It's ALL about the the Top + Prettiest Bearish/Bullish Wicks and a Fib Exercise that made my TGIF!

GDX: Grave Stone Candle

A top is not an event, it's a process. To that end, today saw GDX spike up to $20.88 and it then reversed to negative. The price basically returned to the focal point where the green trend lines all point to! Coincidence? This price level therefore could have importance to GDX reversing.

• The failed spike also generated a candlestick gravestone price bar for the day.
• Note the massive diverging Stochastics...did GDX think it could sustain a new high while stochastics dropped towards 70?

Would you be a BUYER or SELLER of GDX?

GLD: The "Prettiest Bearish Wick" !!!

If there ever was the prettiest Bearish Wick, you can see one on GLD with today's spike outside of the top trend line and prompt snap back inside. Joe Friday says: This is VERY BEARISH!  Potential price actions are shown in Red and Green arrows.

Is this the time to BUY or SELL GLD?

SPX:

I was asked by a friend where I thought the SPX top might be and so did some Fib measurements:

• If this is a retrace, it certainly has the form and pattern of an ABC correction (see count below).
• My math shows that wave (c) is often 1.38 to 1.618 of wave (a) 
• Obviously SPX overshot the 1.38 at 1989
• So, 1x1.618 (A) + 1890 = 2006.49
• SPX hit 2009 and promptly reversed to sub 2k at 1999
• Since March 1, the stochastics moved downward while price went higher....this kind of divergence should get us techies excited!
• (c) could retrace 1.786 of (a), so go higher.....I've seen such unbelievable price moves where the stochastics scrape the top 95% for weeks and weeks. For example the late Sept to Nov rally...that was a doozy for the bears!

Most importantly, IF this is Wave 2 that's topping, then there is a real serious potential for a Wave 3 of 3 market crash potential. The point of recognition by the bulls could occur and selling intensify beyond what the PPT (Plunge Protection Team) can handle.

Regardless, is this the time to BUY or SELL SPX at this level? Would you stay long and buy more SPX for the last remaining potential 50 to 75 SPX points up? Consider the Risk to Reward given the current indicators.

UVXY:

A Bullish Wick for UVXY....see below...would you BUY or SELL UVXY here?

• Note the prior Bearish Wick on UVXY and the resulting damage it did.
• Now, note the bullish wick in the bottom...what will that do to the price of UVXY?