Update to my March 23rd bearish call on S&P 500
On March 23rd, I posted the following idea:
The market needed one more high after that post, but all indicators were pointing to weakening strength of the move to new highs in September. The fuse was set. I tried to warn you.
On a short term basis, the move down is very steep, and also carries a distinctive impulsive look and can be counted in five waves as of todays drop. This is a textbook elliottwave kickoff to a change in trend.
Nasdaq is in even more precarious shape. The index has been in a steep parabolic trend, and the selloff today dropped price below the parabola. Chances are very good that we are in for more than a run of the mill variety correction having already corrected over 11%.
Markets don't typically move in straight lines, and a bounce could come at any time to provide some relief, but the fuse has been set.
Most likely targets are shown and a possible (most common) Elliott wave pattern for a multi-year correction are shown. Corrections can play out in a variety of ways/patterns so will update with new information as the market plots the path.
The market needed one more high after that post, but all indicators were pointing to weakening strength of the move to new highs in September. The fuse was set. I tried to warn you.
On a short term basis, the move down is very steep, and also carries a distinctive impulsive look and can be counted in five waves as of todays drop. This is a textbook elliottwave kickoff to a change in trend.
Nasdaq is in even more precarious shape. The index has been in a steep parabolic trend, and the selloff today dropped price below the parabola. Chances are very good that we are in for more than a run of the mill variety correction having already corrected over 11%.
Markets don't typically move in straight lines, and a bounce could come at any time to provide some relief, but the fuse has been set.
Most likely targets are shown and a possible (most common) Elliott wave pattern for a multi-year correction are shown. Corrections can play out in a variety of ways/patterns so will update with new information as the market plots the path.
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