Longer term look in crazy times

5 Agu

I have been considering that we completed a 5 wave structure that may be wave 1 of a much larger bull run if that is the case we have 3 areas to watch for this wave 2. First were now sitting at the .382 and if were super bullish we could go up from this point but I think likely we could see us drop down to the .5 or to really shake everyone out the .618. So if we do not hold this 50-51k area over the next couple days I think looking at 44kish for the .5 would be the next level but I would not expect it to be the long term hold. I think if we do lose the 50-51k that .618 at around 38kish is the most likely bounce point and if that is the case and it plays out as the end of wave 2 we have some wild targets up. If this were to play out and we drop to the .618 I would look at a wave 3 target at 1.618 of 130kish and it could go much higher but something to consider as panic sets in.

This is just a fun idea I have so many things could play out but as we go full panic in the markets I like to look at the longer term.