Aug 8, 2017

Update

We have a triangle which is usually wave 4 and break out as expected, finished pattern from the June low and MACD divergence.... it smells like a top, I can not see more bullish counts.

19 comments:

  1. Thanks. And how about Gold and gold miners? It seems they both get short term bottom? For XBI, rebound should finish?

    ReplyDelete
    Replies
    1. GDXJ looks like finished impulse lower so some retracement higher expected.
      XBI shouls move lower wit the indexes.

      Delete
  2. Thanks. I appreciate the general market (S&P 500-Nasdaq) comments and analysis the most. It seems like there are a disproportionate number of gold followers here. I hope that they realize that Bitcoin and the like are a new factor in the gold pricing equation - a chance that traditional behavior may not be the case in the future.

    ReplyDelete
    Replies
    1. Yes. it is a little bit like old generation which sees gold as a store of value and the new digital generation.
      Bitcoin is a mania and will end like every mania, but all this blockchain and digital currency idea will stay.
      The governments will switch from paper to digital currency definitely - the reason is simple much more control over our money and they like control:)
      The question is if they will be an independent currency not controlled by any government then it will be interesting and this will be an alternative to gold.

      Delete
  3. What r ur targets for spx on this correction?
    Thanks as always for sharing your skill

    ReplyDelete
    Replies
    1. At the moment I am watching 2320-2350, but we will know more when we see the move developing.

      Delete
  4. Krasi, how on earth did you get to 2490? Spot on man! Nice work

    ReplyDelete
  5. Everything runs great as expected. Do you think SPX would get rebound in short term around EMA50 here 2446? Thanks.

    ReplyDelete
    Replies
    1. If we have an intermediate term top it should be only a short pause at this level. The price should move below it and test it again.

      Delete
    2. Thanks. That's reasonable. Any expectation about the current down wave target? If this is the intermediate term top, what's expectation about VIX spike? to 20? About gold miner should also go down along with SPX although xauusd is building the top around 1300?

      Delete
    3. I expect something between 2320-2350. VIX - I have no idea how to measure moves probably something between the highs from Sep-Nov.2016 20-22.
      I think gold miners should move higher in August.

      Delete
  6. Krasi! Genius, thanks for updating us right on time, I owe you 2 beers and a dinner in NY now!

    ReplyDelete
    Replies
    1. Watch out what you promise, I may request my beer if I visit NY:))))

      Delete
  7. Krasi, Do you have a view on RUT? it seems so far advanced relative to the other indexes, I was expecting something around 1350 for wave 4, but it's so close already while SPX is so far from its target...just curious if you were expecting a lower level than 1350. Thank you in advance!

    ReplyDelete
    Replies
    1. I think RUT will test support between 1310-1340 before the correction is over. The problem is at the moment we have a-b-c lower to MA200 and I can not say if it will bounce higher for more complex correction or just move a few more days lower to test support around 1340.

      Delete
  8. Hi Krasi,

    Would love to hear your target on xbi.

    Thanks,

    Kali

    ReplyDelete
    Replies
    1. It looks too much like a-b-c from the top. One more low to finish c and there is support around this levels 73. After that probably higher to test MA50.

      Delete
    2. Do you think qqq has another leg too go as well?

      Delete
    3. QQQ - if the current bounce stays below 142,70 we have an impulse and I expect one more low in the 140 area the retracement to the 143 area

      Delete