The two dotted green lines are from intermediate term trend lines. The top green trendline is the upper resistance trendline for the bear market since early last year. The bottom dotted green trendline is the bull market support line since the March low this year. There is an idea that when lines cross like this and form a triangle, the market will try to move to that point on the triangle (after all they are both trendlines). So basically I am looking for a choppy next week, with the market retracing back up 50-62% (106.88-107.69...around the green dot I marked. After that we should start [iii] down.
VIX pierced the upper BB sharply, we definitely need to pull back into the envelope. This corresponds to a market rally.
Hey look! BPSPX:CPC moving down sharply...
CPCI:CPCE still has not crossed over to indicate a downtrend. I don't expect it to happen until after [iii] starts.
The two dotted green lines are from intermediate term trend lines. The top green trendline is the upper resistance trendline for the bear market since early last year. The bottom dotted green trendline is the bull market support line since the March low this year. There is an idea that when lines cross like this and form a triangle, the market will try to move to that point on the triangle (after all they are both trendlines). So basically I am looking for a choppy next week, with the market retracing back up 50-62% (106.88-107.69...around the green dot I marked. After that we should start [iii] down.
VIX pierced the upper BB sharply, we definitely need to pull back into the envelope. This corresponds to a market rally.
Hey look! BPSPX:CPC moving down sharply...
CPCI:CPCE still has not crossed over to indicate a downtrend. I don't expect it to happen until after [iii] starts.
3 comments:
Keep up the good work.
I'm long with profits from last week...Its not going to be a fun week, very choppy as we are in a corrective wave. Monday might gap down at the open...but should finish positive.
I actually expect the full 62% retrace maybe even more as bulls run it up and shorts get squeezed.
Well...as of now...futures are up...
Post a Comment