| | | 8 trading days left to go 502 S&P500 points, or 62.75 per day.
For all the newcomers to the thread, the diamond pattern resulting in this call for new highs by 6/22 was first pointed out here on Triple Trades Feb 1st in this post Message 34175470
What happens if 4840 $SPX is NOT visited by 6/22? I will nonetheless exit SPX centric positions within a trading hour of the 6/22 close, and forgo any further upside potential, as the risk/reward no longer justifies exposure. I’ll also be looking to short vulnerable equities that have negative chart patterns.
Certain stocks & indices could continue a bull run, so I won’t sell every holding. But the super caps leading this bull run will be put out to pasture. Typical diamond action suggests last October’s lows will be taken out, most likely before the end of summer. Could a crash occur before July 4th? Unfortunately, yes. But only TPTB know the speed at which the next down cycle unfolds.
Nothing I have tells me how fast… but the completion of this diamond pattern bear trap suggests that we are sitting on an absolute powder keg with a lit & burning fuse that SHOULD be long enough to get us through 6/22. After that… fast or slow… the diamond suggests the abyss awaits with baited breath for the leading indices and the equities that led them to these heights.
My reliance on these type patterns and cycle work led me to number 1 in the world as a hedge fund manager on a risk adjusted basis from 2001-2003. Have these type patterns ever failed to deliver? Yes. Each one is different and carries its own set of strengths & weaknesses. The upside breakout from this diamond kept me bullish, even during the Feb/Mar bank failure inspired thrashing, which proved to be a fake out/shake out. So the diamond’s power and efficacy are thus far substantiated, and I’ll ride the waves it generates right into shore… and paradise. |
|
