EOD: The odds for a cash top in SP-500 just went up. A tentative turn signal has also printed so far. Need to wait for all the numbers to come in as the markets report them. Modest turn signals have printed at the candle ends off the market highs after a few days and that may not be a reliable placement so patience is required. It is possible they are defining a structure rather than a completion/reversing acceleration [this positioning is not typical for a turn signal to be reliable]. Volatility may be printing a contracting triangle as it certainly did NOT confirm today's move up in the market so that could be the structure that's printing. Triangles can break up or down so have to be patient. Breadth is very weak.
12:58pm EST: Corrective 3 waves down to ES 4697.75 zone so far.
12:30pm EST: Rejection near fib 100% could be significant given the target date re-calculation shown below.
11:20am EST: Re-calculation shows the date was off by 1 day for the SP-500 potential top so 11/19 [+1 trading session] should calculate to 11/22. The arrival date was not included into the computation. Volatility and it's derivatives have not moved down yet. If this is an interim top inside the larger leg, the calculation will require another adjustment for a later target date. Ultimately looking for a turn signal in any case.
The bots will flag here when they see a top. (1/25/20, 2/20/20)
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