Looking for capitulation around 420 or more for the final 5th wave of C. Now that all the Powell traps are done, a final wave to the channel high (and slightly above) should finish this rally.
No doubt bears are going to start throwing in the towel around here - 5th wave of C can be intense and painful if you are against it.
I prefer to collect shorts above 419 slowly. Target is eventually 360 where various technical confluence lies - double bottom area, and Monthly BB among many other important weekly and monthly MA's.
Good luck!
No doubt bears are going to start throwing in the towel around here - 5th wave of C can be intense and painful if you are against it.
I prefer to collect shorts above 419 slowly. Target is eventually 360 where various technical confluence lies - double bottom area, and Monthly BB among many other important weekly and monthly MA's.
Good luck!
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SPY monthly target area 365-355.
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note we are pushing up against the monthly 20 and 18ma's. They can get above them a bit , but I think February closes below both.
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on futures - 4190 has been stiff resistance for the last few rallies - including yesterday. Bulls need to breach that, otherwise it could be a double top forming. Bias is still up and Slow Stochastic is still embedded bullish.
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interesting inner structure on futures -
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lots of fed speakers today. It's possible we already had a first impulse and yesterday was it's correction. Today may be a surprise to the downside.
