3RD WAVE COMPLETION IN STOCKS A BIT CLOSER
Third waves are exhausting because they keep extending and its so hard to chase so high. . Our time window for a 3rd wave high is due within a few days into Feb. 12-13th and then we should get a 200 point pullback on the S & P which could be complete by Feb. 23rd. Third waves tend to extend and we are looking at 5034 and 5045 and max. 5057 on S & P cash and 18090 and 18129 on NQ 100 futures. NQ 100 futures needs to take out 17879 to issue the start of a correction.
Bears salivate at the shorts for their next picnic basket but we do not see much as 4805 on S & P cash is all that we will get and then we have a 5th wave into late April that is due toward a minimum of 5157 and S & P cash but it could get to 5257 easily. NDX cash has been projecting 18800. Even with vehicles like SDS for 2x S & P shorts you might at best get a move from 2712 to 3050. Not worth playing. For now we will wait for the 4th wave pullback and can then get back into the leading sectors like XLK for technology or XLI for industrials or XLV for health care.
METALS NOTES:
We have a key low due by Monday but we only can count on a 2 week rally into Feb. 23rd. It may be worth doing in case we finally get a pop with a crisis but metals continue to disappoint although we do like them this year and lows early next week will be key.
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-Barry
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