Been away for awhile... other things in life have not allowed me the time to post lately. I will be making an attempt to get back into doing this regularly.
So...
We are in a fibonacci turn date period. It started April 6th and ends April 15th. What this means is that sometime between the 6th and 15th.. we will either put in a short term bottom or top.
My guess is this will be a bottom, but not the kind of bottom we are used to for the last couple years. This is turning into a sideways consolidation move. Essentially, the market is coiling a spring for another shot upwards by burning off the overbought conditions of that last big ramp off the March 6th bottom.
The target for this next move north is tough to call, but I will say it will be AT LEAST S&P 950. I think 1050 is possible but certainly not gauranteed.
However, this will be an opportunity to sell and go short again somewhere north of 950. Even if 665 was THE BOTTOM... we will at least try and test it one more time before this bear market is over and it's certainly possible that we actually take it out and go much lower. If that does happen, the target is somewhere below 400 btw, which is very very ugly and will not be fun for anyone.
For now though... this rally is not done, by the 17th of April we should be on our way higher in another power move north through the end of the month.
*** beware the sell in may and go away crowd. We could get another dip in May sometime for the sell in may crowd, looking like the rally is over... followed by yet another surge before it really ends. Just something to keep an eye out for... but that would be something that would likely occur in the 2nd-3rd week of May and the real end of the rally would occur near or into June.
No charts today.. but will update with charts before the end of the week.
GL trading.
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