Open: ES 4053/4060/4063 are calculated fib extension low zones. Next lower are ES 4048 and 4027 zones.
Lots of gaps to be handled which is typical during the initial decline part of a pivot if that is what this is [anything more will become apparent quickly]. New ath after pivot hits it's low. Could be a lower low than 'typical' in this environment [SP-500@3965 zone or lower]. Will scare most but the bounce to a new ath next will bring exuberant relief. However, that may be it for this leg from 3/23/2020.
A lot of positive weekly breadth numbers needs to unwind for a pivot to succeed so this could take a while unless a sudden directional change ensues then a new analysis will be required.
Commentary: Lots of 'crypto', 'dollar', 'gold', 'inflation' and of course 'fed speak' [not to mention Musk speak]- take your pick but do any of these tell you what the underlying market data actually is saying? Well maybe there are coincident price moves that look like the tea leaves have predicted. The prevailing sentiment here is 'worry' and that creates a wall to be climbed as 'we' all know. However, it is not as big a worry wall as it once was during previous years. Tops come on happiness and contentment when all time highs come back during which the prevailing weekly breadth numbers are painting a negative signal. Not there yet...
Crypto collapse? .. is anyone shocked? Computer driven versions of tulip bulb or beenie baby manias can only end one way. Tears for some, cash accumulation for others. Flip a coin!- pun intended. Genuinely sorry for those who got caught inside these 'get rich quick' juggernauts. Probably not the end of this story but some will be forever afraid after suffering losses.
See Critical Long-Term UPDATED 4/12/2021 Review Here
The bots will flag here when they see a top. (1/25/20, 2/20/20, 4/9/20)
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