Filled one big gap, and the July 30 gap remains as a target in my mind. 93???
We broke out of the summer growth channel, and saw some big support overnight at the 50% fib level, measured since the last correction ($3255). I would Exocet a bounce here, but I feel that this level is too close to the channel we just left to really hold water. The 61.8 fib level seems more interesting as a target.
We have lost the turquoise Chanel, and are now testing previous bottoms (indicated by the blue lines). I believe this yellow channel is the prominent momentum right now, and we could see some significant downside movement (320 or even 300) if the blue lines don't hold. It is also interesting to see that the volatility index VIX is near an all time low... that...
Broke the pink rising wedge. Testing the turquoise support. If it doesn’t hold, looking to the 320 area, then the 300 area, based on previous prominent support levels, and the various downward channels on the chart.
As expected, the pink rising wedge has given way and we are testing the support of the turquoise channel (slight wedge shape). Watch the level 332.50 this morning. if it doesn’t hold, I’ll be looking for the next serious support at 320, then 300 (based on previous prominent support levels)
The Volatility (VIX) is gently coming to the bottom of its swooping arc, just as the momentum on this bounce of the SPX is slowly burning out at the top of an arc. So, the question on my mind, as we approach the top of the pink and intersect the top of turquoise rising wedge (both reversal patterns) is: As the pink wedge fails to support the bulls and begins to...
Looks like we are inside this pink rising wedge, which is also inside the turquoise nearly horizontal, but also rising wedge. The bounces seem to be loosing vigor as well... so will the pink wedge be able to break through the turquoise before it converges and the bulls give up? I think it is more likely that we will bounce off the dotted turquoise resistance...
Fib retracement levels from the bottom of the covid crash to the top doesn't match 3295. Fib retracement from the last correction to the top doesn't match. I don't see any prominent support channel vectors at 3295. The big red line doesn't seem to land on any interesting historical levels. RSI is maxed out, and the MACD just crossed bearish while already under......
Not a whole lot has changed in the world since the covid crash... still looking at an inflated market bubble desperate for a correction. Will the masses of Euphoric investors turn to a fearful herd of panic sellers on the ride down? This bars pattern is from the covid crash, overlaid on the current correction. I see an uncanny resemblance between the patterns...
You look to where your about to go. SP500 appears to have broken out of the mustard yellow channel. With a right hand turn. (Head and shoulder just completed with a bearish sentiment). I notice the (grey) support vectors of its last few bearish wave segments are all looking to the same area. Does that mean we are headed to that spot? What happens when we get...
The way this chart bounces around off of its support and resistance vectors, has me thinking that we may have just completed the pattern same pattern that led to the last jump (behind the short pink bars). .... ... or maybe we get some more support at 125 before the jump!
Working on a right should now, inverse Head & Shoulder pattern up next? I do see a broadening megaphone type pattern forming amongst these HS patterns... with an overall bearish vector.
Saw some Elliot wave patterns today... whatcha think? 1-5, ABC...
The slope of the RSI bottoms (red lines drawn on the 5D/5minute scale) looks an awful lot like last months run of the #VIX! SPY falling??? projection is a repeat of last month, slightly scaled.
The reversal patterns seem to repeat form near each resistance. I see the support reversal completing, and the more dominant resistant reversal pattern thing over. The yellow lines show where the patterns repeat. Fractal from the early June drop.
I see some strong correlations to the run of fear from early June. This is how that run up would look if it repeats itself; Stretched a bit to better lineup with the bottom pattern of the last few days. I would say I am long on the volatility index.... even though nothing in at the news strikes me as scary anymore. Anyone else feel like the news cycles are...
Looking for the battle to cascade off the yellow lines down to the 3144 area. this battled is predicated by a similar reversal at the long range support a week ago. the bulls will then run up the lower support line (white) to battle it out with the longer range resistance (blue). Who will win this critical convergence? I see two blue resistance vectors close...