SMC Update 6-22-23

06/22/2023


Comments (28)
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jshemanski49196
jshemanski49196

McClellan Oscillator went negative today, so hopefully the 10-day exponential follows here.

fast3777
fast3777

Japan in a 3rd wave down. I think we will see that SPX downside projection met today and lower still. Bitcoin is forming a real compact complex H&S pattern. If that starts down prices should accelerate lower. Another daily gap that won't be filled probably. Bearish indeed. Good luck.

fast3777
fast3777

Bitcoin doing the final C up. 31K? the reversal should be something.

dcarter8883312
dcarter8883312

Don’t get too bearish yet. My profile shows low today and upward chop into July 7 or July 11th. That’s when Free Fall Starts. ~Dorothy

dcarter8883312
dcarter8883312

szulc2639

Ever heard of a double top or lower peak failure? I’m short but likely will cover near close today and see what next week looks like. IF I’m wrong that markets don’t rally Monday I can re-short. ~Dorothy

szulc2639 said:

dcarter8883312 said:

Don’t get too bearish yet. My profile shows low today and upward chop into July 7 or July 11th. That’s when Free Fall Starts. ~Dorothy

The correction or beginning of something more bearish has already begun from 6/16.

fast3777
fast3777

Look at the SPX on a 3 day chart. The index traced out a very large expanding diagonal triangle. Completing wave E and now just below the top trendline which it gapped up through. Now gapped down through the top TL creating a island reversal. Very weak and can't get back above it. Downside target is about 3900. Should decline very quickly.

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fast3777
fast3777

The manipulators really have a hold on the VIX,back below 13.00. I have never seen this before. A upside explosion will happen. Tremendous bearish portent.

fast3777
fast3777

Bitcoin climax imminent???

dcarter8883312
dcarter8883312

fast3777 :

The lowest target 🎯 I have —so far— on SPX IS 4079.98. This target will be canceled if Gap is filled 4407.44. ~Dorothy

Look at the SPX on a 3 day chart. The index traced out a very large expanding diagonal triangle. Completing wave E and now just below the top trendline which it gapped up through. Now gapped down through the top TL creating a island reversal. Very weak and can't get back above it. Downside target is about 3900. Should decline very quickly.

fast3777
fast3777

That island reversal in the SPX cash is beautiful.

fast3777
fast3777

The NQ looks to have made a A up yesterday, B down this morning and now in C up. Should reverse lower. YMMV

dcarter8883312
dcarter8883312

I’m out of shorts Long AAPL & TSLA Both very strong today

ericoh792283
ericoh792283

Buy the dip folks!

fast3777
fast3777

Island reversal : A candlestick pattern at the end of a usually strong trend separated by two gaps. It’s separated by an exhaustion gap in the direction of the prevailing trend, signaling for potential weakness. It is also followed by a breakaway gap in the opposite direction signaling for the end of the established trend and the beginning of a new trend in the opposite direction.

dcarter8883312
dcarter8883312

szulc2639 I have a profile that is correct more than it’s wrong. I listen to Markets! That’s why I covered shorts and am long AAPL & TSLA. A market that doesn’t follow through on downside likely will rally.

How long have you been in markets? Me? 1974 probably before you were a twinkle in your father’s eye. ~Dorothy

dcarter8883312 said:

szulc2639

Ever heard of a double top or lower peak failure? I’m short but likely will cover near close today and see what next week looks like. IF I’m wrong that markets don’t rally Monday I can re-short. ~Dorothy

szulc2639 said:

dcarter8883312 said:

Don’t get too bearish yet. My profile shows low today and upward chop into July 7 or July 11th. That’s when Free Fall Starts. ~Dorothy

A weak right shoulder of a double top is common knowledge, but because you think that'll happen doesn't make it so, better practice is to listen to the message the markets are telling you now.

fast3777
fast3777

Lot's of exhaustion patterns on all stocks. Expanding triangles usually reverse wickedly and that island reversal is all the confirmation I need.

fast3777
fast3777

About finished.

fast3777
fast3777

This is some bad arse B wave. You have AAPL today finishing it's bull market run....simply amazing.

fast3777
fast3777

Just broke through the top TL of the expanding triangle and Japan is headed down again. This should get interesting.

fast3777
fast3777

Btw that TL on my cash SPX chart comes about through at 4358....

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