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| /ES daily, courtesy of Finviz.com |
Then the question is how low we go from this. If we make it back up to the 2018-range on the S&P 500, that pulls my W3 target up to about 1540.
A market crash at this juncture would almost guarantee a technical recession for this year.
6 comments:
#1
cg, market is unlikely to top here.
imo, we will double top...about 2100 or so!
As SP looks right now, it'll be some kind of diagonal from the bottom.
- can be a C(ED): this case it's close to its end
- can be an LD: this case we will get a correction now, and then a new top around 2300.
- extreme case: it's not a diagonal, but an 1-2 series, this case the top would be far higher than 2300.
So far my bet is on the C(ED). I really won't like to see it that high.
And just look how close the 200 DMA is to my target for next week.
Is this setup just too perfect? Where's the angle on this one?
cg, we may have a small pullback at the 200 dma but my charts tell me we are going to blow thru it!
Gold is warning what is ahead. Pity so few listen.
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