Nothing much to add since the day session. The trend is still up short term. We will look for a topping process later this week/ next week. Our short term cycle tops later this week/next week. But the intermediate cycle doesn't top later on, atleast till July end-Aug beginning (tentatively). We don't know how to read this yet. It is possible we have some choppy move down . Remember, there are a lot of shorts caught (well) short. So it may not be a straight line down.
Dollar still in bottoming process, the intra day wave counts don't look complete, but we are very close sentiment wise atleast.
As for targets, we made some calculations today. 98.1 on the SPY is possible.
For long stocks keep an eye on Ryder R where the symmetrical triangle is still in play. It could gap up this week and reach the 200d moving average.
No comments:
Post a Comment