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Strategies & Market Trends : Point and Figure Charting

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To: Don Green who wrote (31400)	4/15/2019 4:07:42 PM
From: Fintas	1 Recommendation Read Replies (2) of 34823

Get ready this will be long. I wouldn't be just looking at that BP SPX indicator but also other indicators tied to such. Why? it gives a broader look to see where the other soldiers are. However saying that one can see the resistance at the 80 area. If you understand my strings that would align with the 8.1 or 81. If you were to look at the near term momentum 10 week, 30 week and 40 week momentums you would see how they look to determine if they are extended or not. I've mentioned recently the near term was getting extended and began to roll over. If so that should cause a drag on the bp spx. As I do that if you looked at the RSX, RSP, PT indicators one would see if the positive trend, relative strength pattern and RSX patterns were extended or not. None of them are extreme but all of them could roll over. Put it all together and to me I'd be expecting those X's to turn down to O's and then it's a matter of how low and if you do you will see why I've already suggested I expect a low 50's for the BP SPX. Whether that happened at 72 or 80 doesn't matter to me. Excessive helps me to get an entry cheaper for SDOW or SQQQ. Although I'm about to give up on my entry point for SQQQ and raise it. I don't want to be so fixed on the downside price I get cute and miss it. So I'll wait a bit longer but not much longer and come in and if needed size down. On an aside to reach the number I expect for the distribution curve which is best case a retest of the 24 and an expected 16 which is where it was back in Dec 2018 well it would take a DEEPER number for that BP sector and that opens up the possibility of 48/43.74/38.88. Which IMO that chart below allows. That distribution curve when I last looked was 50. That's hardly a blast off as some bulls want us to believe. Truth is it can't get past 55 let along 60 or 66 or 77 or 87 and that means many sectors are reasonably valued. Those expecting APPLE to hit 400 best be in good health. Oh and if you want to have fun change that VB size to 4.86/6.48/8.1 or 9.72. That allows one to see that picture differently. All in all, I would NOT be buying the SPX for the % upside when I consider the RISK of % downside. Which is why I am reading to buy the SDOW, SQQQ and if I wanted to consider others the SPXS. Keep in mind I had owned the SDOW/SOXS in the past and kicked them both out for a nice % back a bit. As always a bit verbose but it allows ALL to understand I'm considering much more than just one read or one chart. Hope it helps. Better yet drill down to any specific position you are considering to see how that position or sector would be affected. There are many people still waiting for AMAT to hit 63 again. Many still waiting for WYNN to hit 245.. Many still waiting for WDC to hit 100. CAT to hit 170. Let others get caught holding. Fintas

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