Like a train, prices keeps pushing higher. This is not what I expected price to be at but the ST has told me otherwise that the trend is on an uptrend. Dumbfounded if there ever was a time. A reversal would be a good time to buy the dip if there is ever one. Rumours are that the FED has been buying the Stock Market. But we know that it cannot support such a large market like this. At least not for very long. Even the short-term pull back that I was looking for yesterday did not materialize. So for now this impulsiveness to the upside is getting hard to count.
The suggested scenario is that if we push higher towards the Fed meeting, then most likely a top will be formed than a bottom, but knowing the FED you just never know.
MT: DOWN
ST: UP
PA: UP
As you can see prices have blown by "ALL" resistance without looking back. This type of move is hard to analyze when resting points don't even work.
Looking for a target of 2000 on the SPX, but would be ideal for a pull back of sorts before any resumption higher. There are also no more negative divergences to slow down the price action other than the MACD.
As I mentioned before, this time markets fool most people including me
ReplyDeleteUsing only technical analysis is not good stratergy.
Should combine with fundamental analysis.
I started to suspect a week ago that your count for market correction might be wrong. Luckily that I still hold some buying position
Anyway I don't know when to add more stocks in my port because markets go in straight way
Yes.. As I have previously stated. EW counts are not a priority here and most than not will lead to the wrong count. Its just the probability of things.. But knowing what the corrective and impulsive patterns is much more important. As you can see, our ST has called it quite well. In this case the technical analysis is a good strategy..
DeleteWe also knew from yesterdays analysis that a move higher are in the cards along with a possibility of acceleration. Both occurred today.
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