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02/14 US Markets Update

A Lookback

Last week the market behaved largely within the outlined scenario.


Nasdaq, 45-min chart

https://www.tradingview.com/chart/NAS100USD/xuXwh2ea-Nasdaq-Update/


The price hovered at higher than anticipated levels (especially SP500, see below). However, we gave a nearly perfect indication of when the price will ascend and then descend.


SPX500, 3-hour chart

During the week we also sent a short-term alert which was less perfect but at the end of the week resulted in trading profit which we banked.


Next Week Outlook

This week we anticipate a bounce in wave x which is likely to come out choppy. As a general rule, I do not trade countertrend bounces (especially wave x). It is advisable to wait until wave (x) is completed and then attempt reentering shorts to go with the trend.

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