Stocks Project Quick Surge into Dec. 3; Reinforce Nov. 20 Cycle Low.
11-24-18 Weekly Re-Lay: “Stocks continued their volatile ways, dropping sharply into Nov. 12 - 14 and then bouncing into Nov. 19 - 23 and then reversing lower. That led to a new decline with the Nasdaq 100 - the weakest link - already fulfilling its daily & weekly trend pattern projections for new lows.
Once again, this is an indicator with a specific purpose and target. The NQZ could fulfill it by spiking to new lows by a single tick… or by dropping to new lows and accelerating down for weeks or months to follow. These trend patterns simply project new lows. Other indicators are employed to determine more specifics…
On a 1 - 2 week basis, several tech stocks (AMZN, MSFT, AAPL & GOOGL) were unable to turn the daily trends up during their rebounds into Nov. 8. Since then, they had projected drops below their late-Oct. lows - in the near term - which was just fulfilled this past week…
They plunged to daily HLS levels (daily extreme downside targets) - signaling that another minor low could take hold in the ensuing 1 - 3 days (Nov. 20 - 23). At the same time, key tech stocks fulfilled their daily trend patterns with their Nov. 20 lows…
Stock indices completed their reactive 1 - 3 day bounces on Nov. 19 and then dropped sharply - setting the stage for another opposing extreme (a daily low) in recent days.
That took hold on Nov. 20 in the NQZ, but the DJIA & ESZ extended their sell-offs into Nov. 23 - the third day since testing and holding their daily HLS levels.”
End Nov. 24, 2018 excerpt of Weekly Re-Lay. Stocks reinforcing analysis for a daily cycle low on Nov. 20 and a subsequent rally into Nov.30/Dec. 3. Could a New Sell-off Begin on Dec. 3/4?
TRADING INVOLVES SUBSTANTIAL RISK!
Eric Hadik is President of INSIIDE Track Trading and the editor of INSIIDE Track and the Weekly Re-Lay. More information can be found at www.insiidetracktrading.com.