Matic on it's 3rd leg of an Impulse?Love Matic, love catching a wave. Hopefully this newbie will ride it out and not wipe out!
Third-in-fifth-wave
I Spy A Fed Guy; Two Roads Diverge...Take Less Traveled?!Terrific rally to the 0.786 Fibo; looks like a slamdown at 290 today. We all expected a rally, but this one blew us away. Now we are back in the middle; higher prices but year. Pullback seems imminent; look carefully, however, you may find at least three similar Doji's that fooled us. Cautiously shorting in anticipation of trade and Fed combo worries leading up to FOMC meet next week. No guarantees in this game.
Two roads diverge at the meeting: a rate cut will trigger massive upside explosion and race to new ATH in July. EW theory suggests we may be in a 2nd of 5th wave, if so, a 3rd-of-5th would be terrifically bullish, a final blowoff meltup to cap the final surge of the Great Bull. These Elliot Waves are always and only clear in the Retrospectometer.
FOMC Disappointment... well, you know.
Trade at your own risk; GLTA!
Possibly charting breakout of channel and recovery of correctionExtreme bullishness prevails. Vix- dropping off to almost nothing.
What looks like a tiny Elliott wave 2 formed Friday AM but quickly dissolved into bullish enthusiasm.
If this is the breakout move gathering strength, then the chart shows a possible course. I believe we may have entered minor wave 3 of the V(v) 5th wave already ('third-in-fifth wave').
I lost some bank shorting into the countertrend wave today then was horrified to see the Bulls stampede up to 25740 before settling back. I do NOT recommend shorting anytime soon! Any pullbacks now will be brief and slight, no way to gain anything and all risk. Go long! Purchased Dow index calls on the slight pullback in late afternoon.
Futures bulled higher after the close and I expect higher still Monday. I would not be surprised to see another 300-point gainer. Expect the SPX to break 3000 on this runup, by November or sooner.
As always, this is not investment advice and all comments are only intended for education and amusement. Good luck!
