- This topic has 167 replies, 8 voices, and was last updated 2 years, 10 months ago by
.
-
Posts
-
Could / should be a week the bull turns bear
Never give up, never surrender.
Late friday I opened this … it is my only trade atm.
Small short NAS at 9230 … stop 10230 … limit 8630
This my drop guard … subject to changes.
Never give up, never surrender.
NDX100: NDX has entered the target box for wave 3. The box ranges from 9,176 to 9,341 depending on the placement of waves 1 and 2. Unfortunately I cannot determine the short term price action. NDX closed Friday at 9,220, which is slightly above the lowest box price, but within an acceptable deviation to be considered ‘experimental error’. Either NDX has topped and will reverse, or it might try for the upper line of the box.
Note the support at 9,000 which *might* be a first target if/when this market decides to reverse downwards.
NDX100: The pattern for this final 5th (of 3) rise is difficult to determine.
One guess is a rising wedge as shown on this chart. It isn’t perfect – just a possibility because nothing else seems to fit. If it *is* a wedge it might be complete, or it might want a small final pop higher for a higher ‘e’.
AMZN: on the daily chart AMZN just about popped into the target box for wave ‘b’ (by just a few points). It can go higher if it wants to, but the minute chart suggests a rising wedge to Friday’s price might be complete or almost so.
Currently trading around 2,380, the wave 4 target is at 2,233, a potential drop of about 6%.
AMZN: on this minute chart one can see the possibility of a ‘b’ wave rising wedge. It’s either complete or needs one final wiggle higher. Of course this pattern can develop into something completely different, but for the moment the wedge looks the best candidate.
This needs to be ‘wave b’ of an abc decline 4th wave, and triangle shapes are common as ‘b’ waves.
Notice also that the wedge final move hit the 0.618 retrace of the first big drop.
NYA: the NYSE continues to show the completed ABC rally with C=A. It needs to decline or consolidate to form a larger ‘B’ wave before moving higher.
I’ll guess we’ve had a small wave ‘a’ down and are now trying to rally in small wave ‘b’.
The 21 day moving average continues to rise and clearly acts as support. There’s also evidence that the 50 day average acts as support/resistance. Until NYA drops below the 21 day, there’s nothing on this chart that’s bearish apart from the wave count.
NYA: in the short term I wonder if NYA is trying for a rising triangle ‘b’ wave. That would certainly fit with the first abc downwards move. And, as we know, ‘b’ waves are often triangular.
If so, the triangle isn’t complete and needs waves ‘d’ and ‘e’ which might need another two or three days.
For this triangle to be valid NYA cannot rise any further and needs to start dropping straight out of the gate Monday. If it moves higher the triangle idea is invalidated.
SPX: similar rising triangle idea in SPX. It has a stronger upwards slope due to the FAMGS now being 20% of the Index.
Again, for this to be valid, SPX cannot move any higher and needs to drop straight away Monday. If it moves higher the pattern is invalid and something more bullish will be happening.
A cluster of new coronavirus cases in South Korea has forced the
closure of bars and clubs across its capital city, amid fears
of a second wave of infections as the country cautiously
emerges from lockdown. source BBCA reality check for stock markets ?
Never give up, never surrender.
Probably not. 54 new cases linked to a couple nightclubs in Itaewon. The medical services will move in and stamp it out quickly. All nightclubs and bars in that area have already been closed. It’s really insignificant compared to what’s happening in the rest of the world.
Itaewon is my least favorite part of Seoul. It’s basically a clubbing, whorehouse area adjacent to the US Army base. Prices are high (priced to screw the Americans) and quality is awful. Having said that, there’s a small French restaurant in one of the back streets that’s run by two brothers from Corsica. Best French food in Korea and reasonably priced.
Thanks for the local knowledge … it’s off my bucket list 😉
Never give up, never surrender.
For futures sunday night and cash monday it’s a mixed picture.
Friday late action often continues into monday and if it did
not on this occasion it would be bearish.Nas Dow Spx look like they have a bit more up to go and that
may give a +ve monday. If that did not happen then bearish.If US majors gap and go they would break out through resistance
and that would be very bullish.Overall odds are the upside is limited in price and time.
Never give up, never surrender.
Sadly we don’t have any French restaurants in Busan. Okay, there are a couple who ‘say’ they are French, but it’s basically ‘Korean French’. Luckily we’ve got two very good Spanish restaurants within walking distance of us. They try to be authentic and get very close. They make a reasonable Paella, garlic prawns, patatas bravas etc and a bottle of Cava for about $40. Not bad.
Apparently there’s a Moroccan restaurant somewhere, but it’s a bit of a drive and we haven’t been there (yet). There’s also a Brazilian Beef restaurant which is quite good.
So we do get some choice.
- You must be logged in to reply to this topic.