steviebaugh

steviebaugh Updated 

GME has been respecting Elliot wave count beautifully since the beginning of the uptrend. Expect short term ABC correction waves, followed by our last, and final wave 5 up. I've shifted the larger wave count up as to not crowd the chart

steviebaugh

SPX daily forming another giant triangle. I was skeptical yesterday that the downward trend line would hold, but it did. Personally I don't see it going back down to the bottom of the triangle, but anything can happen.

steviebaugh

Yesterday, SPX broke the RSI support that has been holding since the bottom. Today's drop was good confirmation that we're going down some more, as we broke the existing upward daily trend. Hoping we retest bottom again. I'm closely watching if we can break through the .5 Fib, Bulls regained some ground today in the final 10 minutes of trading.

steviebaugh

0.618 fib (from 2020 top to 2009 bottom) seems to be holding as support on the daily. This is also coincidentally the 2018 Christmas crash bottom. RSI looks like it is going to break up. We'll just have to see what happens tomorrow and if $2341 holds. I'm inclined to say bounce given that the economic fallout of COVID19 hasn't fully hit businesses yet.

steviebaugh

Weekly candles for the S&P are showing a potential breakdown within the next two months. What I find most interesting about this chart is the 200 week MA. It acted as support last December, and was broken prior to the 2001 and 2008 crashes. I'll be watching this MA closely if we break down.