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Elephant Capital

@elephantcapita2

Technical trade setups and occasional macro musings. Posts are my opinion, not financial advice. No telegram.

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calendar_today26-03-2021 23:06:04

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$NDX update. The post below suggested a move to at least 20k. That has now been achieved. We could get one final push higher after this correction. Caution on long positions from here. $QQQ $NQ #NASDAQ100

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$NDX update. Alternative to this - ie, if we have printed the low, and follow through above 19865 by the end of next week, then we could be heading to the next and final target zone of low-mid 27k. $NQ $QQQ

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$NDX update. If we have printed a low (we require follow through for more confidence), the targets are outlined on chart. Note, this is a monthly chart. $NQ $QQQ #NASDAQ100

$NDX update. If we have printed a low (we require follow through for more confidence), the targets are outlined on chart. Note, this is a monthly chart.

$NQ $QQQ #NASDAQ100
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$SPX update. Similar to $NDX - requires more follow through post washout for building confidence in the next (and possibly final) leg up. If the market has printed a low, the targets to consider for long positions are outlined on chart. Note monthly timeframe. $SPY $ES #US500

$SPX update. Similar to $NDX - requires more follow through post washout for building confidence in the next (and possibly final) leg up. If the market has printed a low, the targets to consider for long positions are outlined on chart. Note monthly timeframe.

$SPY $ES #US500
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#ASX200 weekly timeframe update. The #ASX has followed through and will target the all-time high and then some as its next major inflection point. 8640-8850 the next target zone for long positions outlined on chart. $XJO

#ASX200 weekly timeframe update. The #ASX has followed through and will target the all-time high and then some as its next major inflection point. 8640-8850 the next target zone for long positions outlined on chart.

$XJO
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$NDX H4 update. There is a setup currently which could serve up low-mid 19500s as the immediate target in scope (stretch target 1 low 19300s; stretch target 2 low 18800s). Price currently 19950. $NQ $QQQ #US100

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#GOLD has so far followed this exactly. Taken liquidity below the low of week commencing 21 April, and has reversed. 3680-3720 main area of interest now. #Silver no change either 38-42 next major area (longer term 52-56)

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$NDX update. 19598 is all for this correction. Revert to monthly chart posted recently for big picture perspective. If the low has been printed there is a strong case to be made for ~24k and at a stretch 27-28k. $QQQ $NQ #US100

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#USOIL update. The view for lower keeps getting reinforced. #oil has broken out of the consolidation range to the downside, after having made a dismal attempt at crossing above the middle of the range. ~$40-45 still in scope (note, weekly timeframe). #wti #oott $CL #crudeoil

#USOIL update. The view for lower keeps getting reinforced. #oil has broken out of the consolidation range to the downside, after having made a dismal attempt at crossing above the middle of the range. ~$40-45 still in scope (note, weekly timeframe). 

#wti #oott $CL #crudeoil
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$DAX update. The market has fulfilled the projection nicely. The next major inflection point is 24600s, and beyond that low-mid 26k. This zone is where I think the market could print a top before entering a multi-year bear market that could deliver 11-13k. #DAX #GER40 #DE40

$DAX update. The market has fulfilled the projection nicely. The next major inflection point is 24600s, and beyond that low-mid 26k. This zone is where I think the market could print a top before entering a multi-year bear market that could deliver 11-13k. 

#DAX #GER40 #DE40
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$SPX update. Zooming out we can see that we have had follow through to the upside post washout. Notice the first two drives both were followed by a 50% correction. We could be in the beginnings of the 3rd and final drive higher - potential targets outlined. $SPY $ES #US500

$SPX update. Zooming out we can see that we have had follow through to the upside post washout. Notice the first two drives both were followed by a 50% correction. We could be in the beginnings of the 3rd and final drive higher - potential targets outlined. 

$SPY $ES #US500
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#ASX200 update. As the market approaches the next inflection point (8640-8850), worthwhile considering the broader context. Two major targets on this multi-year setup, to consider - 9200s and low-mid 10k. $XJO #ASX #AUS200

#ASX200 update. As the market approaches the next inflection point (8640-8850), worthwhile considering the broader context. Two major targets on this multi-year setup, to consider - 9200s and low-mid 10k.

$XJO #ASX #AUS200
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#GOLD update. Looks to be entering a wave 4 correction now. Given wave 2 was an elongated consolidation, wave 4 might evolve swiftly - the zone outlined on chart (~2700-3000). I expect a move towards 4100-4300s after this correction. $XAU $XAUUSD $GOLD $GDX $GLD

#GOLD update. Looks to be entering a wave 4 correction now. Given wave 2 was an elongated consolidation, wave 4 might evolve swiftly - the zone outlined on chart (~2700-3000). I expect a move towards 4100-4300s after this correction. 

$XAU $XAUUSD $GOLD $GDX $GLD
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$NDX update. Could be a dip here to 20.5k area and beneath that, possibly 20k. I expect the dip to get bought and the market to continue its rally towards 24k after this correction is done. $NQ #US100 #NASDAQ100 $QQQ

$NDX update. Could be a dip here to 20.5k area and beneath that, possibly 20k. I expect the dip to get bought and the market to continue its rally towards 24k after this correction is done. 

$NQ #US100 #NASDAQ100 $QQQ
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#GOLD update. Still trying to print a wave 3 (III) high (see box outlined in yellow below - still the main zone of interest for this wave). Otherwise, no change to the logic and map below. $XAUUSD $XAU $GOLD $GLD $GDX