I see a falling bullish wedge on the NAS confirming my ST opinion to remain in cash. My 1420-1440 NAS wave 2 retracements should be met over the next 2 weeks roughly.
Falling Bullish Wedge example
This is a classic falling bullish wedge formation, much like the Gold Bug Index just saw (HUI). HUI now has air pockets to 115 from its lofty state of 138 right now....
The chart below makes the case pretty clear, add in todays move to 1370, then 135x.... and you can see the wedge narrowing here...
I expect upside to start next week, on light volume. With volume picking up into year end and early new year....
NAS should top out around 1420-1440, NDX 1055-1080, and Q's 26.40-26.80.... with potential spillovers higher, but not likely.... I can update these later.
The main ingredient here is I am st bullish, Im in cash, I am waiting to Re Short the NAS (qqq) once the retracement wave 2 completes.... its going to catch some bears with their pants down...
Not me...
UPdate ya down the road.... when I finally do re-enter... ITS GOING TO BE A WHOPPER TO THE DOWNSIDE
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