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Thursday, February 16, 2017

Market update 2/16/2017 - "Wait for it"

Looks like the end of wave 3 to me.

Looking at the 5 min $SPX: I think we could consolidated here for a while, before retesting the highs next month, followed by a "sell in May and go away", scenario, sometime after the Easter break.    

Nearing the end of wave 3. I like the 2330 (blue lines) target for wave a, of A, in a bullish down turned triangle in wave 4, but wave 4's are tough to predict. We'll see...

Seeing another sell signal on the EMA Envelope, but still waiting for a bearish candle. Wait for it, wait for it...

Speaking of hard to predict wave 4's; once we see the end of wave 5... I'm looking for a big correction. I've came up with this bullish view of the NASDAQ (below) just this morning.

Would mean this entire Trump rally is a head-fake in a running wave "B", and 4 years of lower corporate earnings, or lack of confidence, over the next 4 years. Expect a lot of wailing and gnashing of teeth from the financial news networks, and of course Trump will be blamed, but this is a natural correction after years of out of control government spending (by the Republicans and the Dems), and massive corporate, and consumer debt... but I digress.

I'm bearish gold miners, but I think there's a good chance we see a blow off top, tomorrow, on OPEX. I'd add to shorts there, or wait for support to break...
Gold Bugs index $HUI

Have a great day, AA

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