Sic transit gloria mundi
I don't expect this, but the larger pattern on this chart could be a bull descending broadening tri. We could currently be forming a small H&S, with the left shoulder formed and the head completed by one more dip towards 2020. And then a right shoulder that doesn't set new highs. Resolution would take us right about to that orange trendline around 1925. Resolution of the triangle would set new highs well above 2300, but perhaps not before one more travel to the 1700's.Just a thought.
1925 will bounce to what and then to 1700
Won't say that it cannot be bearish, but it still has the potential to become a simple 5/i & 5/ii in an extended fifth up to 2500 or so. If BREXIT won't come it can trigger it. TBH on long term it would be the most bearish version. 2500 to 500 would be far more dramatic.
2122 would be a pretty natural target for the hype today, give us a 5 wave move in a rising wedge, and touch the top BB.So.... what's the catch?
gonna go with dpriv's 2,500! that will make your 2,300 good CG : ) patience is all needed.
The wedge looks complete when looking at es futures. We will see if cash holds weak tomorrow.
From ZH Headlines:It's All Over As "Leave" Wins Brexit Campaign: Markets Everywhere Are CrashingDon't worry - and buy the incredible dip that has been presented for your benefit. This is just to shake out the weak hands - because The FED will remain solvent longer than you can remain sane.History repeats: Nathan Rothschild had made a fortune after Waterloo, acting on his early knowledge of the victory and buying into the market in the certain knowledge that stocks would rise once victory was confirmed.
Interesting times :) EU indices are a mess, but SP (and NQ) still has a strong (!) long side.
putting cash stash to work today will be 100% equities. consider today a gift if you're a bull in for the long haul. seize the opportunity : )
dow now almost 300+ from earlier lows. our mkts always outperform globals. gotta tell yourself, no panic, the stock market always comes back! we will see new highs this year. no reason us mkts should be down this much
I get into the office after LLD on the /ES overnight and we're sitting at SPX 2070? LOLLooks like another disaster for bears. Looking forward to late July.Actually, the Karl Denninger probably blew the whole thing with his crowing boasts.Will see where the tea leaves are chart-wise at EOD tonight.
us mkts are always more rational when this global events take place. smart money isnt getting shaken out. brxit won't slow down us economy. buying opportunities like early today are few and far between in this secular bull. i'd say we're going higher over the longer term cg.
if we move rapidly below 2050 on heavy vol today or mondayit is probably worth chasing it. overnight levels dont count1987 babyit is happening
here we go
If it's a disaster for the bears, what is it for the bulls?
every person in my office today has been talking about buying the diptotal complacency out there. just unbelievable.
There seem to be plenty of dips to buy.
CG you still maintain?
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