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I would like to propose the counter-trend bounce is largely done. The Dow Industrials added 1,000 points from last week’s low, and the NASDAQ futures have been hammered out a series of violent “lower highs” for weeks now
I am honestly in awe of how charts have been behaving the past couple of months. I have been doing this my entire adult life, and I’ve looked at literally millions of charts, but this must be one of the most chart-compliant markets (in retrospect!) I’ve ever seen. Just look at the NASDAQ 100, and focus on that dashed blue line, which is the midline of a multi-decade channel.
The lifelong dichotomy remains the same: I am exceptionally pleased with my charting, which in retrospect was at Nostradamus levels, whereas I’m sorely disappointed in my personal trading. Mercifully, you only get part #1.
Below are some conjectures about where a bounce might take us. If these actually take place, the market gods aren’t even TRYING, because these are just way too obvious. But for what it’s worth……….
