By Tim Knight
Trillions of dollars in equity lost. Silicon Valley stocks down 40%, 50%, 70%, or more. Dejected and disillusioned millennials. The smoldering ruins of the failed cryptocurrency industry.
I’m honestly not sure how much more happiness I can take. On top of it all, Slope traffic is going absolutely apeshit (which is kind of bad news, in a way, since we’re frantically trying to keep up with the demand of our suddenly very, very popular website).
And to think this is just the start of a multi-year, global bear market that is going to bring utter ruin to so many. I can hardly stand the excitement. Thus, I thought we’d catch up on my short term “Omega” prediction, which I’ve discussed before, most recently here.
Specifically, where do things stand with respect do the conjectural pattern I suggested?
Well, if this is to transpire, this is kind of what’s next:
The only thing that could abort this would be some bogus “trade deal” announcement. And let me be very, very clear on this. As BAD as that news would be, it would be OH SO TEMPORARY. Any trade deal from Trump is just going to fail, just like everything else he’s touched. It’ll blow over within days. So, fellow bears, do not despair if this fumbling putz desperately trots out some cobbled-together deal to try to salvage his failing leadership. It’ll come and go as quickly as the North Korean “victory.”
Let’s glance at where the indexes are now. The Dow Jones Composite is very close to its 50 EMA crossing below its 100 day EMA, which hasn’t happened in nearly TWO YEARS. I was delighted to see weakness on Monday, but we’ve got to take out last Thursday’s low (tinted in magenta) to really drive a stake through the heart of the potential IHS pattern.
The NASDAQ Composite already has an EMA crossover, with the 100-crossing-200 as the next possible event. What excites me is the area I’ve tinted below. We are getting deliciously close to a major trendline break.
Looking farther back, you can see how momentous such a thing would be. This would, besides providing incontrovertible proof of God, shatter a trendline that’s been in place ever since this fraudulent bull market was first concocted.
Even closer to a break is the NASDAQ 100, which has been ravaged by multi-hundred-billion dollar losses in AMZN, AAPL, NVDA, and the like.
Here’s a longer-term view of the same. Just look how close we are.
Of course, these are just predictions from a humble chartist. I mean, it’s not like I’m someone famous who appears on television all the time like Tom Lee. Now THOSE are some predictions you can take to the bank. I’m just guessing.
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