PS. Hi, Pelican,
as the USD chart shows, can be a green channel, or can be a red descending wedge. both cases have room to continue to run down. only until a confirmation of breaking above the green or red upper trend line, otherwise it's meaningless to talk about the explosive part, imho. but other than this short term view, there are other technicals i personally keep track. i am sending you today's market close report, it has 10 charts analysis, covers a lot more than i posted here. with those, should be clear about what's going on of the market.
$indu is around the 80 years red SuperCycle trend line, and forming a green huge bearish wedge.
i see the huge two months ending diagonal triangle is associated with the SuperCycle humble trend line.
even though the relative strongest index $indu made a new high today (the only index) with a huge ending triangle diagonal, its cb pattern still valid.
$spx and nasdaq are making d-pattern with T3 formation.
$rut can not escape w2.
financials often lead the market, are seriously left behind, and is on the verge of serious cb breaking down. the inter-market divergence definitely is not a healthy market developement.
with the gap up, what else left?
imho, today's moon shoot gap up is to try to save financials as they were nearly into the cb breakdown yesterday. but even with the huge up market, financials still close to breaking down, i don't see anyway financials can be saved. goes the financials, so goes the market.
15:00 ET so far, 16 private member update for the day.
Public blog posts only as education and entertainment. private membership market updates reflect my view and analysis of the market. The information contained on this website and from any communication related to the author’s blog and charts is for information purposes only. The chart analysis and the market comments do not hold out as providing any financial, legal, investment, or other advice. In addition, no suggestion or advice is offered regarding the nature, profitability, suitability, sustainability of any particular trading practice or investment strategy. The materials on this website do not constitute offer or advice and you should not rely on the information here to make or refrain from making any decision or take or refrain from taking any action. It is up to the visitors to make their own decisions, or to consult with a registered professional financial advisor. And i absolutely discourage trading options.