Pebble's world is filled with crabs, bats, and butterflies, his own private technical zoo, expressing the zigs and zags of the market and how he makes sense of them. He also manages his own hedge fund now, the real deal.
The other day he posted a warning about the SPX 1823 level on the chart, which has been on his mind for a long time. It's certainly worth keeping an eye on here.
I plotted a trendline through 1823 on FOMC next week, December 18. pebble is interested in the price target only; he did not specify 12/18 for it. But here's how it looks:
|SPX pink trendline through Pebble's 1823 on FOMC|
The rest of the blue lines are my usual bearish collapse plot to take us back to the lower trendline of the Jaws of Death.
We still have to make it back up to 1823, not that far away at all, especially with important numbers in the morning. If we gap up and keep going, then today marked the C of a 4th wave flat that corrected us from the 1813 high.
GLTA, but especially to pebblewriter.