WC: 23.49 Target: 1800-2400 MOASS: 47k-100K: IT BEGINS As the title implies I do think that what we will look back and call "MOASS" has begun..from a technical and market mechanics standpoint...
Technicals:
22 Level
Ive been consistent for weeks now in saying that 22 is essentially the floor.. and price has been absolutely respecting that general level
Temporary dips below dont invalidate as in my general view of TA it takes SUSTAINED lower movement (i.e. lower highs and lows) to truly invalidate a key structural level
Elliott Wave Count
From an Elliott Wave count perspective, price holding the general 22 level is a very good thing as that shows price is respecting the 05/24/24 and 08/05/24 lows which I am counting as the completion of important lower degree Wave 2's that I am tracking as part of the main macro count
SPX Synergy and Deviation
I ranted for weeks about the importance of Synergy between SPX and GME...WHEN IT MATTERS
I consistently said that there is no such thing as permanent negative/positive BETA..and that POSITIVE Beta is needed and will help FUEL the MOASS ENGINE..and eventually price would deviate and that GME WOULD BOTTOM FIRST...and thats EXACTLY what we have seen as of now.
SPX should be imminently close to bottoming as well and the subsequent runup we see over the next couple of months is what will provide major FEUL from a sentiment perspective to our MOASS ROCKET
MARKET MECHANICS
Convertible Bond Holders NEED price above 29.85 to realize profit
The shorts they put on that brought price down are to HEDGE their position (aka stay Delta Neutral) until that happens
They will ultimately close some or all of those shorts as price nears 29.85..but do be aware they will add shorts back on along the way as price retraces to hedge against any significant moves lower which will greatly increase VOLATILITY..and thats where the Arb Traders come in
The Arbitrage traders have been feasting on market volatility in the meantime..and they will continue to feast on any significant volatility swings
Margin Calls and Shorts Covering
Margin pressure is INTENSE right now across the market and Hedge Funds are feeling the pain BIG TIME...that means Legacy Shorts are too
I said a few weeks ago that the market in general was starting to see Shorts bail on positions and you can expect that to intensify as GME rises
www.dailymail.co.uk
www.reddit.com
www.bloomberg.com
Settlement Cycle Indicator
Tweaked the "blue lines" and modified it so that each settlement cycle has its own distinct color
Remember all of the lines are PROJECTIONS which means they are drawn BEFORE price even gets there
With that in mind notice how well they correspond with major changes in the price structure
Its not a crystal ball per se' but its pretty darn good as far as Im concerned (notice how it NAILED the April runup from last year- wish I had it back then smh)
As a reminder my final VIDEO updates will be on:
04/19
05/03
05/17
06/07
GOOD TRADING TO YOU ALL!!!
