Back to the bigger picture - ES/SPX 500
I have been fixating on 3600 as a possible low coming in March for a few reasons - 1. weekly and monthy BB are close to each other at that level (the October 2022 low was also monthly and weekly BB support) and 2. the monthly 50ma is near there as well.
I tried a few more pitchfork ideas, and right now this is the one I like best. If we get to the median line by mid March, it will be approximately 3600, give or take. If the weekly rsi comes down as hard as I suspect it may, then we may see weekly hidden bullish divergence at strong support. I also recently saw an article quoting investors as being in a agreement that a new low is coming this year. I don't doubt that a new low will come eventually, but this year would be unlikely if this 3600 support holds. finance.yahoo.com/ne...urvey-010021690.html
"Roughly 70% of the 383 respondents in the survey say the stock market has yet to hit the bottom. The biggest weighting — 35% — says the lows won’t be in until the second half of 2023."
I tried a few more pitchfork ideas, and right now this is the one I like best. If we get to the median line by mid March, it will be approximately 3600, give or take. If the weekly rsi comes down as hard as I suspect it may, then we may see weekly hidden bullish divergence at strong support. I also recently saw an article quoting investors as being in a agreement that a new low is coming this year. I don't doubt that a new low will come eventually, but this year would be unlikely if this 3600 support holds. finance.yahoo.com/ne...urvey-010021690.html
"Roughly 70% of the 383 respondents in the survey say the stock market has yet to hit the bottom. The biggest weighting — 35% — says the lows won’t be in until the second half of 2023."
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possible count if this is a 1-2 and start of impulse. I'm leaning this way as of now.
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target area reached
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oil back to test the 18ma on daily - objective short area.
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we've reached the .618 fib. I'm not sure if this is a 2 or a B wave. Either way I think it drops, the question is whether the top is in or not.
