I don’t think we’ll see any major bull trap until the next big rally up for my larger B wave, which should last a month and take us into September sometime, possibly October? It depends on how long it takes for the market to find a bottom for this larger A wave, which I think will be finished by the end of next week.
If so, then we’ll rally into mid-September most likely and we could see a double top or even a slightly higher high to fool everyone into thinking the correction is over with. But the technicals tell me we have another larger drop coming for a C wave, which could go into the low-mid 4000 range… hard to say right the target. But I don’t think we finish the complete correction until late September at the earliest, probably October. After that we should rally into 2027 for the big 1929 style top.
I too think we bounce for a few days but I see another lower low before the real bottom is in. I still think it’s possible that we hit the prior FP’s on the Yahoo site at 483 on the SPY.
I think the next few weeks will be choppy in a 200 point range up and down. August is when I think we see an important high before a pullback of 8-10% into September.
My birthday is August 10th, so I’m right behind you it seems. I’ll be 60 but feel like I’m 40. Happy birthday to you my old friend.
I’d say we’ve be at a high into the 6th, not a low. The 12th is the next FOMC meeting, so I suspect that we’ll pullback into it. The CPI also is out on the 12th, so we might chop with a downward bias into that date and then we should see a stronger move after it. Up or down, I don’t know? But it we pullback deep enough then it will be a buy of course.
I think we’ll be rangebound for several weeks as the daily and weekly charts just don’t support a new leg up to 6000+ starting yet. I still think that at some point next month we’ll hit that downside FP and then we’ll start a real rally.
Lots of “turns” happen around holidays, so we could be just starting that turn down a little early. It’s not an exact science but if we rally up today for a lower high the market could collapse next week. It’s also common for a “turn” around the end of any month, or beginning of the next one. So a bottom could come next Friday.
I don’t think we’ll see any major bull trap until the next big rally up for my larger B wave, which should last a month and take us into September sometime, possibly October? It depends on how long it takes for the market to find a bottom for this larger A wave, which I think will be finished by the end of next week.
If so, then we’ll rally into mid-September most likely and we could see a double top or even a slightly higher high to fool everyone into thinking the correction is over with. But the technicals tell me we have another larger drop coming for a C wave, which could go into the low-mid 4000 range… hard to say right the target. But I don’t think we finish the complete correction until late September at the earliest, probably October. After that we should rally into 2027 for the big 1929 style top.
I too think we bounce for a few days but I see another lower low before the real bottom is in. I still think it’s possible that we hit the prior FP’s on the Yahoo site at 483 on the SPY.
I think we are going higher by the end of the week. Probably the 5600 area.
I don’t think we’ll see a 1929 style crash until 2027. I think Charles Nenner is right on the big picture. https://usawatchdog.com/super-bull-market-in-gold-about-to-start-charles-nenner/
My thoughts… http://reddragonleo.com/wp-content/uploads/2024-07-25-16_27_13-SPX-Charts.png
I think the next few weeks will be choppy in a 200 point range up and down. August is when I think we see an important high before a pullback of 8-10% into September.
My birthday is August 10th, so I’m right behind you it seems. I’ll be 60 but feel like I’m 40. Happy birthday to you my old friend.
I do see a pullback coming but it could be just another “higher low”, as I see 2 FET’s now around the same zone. http://reddragonleo.com/wp-content/uploads/2024-06-12-14_31_52-_ES_XCME-Charts.png
I’d say we’ve be at a high into the 6th, not a low. The 12th is the next FOMC meeting, so I suspect that we’ll pullback into it. The CPI also is out on the 12th, so we might chop with a downward bias into that date and then we should see a stronger move after it. Up or down, I don’t know? But it we pullback deep enough then it will be a buy of course.
I think we’ll be rangebound for several weeks as the daily and weekly charts just don’t support a new leg up to 6000+ starting yet. I still think that at some point next month we’ll hit that downside FP and then we’ll start a real rally.
Lots of “turns” happen around holidays, so we could be just starting that turn down a little early. It’s not an exact science but if we rally up today for a lower high the market could collapse next week. It’s also common for a “turn” around the end of any month, or beginning of the next one. So a bottom could come next Friday.