Go back and look at the top from 2000, daily candles on the S&P 500, with the spike high and the 5-wave move that failed to best it. That's what we have seen now since the end of January.
With a similar slope to the sell-off in early February, we're looking at a first low at 2445 SPX, two weeks from now. There is channel support from the ancient trendline on the S&P through the lows at 1074 and 1810!
From there we'll visit the 200 DMA as overhead resistance instead of support, and August should shape up to be something truly special.
I can't wait to see the QQQ back at $20 next year. Oh, you thought these companies were worth something?
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| SPX completed 5 wave channel -- failed 5th |
3 comments:
Inside day tomorrow, just like at EOM January?
Then we have GDP and a stingy FOMC next week.
Good call on the SP500 gap close. GDP could very well deliver the buy the rumor sell the news needed to confirm the end game has begun.
Today we need inside day comparable to 1/29/2018. A close right at 2820 would be perfect.
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