Currently: Long Looking to: Sell here, buy @ 2,316
As of 4/3/20 close: 2,480.12
LAST WEEK: We suggested buying at 2,409 with stops below 2,375 and with a target of 2,900.
UPDATE: It was a consolidation week last week. Looks to us like we may see a test of the recent lows or perhaps just a test of the November 2018 low at 2,316 and change.
That would complete five waves lower for wave “A” of what may be a macro “ABC” downside correction. A wave “B”
rally could take prices up to 2,919 (and also form a right shoulder of a “head & shoulders” top). From there, a wave “C” lower could take us down to 1749 – 1838 – a range of support
formed by a confluence of the 100% Fibo projection for this
“ABC” downside move, the 61.8% Fibo retrace of the ’09 – ’20 bull market and horizontal line support. We would look to buy dips to 2,316 down to the intraday low of 2,172 and would
look to hold longs until 2,919 is approached. If you want to short in advance of the test of 2,316, try doing so near 2,498 with stops above 2,525.
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