Getting back to stocks like $BABA (trading in a wave b). That's a little counter-trend rally.
See the wave c target on the chart in part 1 of today's, update.
Qualcomm: They obviously drove this to a slightly higher high, just in order to squeeze some retail short sellers, but also this look like a capitulation top in wave 5. They probably think it should trade back to the top of the channel. News Flash; Wave 5 seldom trades to the top of the channel!
Pump 'n' dump market!
$SOX - This is a 20 yr chart - we're seeing a little throw-over the top of another triangle. Again pumped above the 2000 high, because hey that's the jester's playbook! Looks bearish as hell. Wish I could add to $SOXS, but I'm already Net short 2 sectors.
Getting to what's driving Europe, and what's likely going to take it down. Not China Trade, but PIIGS!
Why not make it PFIIGS with a silent P, and include France?!
Portugal: Totally insolvent, and coming up against resistance at my thin blue line. Of course the world bank can continue to bail them out, with 0% interest, but where does that lead? I think bond traders might know....
FRANCE: Could be a truncated 5th? Anyhow, I don't like the triangle it's traded into, unless it can be confirmed as a bullish continuation pattern. That seems unlikely, no matter how much Macron is willing to suck up to China. See: Europeans look to China as global partner, shun Trump's US
ITALY:
IRELAND - Sorry I don't have an Ireland Chart.
GREECE: WOW
SPAIN: I'd say, this one looks far worse, than the rest, and if it's going to take out the lower channel, it has a long way to fall.
It's no wonder the bond market, and gold, and the Repo market is blowing up.
$DJUSFN: Dow Financials. Looks like another throw-over, out the top of an upturned triangle.
This what it looks like on a 20 year chart. Barely back to even.
That's all I got.
Later,
AA
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