Elliott Wave 'B' corrective reaction nearing pivot reversal
Updated
Nice double top formed around the subwave 4 on bullish reactionary wave in downtrend correction... it's not over yet... media says 'going to the Moon' so look down
Record high NDX and broad-market Nasdaq today, all-time high for MSFT now trading at market cap 800Billion... can you say bubbly?!
Rate hikes- check; inflation - check; t-bill rate inversion - coming soon. Trade war = fluffy noise unless they really make us pay more, then - 'Ow!'
Possible wave top near 25076, if it reaches that is 0.50 Fibo from Jan high (0.618 Fibo reached 06-11 at 24404) look for it intraday possibly Friday or Monday.
probably safe to enter shorts north of 24980, certainly if >25k: caution an expanded wave B could carry back near top of Wave A to 24400, however unlikely it seems
Could form a shooting star candle if it reaches that high; pushback will be strong over Dow 25000, look for confirmation before short entry
Wave C downdraft beginning possibly 7-18 to 7-20 could carry index as low as 23530 support by August, support at 23800 may hold it higher; Wave A reached 24004, C usually breaks below A support
For God's sake get your kids' college funds and pension savings out of the bloody market if you're still in it! Your life savings will evaporate overnight.
My friends are so stubborn, I try to tell them this, but; "I just buy the dips and it always comes back! It will be fine! You worry too much! I only buy good funds!"
...Gosh, your great-grandkids will appreciate you did that for them. Good luck!
Record high NDX and broad-market Nasdaq today, all-time high for MSFT now trading at market cap 800Billion... can you say bubbly?!
Rate hikes- check; inflation - check; t-bill rate inversion - coming soon. Trade war = fluffy noise unless they really make us pay more, then - 'Ow!'
Possible wave top near 25076, if it reaches that is 0.50 Fibo from Jan high (0.618 Fibo reached 06-11 at 24404) look for it intraday possibly Friday or Monday.
probably safe to enter shorts north of 24980, certainly if >25k: caution an expanded wave B could carry back near top of Wave A to 24400, however unlikely it seems
Could form a shooting star candle if it reaches that high; pushback will be strong over Dow 25000, look for confirmation before short entry
Wave C downdraft beginning possibly 7-18 to 7-20 could carry index as low as 23530 support by August, support at 23800 may hold it higher; Wave A reached 24004, C usually breaks below A support
For God's sake get your kids' college funds and pension savings out of the bloody market if you're still in it! Your life savings will evaporate overnight.
My friends are so stubborn, I try to tell them this, but; "I just buy the dips and it always comes back! It will be fine! You worry too much! I only buy good funds!"
...Gosh, your great-grandkids will appreciate you did that for them. Good luck!
Trade active
Bought DIA 250 Aug puts today with index at 25025. Let's see if we get that shooting star...Trade active
Expect a bit higher Monday perhaps creep up to 25076 Fibo 0.50 before it shakes, broader market already shaking, RSI weak, divergence in S&P/NDX/DOW widening, banks down on disappointing numbers, inflation higher so Fed must hike twice, now in longest correction 108 days since 1987. Bullish sentiment now 57%...>> Bear market incoming IMO.
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