SPX head and shoulders possibly complete - Larger C may be next
Looking at the futures charts today and I wanted to convey my thoughts for the week and also what I think may be coming for the next few months. There are a few other charts I've been talking about which seem to point to this idea as well (IWM, SOXX, XLF). A further bounce back up would not change this idea but getting over the summer's high would invalidate it for sure.
Good luck!
Good luck!
評論:
futures opened at resistance.
評論:
they broke above resistance this morning. Could be a false break - in which case it drops before or after open, or they are going to test the previous high.
評論:
so far they are having trouble at the .618 fib, doesn't mean anything yet. A break back under the channel would mean something.
評論:
no breakdown yet, rsi could keep pushing up into tomorrow which means a test of the previous high.
評論:
right now IWM does not look like it will go higher.
評論:
good morning, no change overnight. If they get under the lower blue trendline it would be more bearish. Upper blue trendline could still be a target first however.
評論:
red trendline seems valid, but they could keep retesting it higher.
評論:
this count looks good to me, but we have to see a reversal this morning. Red trendline was adjusted, this looks better.
評論:
upper trendline of channel about to get reached. they are taking time filling out the head and shoulders
評論:
overall, this is the larger picture still
評論:
spx now over it's 18day ma, a close above is bullish.
評論:
we're now approaching a heavy resistance zone (4490-4500).
評論:
ramp up into the end of the day, I'm still bearish fwiw. Tomorrow GDP before market opens.
評論:
.618 fib is 4505 on cash, could extend to 4515 (.658). Over that and it will start looking worse for bears.
評論:
correction is mature, but no idea if it's finished. Above 4535 and they will likely touch the high or get higher.
評論:
they are likely going to push it up into the close to 4530
評論:
Good morning, 5th wave (if correct) to 4535 was this morning. This looks finished right now, wait for confirmation (Under 4500 and no higher high on the bounce)
評論:
SOXX back to channel resistance.
評論:
we're getting a reaction, but nothing is confirmed until we start breaking 4500 and holding under it.
評論:
this is currently what I'm watching, no idea if this holds or not yet. Tomorrow should be more telling, see you then.
評論:
nasdaq daily.
評論:
we can't say it's a head and shoulders anymore, although rty still looks like one. I still believe this is an ABC with the C upward move ending soon. It's been a surprising move up, unfortunately I didn't see it.
評論:
today, September 1 should be inflows of hedge funds etc, So I expect the move higher will continue today.
評論:
up to 4550 at least, then we'll see this area was support before, so it "should" be a resistance area on SPX
評論:
difficult to say if it goes higher, some charts are at strong resistance, some aren't.
評論:
this still could be 4 with a 5th wave next week. RSI is kinda low on mid time frames at this point.
