FAZ bottomed todayAfter reviewing closely, I'm sure that FAZ already bottomed at $11.84. Now, it will rise very strongly from here to $14 plus without any significant pullbacks. S&P to drop to 1130 next week, and then 1095 after that. Look for a little choppy trading around the 1170-1176 S&P on the way down (but no real bounce just chop).
Let's review a few things, impossible to refute the bearish case here:
-I mentioned the difference with financials vs the mkts earlier. This is one of my favorite indications. Weak financials is a telltale bear sign!
-VIX backtested the 50 day MA on the daily chart today after testing the breakout above the 200 day MA yesterday, VIX still much higher than the lows in Nov, and making higher lows now.
-$NMUNI fell hard again today after backtesting the 200 day MA on daily.
-Euro has already made a huge drop and we need to catch up with it.
-USD uptrending.
-S&P 1207 is the 61.8% retracement from 1227 top to 1173 bottom, hit that target today.
My patterns and charts are setup perfectly in bearish alignment. Double checked and I'm 100% sure we are going to see the mkt mini crash here starting tomorrow, and picking up steam especially next week.
Get in FAZ at a decent price while you can!!!!
SC