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It will all be down to crookshour.
My hope and best guess is that they sell it, however as the today’s gap still failed to fill, no idea if that will remain a magnet up
Plan your trade, trade your plan!
I was expecting to see your wave 4 a bit sharper down David and possibly even closing at lows one day, before a gap and go up for a possible wave 5.
The better hope is that we get a close at lows and then gap and go down the next day.
Alot will be down to the FED tomorrow, jobless Thursday and where they want it for max pain for quad expiry next week.
Plan your trade, trade your plan!
I was expecting to see your wave 4 a bit sharper down David and possibly even closing at lows one day, before a gap and go up for a possible wave 5.
Oh I think you can take that wave ((iv)) marker as a ‘4th wave in progress’. Yes it can go lower if it wants to. However it’s just a minor ((iv)) in a strong wave iii upwards so anything can happen, even sideways or upwards sloping. I’m not brave enough to have any short position here…
SPX: on this rather scrappy chart I’ve marked out a possible route upwards to the 1.618 target at 3,332.
The current third wave is a 2.618 extension. Some 4’s and 5’s are needed to complete the sequence upwards.
It’s possible that this middle wave (the strongest) will continue to about 3,248 or so, and then we’ll start to see decent sized 4th wave corrections (but with the trend still upwards).
Note that the target at 3,332 is only wave 3 of C. The ultimate 5th wave target is nearer 3,500.
Also, please disregard the time scale shown – the target is much more likely to be reached nearer the end of June.
Thanks ‘K’ and David for highlighting the events and wave
counts of the moment.Unsettle the bulls give bears hope then up into quad witch.
Atm I am happy to wait.
Never give up, never surrender.
BRADLEY: a reminder of the Bradley chart for 2020. Mostly a load of nonsense, but seems to have captured the current very strong rise.
The next ‘wobble’ on the chart is around June 30. Ray Merriman has between June 21 and 30 as a potential ‘correction point’.
Thus it makes sense to be looking for SPX wave 3 to end around that time (but with some 4ths and 5ths in the route upwards).
NDX: a massive rise in this Index that looks like it might be trying for a 2.618 rise.
Very difficult to calculate a target because it’s all a bit scrappy and there are several options.
The highest target is a 2.618 multiple from wave 2.
The alternative (much less likely) is approaching the top of wave 5 where 5=1.
The target range is 10,100 to 10,541 so quite wide. there’s another alternative in the 10,400 area.
I suppose the best assumption is that if it trades above 10,100 then look for the 10,400/10,541 area.
GBPUSD: Something strange is happening to the US Dollar. I can’t put my finger on it, but it looks and feels weak. It might be something to do with all the trillions of helicopter money.
Anyway, GBPUSD looks strong, and might be surprisingly strong.
I’ve commented before on the likely ‘falling wedge’ that could complete at 1.14. It now looks like it did.
And GBPUSD now looks like it is a ‘five up’ from that 1.14 low.
If so, the target is high at around 1.46. Interestingly Credit Suisse has recently suggested a price target of 1.53.
Yes, I know all of this is ridiculous given the parlous state of the UK economy, but there you are.
GBPUSD: in the shorter term one can see the potential ‘five up’ on the chart. It might have completed ‘wave 1’ at 1.26, or ‘wave 1’ might now be completing (less likely).
The alternative is that we had wave 1 at 1.26, wave 2 back down to 1.21, now in the first part of ‘three up’.
Unless something dramatic happens, the chart looks bullish. Target at least 1.46. Perhaps as high as 1.70.
I’ve read the dollar is going down the toilet.
Commodities priced in dollars to rise with a
potential rise in inflation.Eventually we will exit this low rate nonsense
and get proper interest rates.Fixed rate debt will devalue but other debt rates
will rise and cripple those debtors.Inflation is a game changer.
Never give up, never surrender.
For US stocks this is Cycle Day 1 .. find a low to buy.
The normal is a day which starts off weak then rallies.
Complicated by FMOC today and the tendency to find a low
on the thursday before options expiry.The boyz will be active in US rth for sure.
Never give up, never surrender.
For US stocks this is Cycle Day 1 .. find a low to buy. The normal is a day which starts off weak then rallies. Complicated by FMOC today and the tendency to find a low on the thursday before options expiry. The boyz will be active in US rth for sure.
You got it spot on Chris. Just surprised at how shallow the retrace has been.
I am really expecting something out of the blue, and gap and go down or SD day, before the next lift off, but as you say with Fed today, Quad OE next week and for me jobless numbers tomorrow, it is really quite a gamble.
Plan your trade, trade your plan!
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