UPDATE April 26
Well we broke down and hit the lower target of 12800 exactly 😁 and then we bounced on earnings, and wow, did we bounce. Nasdaq bounced all the way back into the channel. The chart does lend itself to go higher, but it's short the rally time. We could still reach a new high (around 325 on QQQ, 13350+ futures), but we are heading down overall. Personally and according to my count, I believe we are going for a new low, breaking the October lows.
2 hr - On support, it may have broken it by now. if it breaks 12800, then we are on the way down down down.
$E-mini Dow Futures(JUN4)(YMmain.US$ Watch to see if it builds. It looks like positive MACD divergence. The lower bollinger has leveled out, and the price should move up to close the Moving Averages gaps.
Yesterday is why I said I wouldn't want to own anything but vix platinum and leg into NatGas (buy small amounts over the next few weeks). I still believe that, only now I will add SQQQ on any rallies.
and for fun
there is no point charting SQQQ, it does not move on m9ney flow, it's a derivative it moves based on how their leveraged holdings move.
I'm looking for a sell everything type of sell-off. That includes the Generals. Generals are big tech, big oil, and long developed stocks like Altria, Kellog, and now some big pharma.
closed the OPEC gap and holding support on the lower bollinger. The bollingers and MAs are pointing down, and recession fears should drive price down. I'm looking at the lower 70s. In the long run, we will see 100 dollar oil this summer. Like most commodities, this is a shortage play, not a recession play. The supply chains have still not caught up in commodities, the lack of production during covid has not been caught up.
Be Safe, Be Careful, Be Wise
and as always Good Luck ![]()
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Dons hobby : Someday iam, I will be able to play in your neighborhood hope you kill it for the rest of the month my friend.
Violets : you called this beautifully yesterday,! nice!
102235596 : Do you think it’ll hit octobers low or beyond that next week? Or is that a more long term move - asking cos That’s quite a big move down!
Thanks always for sharing your knowledge!
iamiamOP 102235596: in the next couple months
股勇者 : wow October's low? bravo
Ng Yit Chong : so complicated for what ! up is up ,down is down ,which indicators you are looking at ?
102235596 iamiamOP: After that big move down to October’s low, based on the wave theory - does it mean we’re finally out of the correction and moving back up?
iamiamOP 102235596: no, the correction that follows will be another bear rally, before another drop. but now we are talking years
iamiamOP 102235596: no, the correction that follows will be another bear rally, before another drop. but now we are talking years