Friday, March 6, 2020

3/6/20 Second Likely Bounce/Bottom Printing

Chart print 04:30pm EST. Maybe enough - two bottoms and one up wave to create a rough target estimate. Looks doable. Went back to conventional A-B-C 'corrective' labelling for now. The weekly $nyad MACD signal is about as bad as you are ever going to see it and sends a very strong message that lower market prices are just getting started (next, after a possible retrace up to "C").


Chart print 12:55pm EST. Two bounce/bottoms are more likely to be associated with a bear structure ("A" and "C") especially one as large as this- rather than a long-term bottom. That would fit with current analytics.
Update: 11:20am EST.  Global Trading Signal is still printing 'Extreme Agitation' so that might encourage a bounce/bottom to print somewhere today. 

The analytics are looking at signals from all sources to paint as clear a picture as possible. As a more definitive structure appears that meshes with all these signals in the correct sequence- the more likely a reliable projection will come into focus in a timely manner.


UPDATE: 10:00AM EST. ES cash 2872.50 zone also shows potential for a deep target.
                 10:35am EST. hitting resistance 2965 / 2958 areas. Thought: possibly looking for total of 3 bottom prints with the current one 2 of 3 before we move up with any substance. It is a deep red market. This has happened before in 2018.

ALTERNATE: A LARGE BEAR FLAG IS UNDERWAY!  This is what has been promoted here anyway- the size and pattern have been in question. "A" down may have printed at the low 2853.25. What is occurring is now more likely in a larger degree construction. Not much in the analytics seems to promote a large move back up at this point other than to a final 'top' in a potential bear flag. Patience will be required as the degree is defeating many 'normal' charting methods.

Looks like Global Trading Signal is printing 'Extreme Agitation' which will likely result in a second 'bounce/bottom' - if it completes, that might do it for a successful resolution to this consolidation. Also- VXX is hitting and inflating it's range terminal value - usually a sign that it is very close to completion.

Could be headed for a deep retest (ES 2904-ish) or continuation down-

All bets are off if ES 2853.25 gets taken out!

See Critical Long-Term Review Here
First strategy is to not get on the wrong side of the market. Long term: WKLY $nyad MACD Signal (-)273 (RED) + short term: Currently printing potential 2nd bottom.

The bots will flag here when they see a top. (1/25/202/20/20)
..and possible bounces/bottoms: (2/28/20) 
Our favorite go to site- McVerry Report

This information is for entertainment purposes only. Financial loss can occur from investing
Chart print 04:50am EST.

No comments:

Post a Comment