SPX 80%+ by November?
The all time high we hit last year was also the top of the working channel we've been using since 1926. Process that. Okay, so the issue is, we didn't just tap the top of the channel and pull away. We spent weeks above it. Toiling over it. This, too me, suggests a weak and vulnerable top. And the volume up there did not exhaust to a tip, so we also had a poor high and no retest of the top of the channel. Therefore, I conclude, that this is NO LONGER the channel of all time, and that the market will break that line, signifying that the high fib line is not the 100% but rather the 61.8% of a new larger channel extension. I have established this on my chart. And based on the pull backs between 2018-2020, you get the counter channel to the short side, with a base formed. This means we'll run to the top of both the down and up channels, they will fight, and then likely we will fall back into the down channel that has started to form. The next move is 80% up around 6700 ish. I don't care how stupid that sounds, the market isn't based on rational thought. I am not biased. I do what the data and the fib targets tell me to do. I am a slave to the data. We're currently stuck on the half way fib between the two larger fibs, and we'll likely run for the next half way fib above the 61.8% on my chart, so we can fall for a year and find support back on that orange 61.8%. I don't think we'll be retesting much on the way up. I think shorts are going to have to give up and it's going to get NUTS. Don't hate shorts, because when they give up, volatility is $$$. I go both ways, but certainly make way more money long than short with all of it's chaos.
And this bottom? Exhausted. I think we're about to see the single largest short covering in market history. Owing to TSLA, funds like ARKK being heavily shorted. SPXS. Everything has to move together. But as you can see, we'll lose 30% of it on the way back to the major fib. But to break the all time channel??? That EVERYONE and there MOMs shorted off of with such boring and blatant clarity? They are asking to be busted. And this channel needs a real major thrust to prove it is no longer the narrative.
Be warned. I think April is a rocket, but how that happens, anyone's guess. Shorts could drop us 8% and we could turn and end up 15%. I've been loading up on futures, current basis is like 4100. I've been stopped out for profit this last couple weeks anticipating this burst, and I'm getting a little pissed?!?!? Just go already.
And this bottom? Exhausted. I think we're about to see the single largest short covering in market history. Owing to TSLA, funds like ARKK being heavily shorted. SPXS. Everything has to move together. But as you can see, we'll lose 30% of it on the way back to the major fib. But to break the all time channel??? That EVERYONE and there MOMs shorted off of with such boring and blatant clarity? They are asking to be busted. And this channel needs a real major thrust to prove it is no longer the narrative.
Be warned. I think April is a rocket, but how that happens, anyone's guess. Shorts could drop us 8% and we could turn and end up 15%. I've been loading up on futures, current basis is like 4100. I've been stopped out for profit this last couple weeks anticipating this burst, and I'm getting a little pissed?!?!? Just go already.
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