This little bull run you guys have has gone on LONG ENOUGH!
Either the market volatility is calming down or just getting started. Either way, I anticipate a double bottom or a pivot off the 144 EMA on the hourly.
Keep an eye out for these targets.
I'm back after a long break. Today I'm keeping it simple with a scalp for SPY bulls.
Maybe theres some merit to "all gaps must be filled"
Today I'm comparing the structure of the 1990 infamous Japanese Bubble to today's SPY.
Saw this image and the resemblance is almost uncanny. i.imgur.com
Since I'm not streaming today I thought I'd put together an idea. Breaking the .618 yesterday on the bear side of things confirms that this bull market is still not yet over. I'm expecting a last push to complete the 5th before we see our next bear move.
You guys like videos, right?
Sometimes it's easy to get lost in the bigger picture when you should be looking at a sub-count of a 3 wave.
As long as Covid-19 is around, I will maintain a bearish bias. I'll post a second, almost worse, scenario below.
Looking like another bloody Monday yet again. Last one was a little disappointing especially since we saw a tremendous rebound on Tuesday - Thursday. I don't see any more rumors to keep the market irrational so this could be an easy 7% dip. If we break the .618, even better for bears.
Considering all the bad news that keeps coming, I doubt we will see a bullish market anytime soon
Please excuse my mic, I'm not able to make it any louder.
Make no mistake, I still maintain a bearish bias in this economic climate. Last Friday (3/13/20) we saw a crazy pump up across the market so I do not doubt we will experience the same action tomorrow (3/20/20). Buying a short before closing bell will be a nice setup for BLOODY MONDAY! (3/23/20)
An update on my Elliott Wave Count using Trend-Based Fib Extension. Hopefully we will see another bloody Monday.
At this point I can only use TA to predict where potential pivots may be. We have yet to see 1st Quarterly earnings to see how much of an impact COVID-19 has. I'm predicting a small rebound before earnings then back to our scheduled dump.
Since we know the market is going to get absolutely dunked according to tonight's Futures, I'm looking for targets on the Fibonacci scale. If we blow through the first .618, I'll start retracing from further support levels.