Today is a follow-up from the video/blog that I posted on September 14th. On that video, I correctly anticipated the very high probability for upcoming volatility, with a 5-10% correction as a potential target. Since that time the market has indeed corrected per my prognosis. A few factors have come up that suggest the possibility of a deeper correction than I originally anticipated. I covered these factors on a new video.
I urge you to watch my newest video here to get the full picture of my forward view on the markets. Discussed are current technical support and potentially negative technical divergences. I discussed ValueTrend’s current strategy for trading the possible market actions coming up. Tied to that – I also covered the debt ceiling antics in the USA. Note that I recorded the video yesterday (Wednesday Oct 6th) before the announcement of the debt ceiling extension.
Despite my comment of a potential leg into the market around the Oct. 18th deadline, my overall stance has not changed insofar as our trading philosophy and observations surrounding key support levels. That, and the high probability of volatility as the US struggles in reaching an agreement.
I truly hope that you watch todays video. It is as important as my September 14th market alert video. Hopefully it presents you with some insight on navigating the current volatility.