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Here is an excerpt from our trading plan.
We’re in Dip5 and it’s approaching the end
Sometimes our analysis is right on target, and sometimes it’s not. Yesterday Monday we wrote: “$SPX $NDX $RUT may recover Tuesday afternoon into Wednesday”. Indeed, $SPX $NDX $RUT started rising from support by midday, just as we predicted!
However, we haven't been on target with the labeling of the actions. We’ve been re-assessing market data. It turns out Dip5 actually started on 7/5, after the highs made on 7/3 by $SPX $NDX $RUT. At the start of Dip5, market internals showed that it was going to be just a minor dip, which did not qualify for being labeled Dip5. But additional market internal data today shows that $SPX $NDX $RUT are likely going to drop a bit more. $SPX $NDX $RUT are still in the process of forming a proper Dip5, before Surge6 can begin.
The rest of this article covers:
$SPX $NDX $RUT support zones during Dip5
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