Gang, let’s face it. When they finally decide to crash this thing we aren’t going to get many bounces. For all I know we could have already had the wave 2 up and we’ll tank even further tomorrow?
I think we started the first wave 1 down today inside a larger wave 3 down. After the ABC wave 2 is finished we should start the wave 3 of 3 down. It should drop 40+ points in one day. I don’t know when the wave 2 up will end but considering that tomorrow is Friday and Monday is
usually a light volume day it could last all the way into Tuesday morning?
Or it could take only one day (today) and tank back down again on Friday? Don’t know for sure but I suspect we’ll go up for the A wave (inside wave 2 up of 3 down) the rest of today. Then down some tomorrow for the B wave (inside wave 2 up of 3 down)… leaving the C wave up to
complete wave 2 for Monday. After that we should really tank hard in the 3 of 3 down.
Looks like we are going to bounce for a day or two. I wouldn’t short this today as we need a positive close I think, which means it could (should) continue into tomorrow as well. So for now I think the selling is over for a few days but should return later this week and into early next week.
We’re likely to bounce but not as far as you may think. I was previously looking for around 2000 SPX but now I’m only expecting 1980-1990 area before rolling over again. We are in the beginning stages of a crash I think.
I think the markets will bounce tomorrow. Nasdaq and a few others are at their lower BBs which are still horizontal. Russell 2000 and Dax are below lower downtrending BBs. The Dow still needs to drop some to get to its lower BB. Also there is support at the lows from early Sept/late August??? that should produce a bounce. So far things are following a certain little fractal.
There was another HO observation on Friday which produces an actual OMEN as new lows rose again (and on Monday but higs are dropped). Today, despite massive negative breadth, lows actually diminished but that was primarily, I’m guessing, because gold rallied today. The new lows list was littered with gold stocks yesterday.
A component of a certain little indicator is getting very oversold so the market needs a bounce or this indicator will achieve max oversold levels fairly rapidly.
Afterhours we tanked further which tells me we’ll open down Wednesday morning. But we very close to a decent bounce as we are short oversold. I’m not sure how high we rally but wherever we go it’s just another place to short at. I exited my shorts too early so I’m just waiting for the bounce now.
If it happens Wednesday it should last all day I’d guess and “possibly” into Thursday morning. Not sure completely about that one though? I’d just look for resistance to be hit and a lower FIB level like the 38.2% range, not the 50% or 61.8% level. Those level would have been hit in a bull market but I do think things have changed here now so a smaller bounce is expected.
Or tank tomorrow? Not looking good for any bounces now….
Maybe they tank it on Monday. 9-29
Gang, let’s face it. When they finally decide to crash this thing we aren’t going to get many bounces. For all I know we could have already had the wave 2 up and we’ll tank even further tomorrow?
SPX Market Update: http://screencast.com/t/N4MpYvin5e
I think we started the first wave 1 down today inside a larger wave 3 down. After the ABC wave 2 is finished we should start the wave 3 of 3 down. It should drop 40+ points in one day. I don’t know when the wave 2 up will end but considering that tomorrow is Friday and Monday is
usually a light volume day it could last all the way into Tuesday morning?
Or it could take only one day (today) and tank back down again on Friday? Don’t know for sure but I suspect we’ll go up for the A wave (inside wave 2 up of 3 down) the rest of today. Then down some tomorrow for the B wave (inside wave 2 up of 3 down)… leaving the C wave up to
complete wave 2 for Monday. After that we should really tank hard in the 3 of 3 down.
Quick 5 minute market update: http://screencast.com/t/ZJiUQvKBmgd
Looks like we are going to bounce for a day or two. I wouldn’t short this today as we need a positive close I think, which means it could (should) continue into tomorrow as well. So for now I think the selling is over for a few days but should return later this week and into early next week.
We’re likely to bounce but not as far as you may think. I was previously looking for around 2000 SPX but now I’m only expecting 1980-1990 area before rolling over again. We are in the beginning stages of a crash I think.
I think the markets will bounce tomorrow. Nasdaq and a few others are at their lower BBs which are still horizontal. Russell 2000 and Dax are below lower downtrending BBs. The Dow still needs to drop some to get to its lower BB. Also there is support at the lows from early Sept/late August??? that should produce a bounce. So far things are following a certain little fractal.
There was another HO observation on Friday which produces an actual OMEN as new lows rose again (and on Monday but higs are dropped). Today, despite massive negative breadth, lows actually diminished but that was primarily, I’m guessing, because gold rallied today. The new lows list was littered with gold stocks yesterday.
A component of a certain little indicator is getting very oversold so the market needs a bounce or this indicator will achieve max oversold levels fairly rapidly.
Afterhours we tanked further which tells me we’ll open down Wednesday morning. But we very close to a decent bounce as we are short oversold. I’m not sure how high we rally but wherever we go it’s just another place to short at. I exited my shorts too early so I’m just waiting for the bounce now.
If it happens Wednesday it should last all day I’d guess and “possibly” into Thursday morning. Not sure completely about that one though? I’d just look for resistance to be hit and a lower FIB level like the 38.2% range, not the 50% or 61.8% level. Those level would have been hit in a bull market but I do think things have changed here now so a smaller bounce is expected.