Mar 23, 2014
Short Update
I am very busy and I have no time and energy to write something. That is why there were no update last week, this week and probably I will skip the next one too.... not sure for now.
That is why only a short update, nothing dramatically is happening anyway:))) I do not think that we will see an important reversal as often happens in March.
As I wrote two weeks ago I see a correction and nothing more. What happened - we saw one week choppy move lower and one week 3 waves corrective move higher. I think now it is time for the next wave lower from the correction and the reversal from Friday confirms it. Potential targets 1830-1835 and the 1800-1810 area.
Here is how the big picture looks like.... below 1800 it will start looking ugly until than we are watching the red scenario.
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Really appreciate the update Krasi. Always enjoy your perspective on the markets.
ReplyDeleteGood to have you back Krasi!
ReplyDeleteKrasi, would love to hear your thoughts on the NASDAQ and SPX. Have a nice weekend.
ReplyDeleteI have posted a review about SP500.... watching the charts and the indicators I was thinking this up leg should be
Deletepart of a bigger corrective structure despite the new highs. Than I looked at the NASDAQ charts:) and it looks much better for an A-B-C correction.
If this is the case this is the C leg of a correction and targets for NASDAQ are A=C=~4050 and C=1,618xA=3900.
It think the down move should last several weeks, 200MA is around 3900 so the second target looks more probable.