• 497 days Will The ECB Continue To Hike Rates?
  • 497 days Forbes: Aramco Remains Largest Company In The Middle East
  • 499 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 899 days Could Crypto Overtake Traditional Investment?
  • 904 days Americans Still Quitting Jobs At Record Pace
  • 906 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 909 days Is The Dollar Too Strong?
  • 909 days Big Tech Disappoints Investors on Earnings Calls
  • 910 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 912 days China Is Quietly Trying To Distance Itself From Russia
  • 912 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 916 days Crypto Investors Won Big In 2021
  • 916 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 917 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 919 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 920 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 923 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 924 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 924 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 926 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

Does the Italian Guy Call the Top??

Open access to Safehaven readers, read below.

Many readers of Safehaven are also registered or subscribing members of Trading the Charts.com. As you know, I was not bearish the recent rally. I have and still will use the reaction towards the SPX 1360 level as my guide. While waiting for this to happen, many markets are now completing their counts. Even if this isn't THE top, it might not be one that you look to buy once 1360 becomes resistance. As of Friday, chances are we have a bit more work to do on the upside, but that plays out beautifully against the chart below.

Much of my work shows that many of the smaller moves from the 2002 low has been based around the 1.618 Fibonacci number. With that said, we must respect the fact that the 1.618-% in time is due real soon. It's never been my style to say the market must do this or that because of a certain count or cycle, but after posting my weekend charts that I do every Saturday on the forum, there are to many things that are lining up as this important date is approaching. At this time of the year we tend to focus on the Santa rally. Maybe it comes this year, or maybe it doesn't and fakes out many of the bulls.

With that said, the owner of Safehaven and I have made it possible for Safehaven readers to have access to my U.S Financial markets forum until Monday morning!

Just use this link to access the U.S markets forum that has started today. I'm sure more charts will be posted by me and other excellent technical members we have. Just use the same link and check for additional posts during the weekend. Make sure you're on the latest page of that thread. The page number can be seen on the top right. You will be able to read all posts but cannot post yourself.

Enjoy and good trading.

 

Back to homepage

Leave a comment

Leave a comment