Remember last Friday when I was the first person to predict the historic 13% crash coming that Monday? Well, we hit exactly 13%. Interestingly enough, I saw very similar underlying issues as last Friday compared to today and there is the potential for another sell-off on Monday.
I don't foresee a 13% decline, however, in the level we are currently in which is the 2300s, there is very little support. I believe its possible we sink to 2126 on Monday (good for about an 8% decline). If this level were to break then we would look for a dead cat bounce off this level and then an ultimate mid-term target around 1847.
For a while I have been calling this entire situation a minimum of 50% retracement and that is what will occur. Cheap money, 0% rates and stimulus are only short-term BS band-aids which as you can see can't even bring about a 1 day rally.
Only time will tell...
Don't be a hero and try to predict bottoms as this market will have years of malaise.
- zSplit
I don't foresee a 13% decline, however, in the level we are currently in which is the 2300s, there is very little support. I believe its possible we sink to 2126 on Monday (good for about an 8% decline). If this level were to break then we would look for a dead cat bounce off this level and then an ultimate mid-term target around 1847.
For a while I have been calling this entire situation a minimum of 50% retracement and that is what will occur. Cheap money, 0% rates and stimulus are only short-term BS band-aids which as you can see can't even bring about a 1 day rally.
Only time will tell...
Don't be a hero and try to predict bottoms as this market will have years of malaise.
- zSplit
Note
Just as a heads up that if the US is able to pass stimulus tonight (remains unknown) we could get a short lived pop in the market. However, the rally will be sold. - zSplit.
Note
There are a lot of cry babies posting comments on here with new or new-ish accounts doing nothing other than trolling and spreading misinformation, exaggerations, anecdotal facts or fake facts to warrant attention and a response.As such I will no longer respond to comments on this idea.
Feel free to PM me if you have a genuine question and I will get back to you.
Wishing everyone continued health and safey!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.