It looks like we are completing the 5th wave of elliot wave theory to see resistance at the 3400 level where it will form a bearish double-top formation. Then a break to an ABC corrective wave to retest the downtred formed in FEB 18.
Of course if this breaches all time highs, then to the moon we go, but I see that as highly unlikely UNLESS the government decides to dump more money into the system. I believe the liquidity will literally keep things afloat UNTIL it starts running out again.
I am very bearish for several obvious reasons:
1. True Unemployment Rate 20%. Need I say more?
2. Potential Re-Spike of corona-virus cases. I don't think the protests will help this?
3. My commute went from 45-70 minutes to now 30-35 minutes. I live in Tampa and 275 traffic sucks. Well, I haven't really had to worry about that since the RONA. Hmmm?
4. My job furloughed 90% of the staff for nearly 2 months. Most employees have struggled to receive their unemployment benefits to this day. And to put the icing on the cake, we have re-structured, re-organized, and improved some processes to need less people. Work is coming back strong, but I am sure we are doing just like every other company is doing. Being frugal and preserving CASH while cutting expenses.
Long term bearish and short term bullish. Mitigate risk and trade wisely!
Of course if this breaches all time highs, then to the moon we go, but I see that as highly unlikely UNLESS the government decides to dump more money into the system. I believe the liquidity will literally keep things afloat UNTIL it starts running out again.
I am very bearish for several obvious reasons:
1. True Unemployment Rate 20%. Need I say more?
2. Potential Re-Spike of corona-virus cases. I don't think the protests will help this?
3. My commute went from 45-70 minutes to now 30-35 minutes. I live in Tampa and 275 traffic sucks. Well, I haven't really had to worry about that since the RONA. Hmmm?
4. My job furloughed 90% of the staff for nearly 2 months. Most employees have struggled to receive their unemployment benefits to this day. And to put the icing on the cake, we have re-structured, re-organized, and improved some processes to need less people. Work is coming back strong, but I am sure we are doing just like every other company is doing. Being frugal and preserving CASH while cutting expenses.
Long term bearish and short term bullish. Mitigate risk and trade wisely!