Candle Cal navigates SPX trends
Updated
We have Candle Cal here to show us where he thinks the market is headed. Cal tripped after a nice run up and is expecting he'll keel over around August-October. Further refinement of that projection should be possible by July. He's also expecting increased weekly volatility in the meantime, while overall daily trends remain moderate.
Comment
Analysis of the current downtrend turned out wrong. Instead we're seeing an extension to the 2017 trendline which suggests greater volatility in upcoming weeks. The remainder of this analysis is not based on the initial downtrend so it should remain valid.Comment
With today's pullback, we can determine that this idea is in fact invalid. Why? It puts us firmly beneath the trendline under Cal's feet. Without that upward volatility, it'll be tough to pop above the green trendline. Instead we should now see an extremely volatile but slow ascension to the green trendline and down - but with resumed upward momentum shortly thereafter. Cal's trip and fall has turned into a mere tumble! Well, good for him.
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