No change from yesterdays post. I'm still looking for some kind of decline into Monday, which should be an ABC pattern, and once it's done it will complete wave 2, inside C up. Then from that low into next Friday we should see a face ripper for wave's 3, 4, and 5 to complete that C wave and end the larger B wave from the lows a week ago.
This again is baring any unforeseen news event coming out that could cause a much bigger drop that would take out the lows and run for 5300 or lower. I give that low odds though as this rally from that low does not look like a wave 4 with that big drop being a wave 5 down. This rally looks just like a B wave should look, so the C wave down should certainly last longer in time then just a couple of days as the A wave down from the all time high took a month to play out.
In my opinion, the C wave down will start after April 4th (or 7th) and go deeper then just 5300, like 5000 or even 4900. It depends on how high we rally with the B wave, and right now the only thing I have for a target is the FP on the SPY of 586.86, which is roughly 5890 on the SPX and 5944 on the ES. Naturally the fake prints are always just targets that will be hit at some point in time. They commonly pierce through by some amount too, but he important thing to focus on is not the target but the time, as the high should happen on the 4th or 7th. If the FP is hit and pierced on that date then it's likely the end of the rally up and time for the C wave down to start. I won't be around tomorrow, so no post.
Have a great weekend.
The harsh astrology ratchets up tomorrow with the moon conjunct all those planets in Pisces and culminating with the solar eclipse on Saturday. We might get a possible dawning of the Age of Aquarius after that new moon.
We’re not really set up for a big decline quite yet so Monday might not be the day although I think we’re going to get some negative follow through. It should be a trend down month for March. April next week doesn’t feel right either. I need to check this week’s bar. A certain indicator which is back to heading south should lead the way in cluing.
We should bottom Monday, (like you said, a little follow though), but I see a big squeeze into the end of next week. I think the 586.86 FP that Rose found will be hit. After that I think we go down hard into the 23rd/24th for a lower low (5300 or below?).
Big down day on Monday. Big bounce on Tuesday. It should be a hard drop to the lower Bollinger Band. After Tuesday, we’ll see what happens. A double bottom would mean something is off. I don’t like early April for denouement but the bad astrology continues into the 2nd week. We did get a disguised weekly reversal but it wasn’t completely engulfing (the last two weeks). They have computers or Skynet running the stock market. They know just how to keep you guessing with incomplete patterns and closes.
They kept a bear flip from completing until the last possible bar an now we have one. Now that I think about it, the markets are still in a TD bear count on the weekly.