3/27/2024 – A positive day with the Dow Jones up 477 points (+1.22%) and the Nasdaq up 83 points (+0.51%)
Today’s market action was ideal. In terms of both possibly confirming our short-term calculations and/or offering us an ideal entry point in case our proposed tops are already in as per our long-term calculations.
Here is the setup we are looking at. At this point we are looking at a slightly higher high on the Dow on either Friday or early next week. Once our short-term targets are hit, a short position should be established. We will have those targets as soon as tomorrow.
If, however, the market doesn’t reach new all time highs and begins to sell-off, it would suggest that longer-term calculation as of March 21st were triggered and the top is in. In that case we will reverse into a short position once the Dow breaks below Tuesday’s low.
Overall, we have been discussing the following price targets for months, in case of the Dow for 18 months.
- SPX: March 25th (+/- 2 trading days), PRICE Target 5,200 (+/- 100 points).
- Dow: March 25th (+/- 2 trading days), PRICE Target 40,000 (+/- 500 points)
- NDX: March 25th (+/- 2 trading days), PRICE Target 18,300 (+/- 200 points)
Last Thursday’s top hit at 39,889 on the Dow could/should be considered as a perfect long-term mathematical hit . All other primary indices confirm as well.
With that in mind, only one component is missing from what would otherwise be a perfect hit. Our short-term work. Our short-term calculations suggest the market hasn’t completed its top formation just yet and will do so later this week or early next week.
In summary, ALL longer-term TIME/PRICE targets for the overall market have been satisfied. Yet, short-term calculations, which are typically more prone to error, suggest the market hasn’t topped just yet and will do so towards the end of this week. Having said that, if signs of a short-term breakdown occur over the next few trading days, we would have to dismiss our short-term calculations and assume the top is indeed in. Please stay tuned.
End Of Update ———–