This will be our final public post
The collapse of modern society and capitalism has begun
We must focus on preparation
May you all be safe
The collapse of modern society and capitalism has begun
We must focus on preparation
May you all be safe
Note
Ok looks like we were wrong...for now
The market decided to change its mind on crashing right now and instead head to new all time highs
A pullback is imminent so looking for the Fed news this week to provide a catalyst for that move lower
How that move takes shape will decide the rest of 2024 and beyond
With that said even if we get new ATHs the ultimate fate of the market is the same...a depression level environment that sees the S&P500 at sub-2000 levels.
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Looking for an extremely imminent pullback in the S&PIdeally 1st support will hold and then we head higher to new ATHs
Ultimately the 2nd support needs to hold if we want to see those new ATHs
Any sustained break of the 2nd support opens the door to much larger sustained downside risk
BUT REMEMBER: Even if we get new ATHs the destination over the next 5-8 years is SUB 2000 with expected levels reaching as low as 666-1500 spx
Note
Highly suggest you take note of the Targeted Topping ZoneMarket structure is suggesting that we may not get too far above that zone on this move.
In fact we may not break that zone at all
Essentially we are saying if you look at what we have been predicting with the broad markets price may not touch this zone again for a decade
Trying to sound the alarm here
We sincerely hope this analysis is wrong because we are not sure the vast majority of people understand the true nature of what we are facing in this country and throughout the world
Please Please Please get prepared
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Perspective:On our Dec 12th 2023 post we called out the price region we are currently in as a MAJOR TOPPING ZONE.
We have done our best to zero in on a more exact level- (i.e. our Targeted Topping Zone regions).
The fact of the matter is that even if we make a new high, we see much greater risk being Long than Short.
Our posts are showing what we think is the most likely path that price will follow but of course we, nor anyone else, knows the exact future.
This is all about weighing probabilities and taking action in accordance with the most likely path that price will follow.
Good trading to all!
Note
Near term (i.e. tomorrow) expect price to gap down at open and then almost definitely move higher to make another local high over 5200 BUT that will most likely be it for this move up. We DO NOT anticipate price making a new all time high.Expect the ensuing downturn to be extremely volatile and swift..something akin to what we saw in the Covid crash
Lets zoom out to better understand how we are seeing the chart and why:
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Position building timeNote
PUBLIC SERVICE ANNOUNCEMENT:This is for the ridiculous expectations we see by a small minority in the comments(people who OWN their OWN trading will understand why we are doing this PSA)
These are IDEAS- NOT financial advice- Tradingview has that disclaimer on every idea post for a reason
We are simply small retail traders who love this trading game and like to share our ideas.
We are not, can not and will never be able to predict with certainty where price is going- and neither can anyone else
Before you get to shouting in the comments about how wrong a call we made is..POST YOUR OWN IDEA AND SHOW THE WORLD WHATS THE RIGHT CALL
An idea is NOT a trade recommendation...if you want to know our positions..which is what you should be asking about BEFORE you take action on one of our ideas...YOU SHOULD ASK
Simply said: we have our ideas and then we have our positions..two separate things smh
Almost every person in the comments with these unrealistic expectations never has any posts or ideas of their own
If you need someone else to tell you what to BUY/SELL you might want to reconsider trading.
So for the very small minority who this post is for, while we cannot and will not give out financial advice, we do offer some life advice:
Develop an INTERNAL locus of control-your trading will thank you
Note
Why have we been saying the Bull Market is over? And why are we looking so low?Ok this is going to get technical so google is your friend on this one:
In our posting history you see us really calling out that a top is near around Nov 2023 because at the time the size of the larger degree B wave was 61.8% the size of the lower degree B wave
Essentially the fractal nature of the market queued us to begin looking for a top.
Once a new local high was made we begin calling out the possibility of new ATHs with the likely target area being between 5000 and 5500 w/ the 5100 area equating to a 1:1 relationship with the lower degree wave B
Target zones were marked strategically as high as 5500 because as we said we expect the larger degree waves to be larger
And ever since we have been tracking price and trying to get a more defined target
Our ideas and posts are calling out whats probable...our trades however are always (at least we try to be) in line with trend
So NO, we have NOT been LONG since Oct/Nov smh
We have been strategically getting in and out of trades in BOTH directions.
We are going to show just that in our Watch Us Trade A Bear Market post.
Its way more to how we trade and see the market but hopefully this clarifies..
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WHY DID WE TAKE A SHORT POSITION TODAY?Chart explains it
And if Elliott Wave isnt your thing or you think its too subjective or just plain nonsense....then maybe when you see how people are going to get absolutely BURNED by this move up today you will take another look...
Could we be wrong? of course
But we dont think we are so we put our money where our mouth is.
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Oh and as we said yesterdayWe went short at the red dotted line yesterday...and today we have been shorting since the top of Wave 2
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As expected.....now we are looking for a 3 wave corrective move back upAs with all elliott wave analysis we have an alternative view as well..
If the target above doesnt hold then we would temporarily look higher to the 5400 level as we called out in our MARCH 28th post which is the same zone we called out DEC 12th of last year..
BUT even if that happens the result is the same- MAJOR DOWNTURN
Like we said...we are trading now so we are executing within our ideas...when we are trading we ALWAYS have an alternative perspective and know when our analysis is invalidated...
We will define better targets as the move back higher progresses
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As we said we are seeing the market as immediately bearish BUT like we also said new highs are new highs and there is the potential (although much less probable) that we make one more high with a potential final top around 5400 (5350ish))As for Monday we are tracking 2 counts upon further review.
We see price as either dropping aggressively pretty quickly Monday (white count) or making it a little higher before the drop (orange count)
Any price movement above 5325 would have us looking to one last top around 5400...before continuing to look much lower
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Chart above tells the story for the next couple days and into next week.The price movement and volume in particular over the last day or so shows price most likely will pop higher but the level of buying will not support the move and we will see a major reversal
Lets see!
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BIG PICTURE UPDATE:We first publicly called out the Major Topping Zone shown on the chart on Dec 12th 2023
We have called out that zone multiple times since as where price would ultimately top (see our March 28th 2024 post for example)
All of the calls we have made since Dec 12th has been us trying to call a top within our already called out topping zone
We have consistently called out on charts 5500 as a terminal level for price
NOTHING HAS CHANGED
We see price for all intensive purposes as having topped with the potential for a small peak above 5500
What this means is that we are shorting the market at this point and hedging any long moves up
Yes our SPX shorts are technically down slightly but as we said they are hedged
Alternatively, our DOW, Russell, RSP shorts are UP..and they are up because the market as a whole is weak!
So as the chart indicates we STRONGLY feel that 3800 SPX is the destination for the market over the next year
BUCKLE UP!!!
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We are about to witness a yield EXPLOSIONYields should head to below 3.5% over the next year and then expect a meteoric rise throughout the end of the decade
Ask yourself this question:
What would have to be going on in our economy for yields to explode to these levels?
You may fancy us crazy/permabears/etc but 5 years from now you can best believe we are going to reference this post...and we will even if we are wrong...but we dont think we are..
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Finally...maybe lolAs we have been saying and we last said in our Jun 15th post 5500 is a major topping level in the market
In that same Jun 15th post we highlighted that the market would had the potential to make a small pop above 5500..which we have now seen
We are of course still mainly short the market with as we said a few hedges in place to protect those positions..
Not financial advice of course but we have been positioning ourselves broadly to the short side and you are about to find out why
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Are you watching the VIX?Note
WARNINGSPX has reached a critical junction
The recent breaks of support have opened the door to the TOP being in
We SPX as having 3 potential paths at this point:
1- price returns to the Critical Market Pivot region setting up a drop to 4800-5000
2- price returns to the Critical Market Pivot region and then makes a move to new ATHs around 5800
3- price drops from current levels and DOES NOT return to the Critical Market Pivot region and heads down to 4800-5000
All of these scenarios point to the same conclusion:
SPX IS NEARING OR HAS ALREADY COMPLETED A MAJOR TOP
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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.