Caterpillar (CAT) is flashing sell on this chart, Thoughts?
Based on the closing price for the past 3 days, CAT is lighting up my trading indicators like a Christmas Tree--a red Christmas tree. The RSI algorithm fired the first sell signal. 5 algorithms agreed it was time to sell based on Friday's close which means this coming week could get more nasty than the market was last week.
I have plotted all of the potential delays to the actual sell off followed by the potential target bottoms. All of these targets and days are based off of historical median and average price action when each signal triggers a SELL on the Daily chart. I received many major SELLs on Friday which is quite the confluence of future activities. I selected NOK, CAT, and AXP as there was a large amount of agreement across the timeframes. Last week was rough and preceded by a bearish MACD cross on the S&P 500 index. All of these signals taken together could spell a 20% correction in the near future.
The historical figures and reasons for each target are posted as always on my website in the signature block. Feel free to follow as we post new articles nearly everyday.
I have plotted all of the potential delays to the actual sell off followed by the potential target bottoms. All of these targets and days are based off of historical median and average price action when each signal triggers a SELL on the Daily chart. I received many major SELLs on Friday which is quite the confluence of future activities. I selected NOK, CAT, and AXP as there was a large amount of agreement across the timeframes. Last week was rough and preceded by a bearish MACD cross on the S&P 500 index. All of these signals taken together could spell a 20% correction in the near future.
The historical figures and reasons for each target are posted as always on my website in the signature block. Feel free to follow as we post new articles nearly everyday.
All forecasts are based on analysis of past behavior. Prior movements are not always indicative of future movement. Develop the theory, test the theory. Do your own research. Nothing in this analysis constitutes advice. YouTube For More. Good luck!!
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