EOD: Need to wait for more positive daily divergence on NYAD MACD to verify a bottom on daily close- looks small so far. Prefer it to hit -200 both histo and print or at least the MACD print and then move up on closing prices moving down. Not there yet so still not a reliable signal. As noted below, wave 'iv' was retested at 3919 and moved down from there into the close.
Update: 10:47 am EST: 3874.75 +/- price zone is a 2.6 fib target down from wave 'iii' first pullback into wave 'iv'. Need to see how today (weekly) closes. Next lower target extensions are at 3869 and 3858 but the latter is a fib 4.2 extension and would be unusual but not impossible. If a retest of wave 'iv' is occurring, targets could be between 3906 - 3919 +/- 
Original morning post:
Could possibly label as an expanding wave 4 down pre-open. A pullback to mid-channel on the daily could be expected soon before much higher targets (see bottom daily chart from 3/16), A short-term bullish aspect could keep printing at or above recent highs first. Current action may be the preliminary stages towards a mid-channel pullback as daily breadth is heading down and has been for 5 consecutive trading days while prices went up and/or held near the recent highs (one small tick down 3/18) on daily closings (negative divergence). Note that recent larger fib extension high targets printed on UPRO (3/16) followed by one on SVXY (3/17) and those likely will facilitate a mid-channel pullback at some point.
Watching VXX level 12.32 for potential short-term reaction. Ultimately much lower targets are expected on VXX (10.13 nominal low, typically optimum low=10% below that). Not there yet.
Time to call the leg since March 2020 'the mother of all zig-zags'...
See Critical Long-Term Review Here
The bots will flag here when they see a top. (1/25/20, 2/20/20, 4/9/20)
This Information Is For Entertainment Purposes Only. Financial Loss Can Occur From Investing.
Our favorite go to site- McVerry Report
No comments:
Post a Comment