Didn't pan out... off to the races. That goes for the weekly and monthly charts as well. 1.168 was only a bump on the way.
A little messy chart.... I know... sorry but have to have all arguements in one chart. I'm bearish to neutral but chosen "bearish sentiment" as indicator for this chart.
What are the arguments for having a bearish sentiment?
There is a wave 4 into wave 1 violation..... and therefore we could see a flat? But must then be a truncated 5th wave.
Three tops are in place and it has been a month in making.
We have a downtrend on daily - 2 lower highs and 3 lower lows. Very close together - yes - but it's there a confirm a fragile downtrend!
There is a backtest of the broken wedge trendline (in Purple).
Tapering should mean bearishness for market - The pusher is taken the normal amount of drug away from the addict and the end is now in sight. This should at the same time be bullish for the US- dollar. I don't see a new risk on willingness with only 3 full trading days back - volumen will be fading. We are almost at ATH. Santa came down the chimney tonight riding on QE-Rudolf..... left again before being caught I'd say. Rudolf being reduced in strength. Remember... market is looking ahead and able to see the end. Can't find optimism when the end of QE is now in sight. Next could be a rate hike.
The SP500 and leverage is higher here at the stimuli bubble then back at the dot.com- and subprime bubble: gyazo.com/3a703899c6c34bed3e8f49a357f6b7a6 All we need now for risk aversion is a panic situation to push market over the edge. The currency trades have already been setting up.
I have bought shorts already. I'm not all in - but my first pair of german lederhosen is on ;) I know... there could be a follow through tomorrow and all this could be in vain.... but the possibility is there.... right now
RSI still above 50 but in a downtrend... on weekly and especially on the monthly chart (see below). A tweezer top tomorrow and .... hibernation for the bears could be over.
Time will show.... as always! Safe trading gents! BM Music at work: youtube.com/watch?v=QRy_aAYCyTw Remember to turn on subwoffer :)
Kommentarer
Mikke2130.
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i HERE A LOT OF INVESTOR AND TRADERS SAY THIS IS A MINOR SELL-OFF AND I WANT TO TELL ALL OF YOU THERE WRONG. THE MAJOR SELL OFF HAS ALREADY BEGUN. THE S&P 500 HAS ALREADY FORMED A PERFECT MONTHLY WOLFE WAVE PATTERN WHICH IS IN STAGE 5 EXTREME, WHILE MOMENTUM HAS ALREADY TURN DOWNWARD. THE MARKET WILL NOT ADVANCE SIGNIFICANTLY ANY FURTHER. THE DECLINE WILL DROP TO THE 700 TO 600 AREA. SO ANY ONE HOLDING STOCKS OR INDEXES FOR THE LONG HAUL ARE GOING TO LOOSE GREATLY. CHECK OUT THE WOLFE WAVE PATTERN.
BM...nice work. Am not a wave guy, but top is coming soon, IMO.
CoinedByCrypto
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Thx! jmboyer1 I have looked at the charts for 6 hours with the question: what is wrong about this chart?... and it just suddenly struck me.... the wave 4 into wave 1 violation... less see.... Who knows what tomorrow brings: youtube.com/watch?v=OjGoJFgI71I
jmboyer1
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BM, just added my take....shows long-term channels (tradingview.com/e/TUgjD92f/)....shows a channel (2009 to now) within a channel (1982 to now)....assuming channel drawn correctly, could be a top in Mar 2014...not too long away. Thoughts?
Trix
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I got a chart for you give me a min
Trix
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OVER BOUGHT UNDER SOLD FINANCIALS LOOK LIKE CRAP EVEN THOUGH THE COMPANIES ARE RECOVERING> Tards be buying anyways.