UPDATE November 16
what a wild day, I opened huge! but was on the road ![]()
so rather than massive gains I had good gains ![]()
well you win some and you win some ![]()
So where are we and what may come? First a look back at my nov 15 post.
and now the latest QQQ
I think we completed the 3 wave of 5 up (purple). We accomplished this by doing just as I said, minor 3 (yellow) completed by pushing up a little on Monday then selling down to minor 4 and then tuesday, just as I predicted, was the run to 291.5 (and then some) completing the minor 5 (yellow) and the 3 (purple) wave... So, it should be down from here (it started Tues, look for support at 282-279 to build wave 5 up towards 301-311 (so let's say 308 ![]()
). For a conversion to NQ multiply QQQ by 40, 308×40=12320
As always, how we get there is the fun - money making part. Below are the 2 hr and the Daily charts, to show 2 different charts with the same target, I showed this so that hopefully you can start to see these targets, they are not random. That trend line on the Daily chart was drawn back in March, the markets are not just a series of random events, there is a sequence to the markets.
$E-mini NASDAQ 100 Futures(JUN4)(NQmain.US$ Futures to show my charting on the futures and how that matches QQQ
$VIX Index Futures(MAY4)(VXmain.US$ Looks like we may get a brief reversal, maybe a day or 2.
I think this can go 2 ways (but the possibilities are endless) first we can drop and reverse (from ~280 to 308 is a huge move - 10%), that would take "news" to move the market like that, or we can drop (dropping is the easy part) and start to churn at the bottom, bouncing between 279 and 285 for maybe a day or two Wed/Thur (this makes sense to me, that would give the MMs time to build lots of options both ways) before running up towards 301 .
The rise in the dollar should drop commodities and precious metals. I'm watching the precious metals to see if they start to fight the dollar (rise with it) this would be a bad sign as it would signal a global shift away from the dollar.
$Cleveland-Cliffs(CLF.US$ Should drop with the dollars rise. I believe that is an entry point below 15. I had shares from 12.9 that I sold yesterday, and options that ran from .33 to 2.14 (that's 650% in 3 days, not bad)
Snapchat $Snap Inc(SNAP.US$ this one is spring loaded, a long basing period (since July) usually means a big run. I sold out yesterday, so I am really wanting that drop ![]()
looking for a range between 10.8 and 11.3 I'm leaning towards 10.8 but we will see what this market wants to do.
Consumer spending comes out at 830 est, an hour before open. Target just reported a huge miss and is getting crushed. This is funny (nothing is funny because the economy is/will collapse, I'm talking depression not recession, *the downfall of the west* but that's a story for another time) because I was just at target buying some larger items on sale and there were no lines and just a couple weeks earlier the lines were packed. I made a comment and the teller told me that most people are buying small items (the cheapest items) and not a lot of them, she was impressed at what I was buying and said I got some awesome deals, I agreed ![]()
Bulls are trying to hold support at 289/290 maybe they can hold support here or as high as 287.5, I don't think so, but let's see how this plays out.
As always be safe, be wise, be careful and as always Good Luck ![]()
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BeBlessed : May our short positions will bring us more cash for the festive season!
iamiamOP : I bought SNAP SLV CLF and SOFI at close. I'm not sure if we are done going down. I dont think so, I think we have another leg down, but if not
and if we do have another leg, I can always buy more, because I also sold half my SQQQ and DRIP. let's go!
Thelord iamiamOP: Are we expecting an end of year rally?
iamiamOP Thelord: yes, but we need to go down then up then way down before the rally
BeBlessed iamiamOP: Will this leg down be lower than the June's low?
Thelord iamiamOP: If it is to go up, it should do a series of higher highs and higher lows
iamiamOP BeBlessed: this current down pattern should hold around 281 on nasdaq before a run up. but then the next down after that should be new lows, maybe not the dow, the dow and defensive stocks may hold up better... if we break 279 on nasdaq today then I would be waiting to see if the market can hold or if we are selling down, bear markets can break up trends quickly.
BruceLin8 iamiamOP: QQQ 282 ，then going up?
BeBlessed iamiamOP: Alright thanks Bro iamiam
iamiamOP BruceLin8: it can go as low as 275, but if it breaks below that it should waterfall down to 269 and be bearish again. however i expect us to hold 279 before a reversal up towards 301-311 (I'm going to start just saying 308). Then we should get the sell off.
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