I called the top... let's find the bottom.Good afternoon traders!
If you read my economic collapse prediction on October 4th, you would have seen the swing high failure on the RSI as well as the sell volume that accompanied it with a prediction that the double top would result in a massive sell off.
Well, here we are... 16% down and panic starting to unfold across the board.
I'm still short the dow jones and equities with options on the SQQQ short ETF, which has performed incredibly well.
For the Dow Jones and stocks in general, I won't be going long until we revisit the 200MA on the monthly chart, which also coincides with my Canfield Fibonacci extesion level at the 46.979.
This sits around the $16,500 level.
Look for some sort of big panic level event that will drop the price even harder, which will most likely be retail selling the bottom again like they did in 2008.
I'll be targeting the
top stocks during the collapse with strong P/E ratios.
Monday will be a VERY important day of trading for the S&P as well as the Dow Jones.
Typically, with massive down turns in the S&P on Friday's, we see a big sell off on Monday's.
This is the 6th worse Q4 in history so far and it looks like next week will be more of the same.
Buy volume and sell volume laid out in my chart.
Distribution has happened already and it looks like we're in for some pain in the coming weeks.
Now watch for a coordinated FUD effort from the main stream media to drop prices so they buy it back up after selling the top.
