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Another week and zero for two on our prognostications @ the weekly level.
Anyone have a prediction on where we are going?
I don't want to keep repeating it but GEEZ it's time to go down.
I'm conflicted on that call because:
a) The russell made a new 52-week high and is not showing divergence.
b) While we are @ a 62% retrace, that is exactly the kind of resistance that if we break it, a rather large up move will occur because it signals the down wave has a very low probability of completing.
c) We went into a clearly overbought area this week but, overboughts can just be signs of rallying and can last a few weeks...
d) ES / QQQ are showing reverse divergence... i.e. down likely -- as some point!
My pick for next week:
I'm not making a call. Too many technical indicators pointing too many directions -- right now, it's all going to be crowd behavior. The GREED factor will kick in spuring more buying. However, if we can get a lower daily close, the fear will kick in.
S/R seems to be irrelevant right now. We destroyed the trend lines, the previous highs, the moving averages...
The easiest direction will be up.
Anyone else have an opinion?
Anyone have a prediction on where we are going?
I don't want to keep repeating it but GEEZ it's time to go down.
I'm conflicted on that call because:
a) The russell made a new 52-week high and is not showing divergence.
b) While we are @ a 62% retrace, that is exactly the kind of resistance that if we break it, a rather large up move will occur because it signals the down wave has a very low probability of completing.
c) We went into a clearly overbought area this week but, overboughts can just be signs of rallying and can last a few weeks...
d) ES / QQQ are showing reverse divergence... i.e. down likely -- as some point!
My pick for next week:
I'm not making a call. Too many technical indicators pointing too many directions -- right now, it's all going to be crowd behavior. The GREED factor will kick in spuring more buying. However, if we can get a lower daily close, the fear will kick in.
S/R seems to be irrelevant right now. We destroyed the trend lines, the previous highs, the moving averages...
The easiest direction will be up.
Anyone else have an opinion?
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