diagonal pattern BUT then
I'm looking for another move down to follow as I would view the
rebound as wave 4 with wave 5 to follow for a slight undercut to
3500-3700 area. Then a much longer rebound period.
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SPX 10
Posted by steve on 24th of May 2022 at 06:04 pm
$SPX - Chart Link- price is coiled into converging trendlines (energy is building) so expecting a larger move to transpire. Would prefer to see a move down first to complete the Ending Diagonal but have to be mindful of the ascending triangle should price want to thrust higher (high tight flags can resolve either way and the simple abc was negated today)
Great charts, Steve and Kobie. In
Posted by fundamentalvalues on 24th of May 2022 at 07:03 pm
Great charts, Steve and Kobie.
In either case, this confirms my view that we are in a seasonal bottoming process, trade low set up type for a bit. Then we get the mother of short covering rallies. Those who are just getting negative now are late to the party and this is a time to be accumulating long now and on any weakness, not selling.
This is a business, they need to drive it up for a while to get their bonuses, then it can resume downside if warranted. Either way, they sleep well and always win. All that aside, will respect price and take what is given.
Reminds me of when everyone was bullish and thought markets couldn't drop. Now nobody believes the market can rally ever again. Climb the wall. Fear/Greed at 12 now: https://www.cnn.com/markets/fear-and-greed
p.s.-I have no idea on what day or hour the move will begin. It is simply clear the risk/reward says to be buying because the tutes are buying while telling you they aren't.
I'm looking for a move
Posted by steve on 24th of May 2022 at 07:25 pm
I'm looking for a move up to the 4100-4200 area either direct or after one more move down into the ending diagonal pattern BUT then I'm looking for another move down to follow as I would view the rebound as wave 4 with wave 5 to follow for a slight undercut to 3500-3700 area. Then a much longer rebound period.