Zeev's Turnips Patch-No Politics (ZEEV)

[ajtj99]

Fib numbers indicate we could have either had the low today at 1367 or we'll have it tomorrow at or near 1352. However, I believe we could be in the process of building a H&S formation with the neckline at 1319.

If we go up tomorrow, I think 1391 COMP will be a hard ceiling we'll be bumping up against. I believe we may see 1319 (actually possibly 1313) before we see 1400 again.

If we do find our way to 1313, we could ramp for an end of year/beginning of year rally to 1425-1430 to finish the right shoulder.

The measured target of such a formation would be a full re-test of the 1108 lows, maybe sometime in the end of February.

If this plays out that way, we could be looking at lows in April that are sub 1000, nominally 800 COMP.

Just throwing this out there, as we've had some major bad happen in the past 2-days. The weekly COMP and NDX charts have turned down, and the BPNDX has dropped below the 20EMA. Anytime that has happened, the highs have been in, and new lows have followed. I have been waiting for this to happen before going full blown short. I will do that now until COMP 1319 initially, hopefully after a bounce to 1391 tomorrow.