It looks like the market finally started a correction on Friday, which was a major relief for both bulls and bears. I'm happy that I can go short now and I have some bearish charts to share this week.
OPX Roadmap
Here is the road map that I laid out last Monday in the comment section, which worked out quite nicely. I used the January OPX chart as my road map for Apr OPX week.
Now, some of you asked me — what will happen next week? Does this pattern hold?
My take on this is yes, it will. It should bounce back up early next week, and then resume to the downside later on the week.
(My TOS chart is not working at the moment (is TOS down again?) and I won't be able to show you my ES hourly chart, but I see a H&S pattern formation).
I also mentioned that I'm expecting 4~8% correction for the coming 2 weeks, and then resume to the upside in early May. My market view will not be changed unless the selloff accelerates with much higher volume.
Trading GS
GS made a big drop on Friday, and I'm expecting this selloff continues.
TM Daily Chart (for Comp Purpose)
This is what happened to Toyota back in January when they revealed the mechanical problems with Prius.
GS Daily
Here is the GS daily chart. $124 is my short term target.
Here is the GS weekly chart.
JPM Daily
FAS Daily
Financials were being hit pretty hard on Friday due to the GS scandal. $84.64 is my short term target. I would have a better target price once the retracement is complete.
IYR Daily
Assuming IYR is going to form a H&S pattern, my short term target is $47.61 (will adjust my target after the formation of RS).
DRN Daily (3x bull IYR)
Assuming DRN is forming H&S pattern, my short term target is $157 (will adjust my target after the formation of RS).
EUR/USD Pair
This currency pair is going through sideway consolidation and I have no sense ot direction until it breaks out of this rectangular pattern. It closed the Sunday gap on Friday.
SPX Daily
I drew a trendline in all three major indices and they all hold the the trendlines and the other three still hold the major support levels. COMP and RUT still look very strong.
