Thursday, March 19, 2020

Thursday Update (3/19/20)

SPX did not make a lower low, nor a higher high today. 

Although yesterday's low can be counted as a/the low  (Chart 1, green (C), blue 5(C) or [3],  red [5]),  the bulls are not out of the woods yet in terms of a confirmation to the upside.  

A larger contracting diagonal in SPX (Chart 1 purple (C), Chart 2)  and a larger expanding diagonal in ES (Chart 3) are still on the table.   

Chart 3 - Although wave E-down of (C)-down in ES now looks like a potential EDT, the numbers do not work out, it's likely [a]-triangle-[b]-[c] as marked on the chart.



2 comments:

  1. This is worth reviewing - him plus several others similar statement around that time. (copy to your browser window)

    https://www.marketwatch.com/story/founder-of-worlds-largest-hedge-fund-says-cash-is-trash-as-the-dow-soars-to-records-2020-01-21

    ReplyDelete
    Replies
    1. ?? MTU
      For the record on 21 January when Ray made this call I bgt a large qty of short positions which were sold a close to bottom prices on those stks in the last week that yielded between 50x to 77x their cost. Other bgt on 17 Jan yield up to 100x.

      Now I have gone long. Because around here is a bottom of some type. But there are no guarantees about anything with the mkt or EW counts.

      Delete