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.
Nevermind shorting it now… we hit a double bottom and held. Now possibly we’ll see an ABC rally up to that 2000 area for the 38.2% FIB but it might not happen until Wednesday. But make no mistake… the market should make another lower low this week.
I’m looking for a short now as it’s not looking good for a move up to 2000, nor 1995 again. The market is stuck in a triangle on the 5 minute chart and I don’t think it’s going to breakout of it, but instead I suspect we will breakdown before the close. On the next bounce up to hit the top of the trendline I’ll be looking to get short. I think we’ll breakdown by 1 or 2 pm today.
We had our gap down to complete the 5th wave inside a larger wave 1 (this assumes the high is in right now and the FP on the NYA won’t be hit). So I’m looking for an ABC move complete the wave 2 up. It should be weak though, maybe only going to 2000 SPX area. Then another move down into the close is expected.
Trying to be open minded here for a “possible” move up to the FP range on the
NYA of 11,3300 but it doesn’t seem likely if with such a bearish chart as this…
So while I’m still expecting a bounce Tuesday at some point I don’t think it will hold nor do I think it’s worth going long on. I only think that “if” we gap down first we’ll complete 5 waves down and allow for a move up to happen. But after that’s done I think we are going lower.
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.
Nevermind shorting it now… we hit a double bottom and held. Now possibly we’ll see an ABC rally up to that 2000 area for the 38.2% FIB but it might not happen until Wednesday. But make no mistake… the market should make another lower low this week.
I’m looking for a short now as it’s not looking good for a move up to 2000, nor 1995 again. The market is stuck in a triangle on the 5 minute chart and I don’t think it’s going to breakout of it, but instead I suspect we will breakdown before the close. On the next bounce up to hit the top of the trendline I’ll be looking to get short. I think we’ll breakdown by 1 or 2 pm today.
https://www.flickr.com/photos/reddragonleo/
where can i find old silver fake print charts?
We had our gap down to complete the 5th wave inside a larger wave 1 (this assumes the high is in right now and the FP on the NYA won’t be hit). So I’m looking for an ABC move complete the wave 2 up. It should be weak though, maybe only going to 2000 SPX area. Then another move down into the close is expected.
DOW Transports look very, very bearish: http://stockcharts.com/public/1092905/chartbook/271819703;
Trying to be open minded here for a “possible” move up to the FP range on the
NYA of 11,3300 but it doesn’t seem likely if with such a bearish chart as this…
So while I’m still expecting a bounce Tuesday at some point I don’t think it will hold nor do I think it’s worth going long on. I only think that “if” we gap down first we’ll complete 5 waves down and allow for a move up to happen. But after that’s done I think we are going lower.
http://viewpure.com/advkTOpmMfU