I'm going to keep this one short.
So far we bounced to the .382 fib and got rejected, bounced off the .236 and just got rejected off the .5 with a reversal candle now printing on the daily. I believe we just completed an ABC corrective wave within a larger ABC corrective wave for the entire bull market. Meaning we are still to complete the C wave down to take out the lows from last month. If this plays out it will print something like a H&S (my favorite) to confirm the reversal and further confirm the C wave down from there. We also broke trend again today. Volume is light, so is volatility, but techincals are starting to play out more than they were a few months ago.
This would all happen in a perfect world and all of us know we do not live in a perfect world. We've filled all the gaps besides 3 up above. $284.50, $292.89, and the one at about $302. I would expect, with the start of earnings season that we will meander around some more. But look for that H&S to break. and if it does watch for the March lows to break. If they do i would expect a final destination of around $150 eventually. VIX is up today as well, meaning the general air of the market today is apprehensive and suspect.
I'm pressed for time but the technicals are compelling enough for me to post this real quick. Remember, indicators and patterns are never perfect. They call them indicators for a reason. Consider them writing on the wall and trade accordingly.
This is not trading advice. This is based on my own opinion from my own personal TA.
So far we bounced to the .382 fib and got rejected, bounced off the .236 and just got rejected off the .5 with a reversal candle now printing on the daily. I believe we just completed an ABC corrective wave within a larger ABC corrective wave for the entire bull market. Meaning we are still to complete the C wave down to take out the lows from last month. If this plays out it will print something like a H&S (my favorite) to confirm the reversal and further confirm the C wave down from there. We also broke trend again today. Volume is light, so is volatility, but techincals are starting to play out more than they were a few months ago.
This would all happen in a perfect world and all of us know we do not live in a perfect world. We've filled all the gaps besides 3 up above. $284.50, $292.89, and the one at about $302. I would expect, with the start of earnings season that we will meander around some more. But look for that H&S to break. and if it does watch for the March lows to break. If they do i would expect a final destination of around $150 eventually. VIX is up today as well, meaning the general air of the market today is apprehensive and suspect.
I'm pressed for time but the technicals are compelling enough for me to post this real quick. Remember, indicators and patterns are never perfect. They call them indicators for a reason. Consider them writing on the wall and trade accordingly.
This is not trading advice. This is based on my own opinion from my own personal TA.
