There have been some erratic price movements to the upside since my last post and QQQ popped up to 88.5. It may still try to hit 89, but downward pressure is on. Signals I have recently described are still showing in numerous stocks. One classic example is Tiffany. TIF had a classic Elliott 5 wave impulse down March to Mid-April, then a back and forth retrace to the Fibonacci 61.8 % retrace which is also at a 3 point downward sloping channel. Other parameters also point to continued drop in the stock. The initial target is around 80, probably in 3-5 weeks.
A few stocks expected to lead the way down are IBM, SHLD, ANF, and AXP. Expect about a 10 % drop in these over the next month or so.
Also, CSCO did make it's anticipated pop and should continue toward 27 despite downward pressure on stocks overall. Stop for CSCO is now 22.4
I am not a professional, trade at your own risk.
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