chunkyhounddog

chunkyhounddog

Called for a rebound in August, but this is looking very toppy to me here. Neg divergence on multiple time frames. $DRIP $GUSH

chunkyhounddog

I think the $22 area may be a really good spot to go long.

chunkyhounddog

Like the XOP chart here.

chunkyhounddog

IWM, SPX, Crude all looking "toppy" to me. Wouldn't be surprised to see an initial pop in crude on Sunday night into Monday morning, but top is close in my opinion. Ideally would love to see a lower high on money flow before entering a position.

chunkyhounddog

Wave 3 up off the lows in February,? Currently leaning toward beginning wave 3 of V down to eventual new lows.

chunkyhounddog

Weekly chart for perspective

chunkyhounddog

This is a long term hold IMO

chunkyhounddog

Much like the $SPX the bollinger bands are huge here. Widest spread since 2001

chunkyhounddog

These two are not directly correlated. Although, lately they have opposed one another pretty well. Will this continue?

chunkyhounddog

I have been convinced that the recent run in oil was an expanded flat for wave iv of 3. Although the recent move off the bottom conforms well to the .382 of the previous wave. Maybe we just completed wave 4? Either way I think we are due for a pullback here

chunkyhounddog

The market seemed to shrug off the initial drop in energy. As of late it seems much more correlated

chunkyhounddog

I expected the ED trend lines to contain wave 4. We closed at the upper trend line today

chunkyhounddog

Not sure if initial wave down is complete. Either way I am expecting ~36 at least

chunkyhounddog

Crude looks tired here. 15 minute chart looks like 5 waves down

chunkyhounddog

Will this blow through the UTL or reverse like it did in November. FWIW still expecting another low

chunkyhounddog

May push higher yet, but appears to be good confluence at 1225 srea

chunkyhounddog

Not sure if we have topped for wave 4, but if not I think we are close

chunkyhounddog

I am betting that the market reverses when crude tops