sp'60min4 - retracement fib levels
sp'weekly
sp'monthly3, rainbow
Summary
Lets be clear..
Near term weakness..but long term further gains into the late spring.
The fib' levels offer a possible floor, somewhere in the 1470/55 zone. The daily chart would also be strongly suggestive that we won't go below the 1450s.
The weekly chart offers a very clear 1-2 week down target - also in the 1450s.
The monthly chart offers initial support at the 10MA of 1460.
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Bonus chart - USD, daily
Looks like the USD will rally for a few days at least. I don't think we'll be breaking much above 81.00. So, at the current rate, we are a mere 2 or 3 days away from maxing out.
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I have to think that the bears will be lucky just to see the 1460s in this down cycle. There will be a LOT of people who missed the ramp from 1398>1514, who are no doubt looking to get on board this POMO fuelled freight train.
I am short...and indeed looking for an exit later this week (preferably with VIX 17/18) and then look to go heavy long into the spring. A very valid target will be a trade from sp'1460, with an exit around 1550/70 by early April.
Goodnight from London