Short

Update - Potential 15% Correction within Days for the S&P

Updated

So my timing was significantly too aggressive on the 15% correction / inverted H&S continuation idea from two weeks ago, but the idea is still the same... except now we finally have confirmation of a break of the uptrend on the weekly chart in the Ehler's Center of Gravity indicator, one of my favorites for determining if a trend is increasing, reversing, or continuing. I think we get a jump up Monday/Tuesday (bullish divergence on the 2hr/4hr) and then a drop to complete a H&S reversal pattern on the daily and the fall continues through BREXIT until we reverse into a new bull trend once we reach the lower 1800s.
Check out my original idea for more details. The inverted H&S continuation pattern is still a possibility to come true.
Edit - Most likely we'll only hit 2097ish, which is the uptrend channel from the bull run since february. I'm thinking that we won't be able to break into that... so TP1 - 2097, TP2 - 2015.

Note

TP3 is 2137. If it goes above that, I believe this idea is invalidated and the market will continue going up.

Note

Actually, 2126 was my TP3, TP4 is 2137. I see that it just hit 2127, which is essentially my TP3. Hopefully there is a decent pullback before it hits 2137 and it creates bearish divergences on the 2hr and 4hr waves. There is already bearish divergence on the Daily, Weekly, and Monthly.

Note

Wow, BREXIT drama... but I believe we are going back up... there is too much bull divergence on the daily/weekly. Also, the VXX chart is saying that it wants to make new low or at least fill the gap at $13.30, so we're goin to bounce. I think we'll do a double bottom first or possibly hit the lower 1990s and then bounce up. My target is 2094, but it is possible that we get into the 2120s, though I doubt it. 1830ish is still the target before going back up.

gLloW

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Potential 15% Correction within Days for the S&P

by gLloW

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