Dan_Pantea

Dan_Pantea

Three things have emerged in the S&P 500. - The upper boundary of the corrective channel has been slightly crossed. - The price also went above 78.6%, but even if it's not so much above, it should be considered critical as a retracement (thus eligible for a flat correction and a (C) wave has to develop consequently). - The ratio of 100% between wave A & C was...

Dan_Pantea

It nears the completion of a rare expanding ending diagonal. Mind that it is not necessary to touch .84 level or go a little lower, it can reverse from around that level. We'll see if the SNB's Mr. Thomas Jordan has something to add to the next move up. Be on your guard, D.

Dan_Pantea

I know I said that before... I somehow expect a deeper retracement at 4537 (78.6%), but probably the S&P has had enough of 7Up. And Mr. Powell said yesterday that the Fed is still committed to 2% which doesn't sound encouraging for the bulls. Be on your guard, D.

Dan_Pantea

The S&P 500 minor update to the previous chart ... as I see it at this time and price level (from 4th Jan. 2022). It's the 4325 where I am willing to reconfigure my main count analysis of the S&P. If you take proper care of your capital, you may succeed and I wish you all the best in your endeavor. Trade well, D. " Most people are subjective toward themselves...

Dan_Pantea

The S&P might emerge to the upside, above the gray horizontal dashed line. But this view is contradicted by my understanding of the Elliott waves. It looks that the minuette WXY correction is complete and the price has to go down from 4214, the May 19th top. When the price reaches the 4111 level, at the triangle wave 4 micro, it can be a first confirmation to the...

Dan_Pantea

I believe the only problem is if we consider this as being an abc correction, then it is a very deep one and it offers a good argument to interpret it as an impulsive southward (not yet for me). It's just an idea. A functional one, I think.

Dan_Pantea

Of course, the invalidation of the ending diagonal is at 4064.48 (and it might morph into something else). Don't forget, it's almost Friday and the opened positions during weekend might be risky (widening spread is one of the reasons).

Dan_Pantea

Last Friday the US ISM Non-Manufacturing PMI* came as 49.6 (it was expected 53) caused the DXY to drop further, increasing the probability of recession. It's good to be prepared ahead of time, so it's best to keep an eye on the Economic Calendar and to look for the high impact events. --- *For more information on ISM Non-Manufacturing PMI see the link...

Dan_Pantea

Gold - Needs some more price action and a little time for a clear direction. It could be either the start of 1 and 2 series to the upside, or it is an abc up and done.

Dan_Pantea

S&P 500 - I think the upside is rather limited, so my favorite move is down, but what magnitude remains to be seen.

Dan_Pantea Updated 

I'm not sure, but what if this is just another (relatively) deep correction? $DXY