Back in Dec of 2016 I called for an SPX top in October of 2017 at 2650. I was early and low and the market continued to climb to record highs at 2900 area.
Here is my logic for calling tops
1- Clear 5 wave structure
2- Top formation is common kind of a double top but the second touch breaks the old high on low volume and momentum then shoots down....
3- Low volume on the last bull move , volume divergence (High vlume early in trend and less later in the trend)
4- MACD Monthly cross
5- Momentum! Jesus do we have downside momentum i've seen enough bear markets start to feel this one
6- NET SHORTS ACCORDING TO COT REPORTS BY COMMERCIAL TRADERS
These are the reasons I'm calling top
the reasons for the target are simply estimates based on past bear markets and volume analysis and .618 support
I think we'll have a Christmas rally only because I think investors will buy on positive 1qtr earnings and the market is oversold there needs to be a bull trap.
Here is my logic for calling tops
1- Clear 5 wave structure
2- Top formation is common kind of a double top but the second touch breaks the old high on low volume and momentum then shoots down....
3- Low volume on the last bull move , volume divergence (High vlume early in trend and less later in the trend)
4- MACD Monthly cross
5- Momentum! Jesus do we have downside momentum i've seen enough bear markets start to feel this one
6- NET SHORTS ACCORDING TO COT REPORTS BY COMMERCIAL TRADERS
These are the reasons I'm calling top
the reasons for the target are simply estimates based on past bear markets and volume analysis and .618 support
I think we'll have a Christmas rally only because I think investors will buy on positive 1qtr earnings and the market is oversold there needs to be a bull trap.