The price of the S&P 500 is increasing but the Awesome Oscillator is decreasing, this states that a great downfall is coming ahead.
There is proof that a downfall will come because whenever this situation comes, that when the market is rising and the AO is not rising the markets went down brutally.
Please check in the years 2000 and 2008 the same thing...
These are my thoughts on the NASDAQ
Double correction into WAVE 5
WAVE 5 will reach the 100 FIB by chance around the time of the Election
It doesn't matter who wins, the NASDAQ will head lower for a deeper
RUNNING FLAT correction of the March 3rd LOWS
S&P 500 broke its all time high in previous session will gap up but looking at the structure I think its exhaustion gap. Also, look at DJI, it gave flag pattern breakout on 21 Aug. Interestingly there's a gap border resistance present in DJI at 28400.
This is non-repainting indicator which can be used for Index, Stocks, Commodities and Bitcoin or any other securities depending upon the various parameter setting of the indicator. The detailed description about the indicator is as follows:
I have taken 2 lots of SPX as default trading quantity and one for partial booking after 75 points which can be customized....
After locking a new ATH stock needs some correction to refuel to further continue the journey. One can short once the trend line is broken for the support levels as the targets with the strict stop loss.
CMP 3041 ---first time trading below upper trend created from 23rd March 2020 ..failed to close gap area 3141-3161 ...5th June -10th June Trade created Island reversal
Close below 3000 will open gates upto 2700 ....stoploss 3161
Put call ratio suggests the index is in a euphoric overbought state. Any confirmation of reversal on price action should limit the further upside. Could be a near term or a long term top. Breakdown of this trend line breakdown should bring a good correction.