Short

SPX Wolfe Wave Impulsive Downtrend

Updated

I wouldn't go long here yet. Wolfe projection suggests tar price in box between 3700 - 3810. After that; to the Moon.

Overlay from October correction second wave fits this one pretty well so far. Sell the rallies! GLTA!!

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Nice pivot on first support and lift Thursday gave us a hammer, or is it a hanging man? LOL, I wouldn't get all excited and jump into calls just yet. Not gone really oversold yet, still expect a culmination sell wave. Let's see... 3980 > 3960 > 3950 > 3940 > 3930 > 3920 > 3910... it's a stair step of lower highs.

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Capitulation and panic soon imo

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Probly short entry at 3930, not holding over weekend tho

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Fascinating. Racked brain all weekend trying to figure WTH it sold midday so sharply; it was the NQ1! futures gap, it gapped up 100 pips, was -75 before the open, but started higher: MMs and hedge funds needed to close that gap to get their contracts closed. Price remained depressed only a few minutes, once all the books were closed, they bought it right back up and made bank both ways.

Anticipating this kind of price action can save you a big bundle and make more. Don't wanna be long calls when the gap starts to close...! Went from oversold to overbought in an hour, lol. Stay tuned, watch for this again, make bank! Futures gaps must be closed in the same day, futures contracts are closed EOD daily!

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I expect massive correction in May/June, rally to lower high over summer, then a monster breakdown.
I believe we are in Wyckoff distribution Phase B, UTAD (nominal new ATH after buying climax), approaching or entering Phase C, characterized by churning whipsaw and a tightening, narrowing price band:
stockcharts.com/articles/wyckoff/2015/09/distribution-definitions.html

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IMO we be topped here. RTY is -8% and NQ hovers above correction zone. Blue chips in DJI and SPX are all that's holding this up. Gonna cave soon IMO.

Don't try to squeeze the last 1% from this dog, it won't hunt no moar IMO! Let the other guy get the last dollar, be ready for a cascade soon...

DaddySawbucks

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