Today the market sold off...AGAIN to prove how wrong the "mid-term bullish outlook" is. Has the intermediate term bottom been in place firmly on Oct 10th? Definitely not, today SPX reached a new low close, which is also a multi-year low close of course. And neither the pattern nor the waves seem showing a capitulation or an end of the trend. Enough said, let's take a look at the chart.
TED spread looks well although it is not in a "normal" range yet.
VIX is still very high:
SPX daily and 60-min chart: the wave structure needs to be clarified. This wave 3 started in May will be the most violent one in the history. Based on the Fibonacci expansion analysis, the potential target for this wave 3 could be 600, which is a weak support in 1996 by chance. However that might not the end of the bear market, because after wave 3 there are 4 and 5. The entire unfolding process may take many years because of this complicated wave structure.
SKF daily: note the red line channel.
Master Chuxue's one prefered scenario and 我等。。
Breakpointtrades' video update and charts.
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