I’m watching tech for the natural cycle count. It’s now on week 25 and due to form an intermediate degree bottom as soon as this daily cycle makes a final low (the daily cycle is on day 42, so a bottom is due any day).
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I’m watching tech for the natural cycle count. It’s now on week 25 and due to form an intermediate degree bottom as soon as this daily cycle makes a final low (the daily cycle is on day 42, so a bottom is due any day).
Looks to me like averages DJ, Comp and SPX are headed to 200 dmas, Comp 4300 and SPX 1905. A strong bounce during option exp week could set up H/S pattern with SPX R/S 1985 to 1991. Lower targets then 1840, 1740. Sorry for TA.
Yep, looked like that this morning. But it is not time for a fall that hard. It is time for cycle low. And that, boys and girls, is why we don’t do TA.
Assuming we get follow through tomorrow, I will be adding to positions in the broad market. Maybe the DOW… it’s been strong than the S&P last few weeks.
I like tech myself. It’s leading the market higher and I think has a date with 5100 on the Nasdaq before this bull can find a final top.