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Prediction

Bullish But Wait Until Feb 27th to go Big LongThe black arrow/path is my near-term forecast, I expect price to trade along this trajectory. As the title indicates, the market is near-term bullish but don't enter long or add until Feb 27th for the following reasons: 1) chart perspective : The structure is setting up for a sustained break of 5039 to make a final leg higher to complete a smaller degree wave 5 (I didn't draw the Elliot Wave Count in my chart, just trust me that we just completed a smaller degree wave 4 and are looking for confirmation that 5 has begun). Price will continue slightly higher for the next 1-3 days (2/22-2/26) and then consolidate - likely forming a w fractal - through Feb 28th (next Wednesday). After that it will make the sustained break higher and run through early March before topping. 2) logical perspective : new bulls (especially retail) is going to chase this gap up in SPY tomorrow (extra FOMO due to the NVDA jump) and they'll buy ignorant Feb 23 - Mar 1 OTM calls that are designed to expire worthless. If you're not already in you're late, its all good I'm not in yet. Simultaneously the perma-bears will pile in thinking its "over-extended" ... everybody playing loses temporarily. Waiting until 2/27 will also give this enough tome to confirm long, a break back below 5000 is a warning sign for bulls and a break back below 4969 is Bearish. The play is to wait until the implied volatility on calls for Mar 15 expiry or later cools off while price consolidates around 5039 (SPY 501). Buy SPY 505.00 calls on Feb 27 to prepare for the bigger move staring on Feb 28 (earliest expiration you should be eying is Mar 15, but I'm going to go out to April). ---------------------------------------------------------------------------------------------------------------- BREAKDOWN of Key Levels and Path to Target: - Breakout level = 5039.20 - Initial target range = 5050-5058, with point target 5074 -The upside continuation to this range will happen fast by 2/22-2/26, then it will consolidate between 5017 and 5088 as it prepares to make a sustained break of 5039. Don't FOMO. - SPX and general market will make its main run from 2/28 to 3/15/2024. Goal Target = 5153 , but it can go as high as 5208 before consolidating again or pulling back. - Once you follow these directions and enter long (unless I post an update saying "cancel that"), the trailing stop loss will be the dotted black upsloping line. ~Good Luck This is the word of the Lord .
OANDA:SPX500USD
by JerryManders
26