I would argue today's daily close is the proper but hypothetical horizontal 50% fib line, which if confirmed, supports the next target. Like, 25-30% higher. Wowza. If we slip below this line in the sand, I have a feeling we're all terribly screwed. But if we rally off this line, and it is in fact the 50% line, then that means the market could see that other 50% this year end. I'm targeting September as the top, assuming these levels keep working. I find that the indexes switch between horizontal fib levels and properly fitted channel fib levels. They collect and find support or resistance on either. My channel is all time on the nasdaq, with projection based on 2000 bubble being the 61.8% of this channel, which puts the top where it is. I think we will make a run for the top to close this channel before we see a Wyckoff selloff by institutions at the top (and the last quarter of 2023). I see no signs of institutional selling in large volume whatsoever on my market internals. Tell me if I'm wrong. I'm not talking about derivatives and big bets we'll break key levels. The question is, will the small cap break out? I see RIVN with sellers exhaustion today, sign of the turn. And it is reflective of overall sentiment. I'd like to see ARK fund and it's holdings have a rapid short covering to add to next large cap rally and we'll be on our way into this thesis. And it is totally based on market internals and previous price action. Unbias. No news. No Fed. I don't care. But also, if this ends up happening... wowza.
