This was from our premium report today. The free version is in the link below.
TECHNICAL VIEW by Gary Dean: We are finally seeing the market coming back down to earth after the bulls bid up every little dip. Tops are always harder to pick than lows, as the bulls never want to leave the party until they are forced out. They are being forced out and everyone who had their exit strategy in place are now finding out the hard way, everyone else had the same strategy. There was always just one exit, but being hypnotized, they all thought this time was different.
The one common theme that I have been saying, the wave structure was very mature and we could break down anywhere/anytime up here. The gaps above will most likely get filled, if history is our guide. That fits Woody's profile of a bounce into the June time period and then the real move lower hits.In the chart below, I have a couple different road maps that could play out. I would NOT being looking to ad new short positions here and I would be more on the side of lowering stops and just let the market tell you when it is time to move to cash. For traders who want to give this move lower some room to play out, 2904/2908 would be the stop zone. More aggressive stops from the 2942 short entry would be 2880/2895. Really aggressive stops would be set at 2855. We don't know how everyone trades, so I throw out different levels and you make your own decision. We may very well continue lower down to the 2810-ish area, but jumping short here with new positions is way to risky for me. Read full report below
TECHNICAL VIEW by Gary Dean: We are finally seeing the market coming back down to earth after the bulls bid up every little dip. Tops are always harder to pick than lows, as the bulls never want to leave the party until they are forced out. They are being forced out and everyone who had their exit strategy in place are now finding out the hard way, everyone else had the same strategy. There was always just one exit, but being hypnotized, they all thought this time was different.
The one common theme that I have been saying, the wave structure was very mature and we could break down anywhere/anytime up here. The gaps above will most likely get filled, if history is our guide. That fits Woody's profile of a bounce into the June time period and then the real move lower hits.In the chart below, I have a couple different road maps that could play out. I would NOT being looking to ad new short positions here and I would be more on the side of lowering stops and just let the market tell you when it is time to move to cash. For traders who want to give this move lower some room to play out, 2904/2908 would be the stop zone. More aggressive stops from the 2942 short entry would be 2880/2895. Really aggressive stops would be set at 2855. We don't know how everyone trades, so I throw out different levels and you make your own decision. We may very well continue lower down to the 2810-ish area, but jumping short here with new positions is way to risky for me. Read full report below
