instead of an abc correction this could be a 1-5 bearish wave count trend reversal. I say this because the market is way past abc timing. if this is the case market could dip to 7k (and below) as wave 1-5 timing goes on until feb 8th/9th. however it is currently testing a major line of support and I'm not crazy about the current wave counting but trend based ...
"It means buckle your seatbelt, Dorothy, 'cause Kansas is going bye-bye." Obviously this isn't your classic TA stuff. The patterns are there.
Strong channel and fib timezone support, indicating we're presently in a trough, and that there'll be a 600% higher peak in early February 2018.
Gold has once again achieved its high and will now retrace again.. 1st target 1245 2nd target 1232 (if lucky)
Gold may go up for the target of 1274, making a next green weekly candle
Buy gold on dips.. for target of 1275-1280. Small Motive wave coming. Target till 13th March.
Fib retrace up-to 23.6% i.e. 1250 and then 1245-1240.
Long Natural Gas, most likely a start of motive wave. Target 4.410, CMP 2.939
Some ideas with magical fibs and harmonic patterns for personal log journal. Comments appreciated, I am learning.
Above is a daily chart of the S&P since the beginning of its apogee phase. Still short the S&P for next few days. Based on Fib time zones analysis and the current trend pattern we may hit 1863 on Monday then rebound or a more violent move down to 1803 on Monday (Feb 29) then a rebound. Two Fib time zone patterns starting from the same low date of Oct 15 2014...