Certainly went higher then I expected as I wasn’t looking for a double top… but SkyNet knows where all the stops are and did a good job of hitting them on both sides today. I held on to my short through all the wild swings and ended the day up.
With the daily candle pattern now showing a very long topping tail I’ll be happy to get more shorts should it bounce again in the morning. Odds are tilted in favor of the bears now that we won’t make another higher high tomorrow (based on the bearish candle pattern close), but a second attempt is certainly possible.
Should it not give me the chance to short from some bounce I’ll just be happy with the shorts I currently own. But based on the overbought charts we should be just about ready to start selling off, and it should be for more then one or two days.
Considering the Alibaba IPO is Friday we could get some kind of wave 1 down and 2 up between now and the end of the week so they can get that out of the way before we start dropping. I “may” exit my short tomorrow, wait for the bounce into Friday and short again. Hard too say right now but I feel it’s a “short the bounce” type period and not a “buy the dip” one.
Tomorrow we should go up slightly a little higher to complete some smaller 5th wave up. Then we should drop to 199.30 SPY (probably going into the FOMC meeting). Then one more rally up above tomorrow’s high (but below 2011) should happen after the meeting and into early Thursday.
This is the pattern that happened in 1929 and should happen again. We scared out the bears today and should scare out the bulls on the drop into the meeting. Then as the bears reload short again Janet Yellen should say nothing bearish and we then have the last move up again to lure in some bulls and shake out that last bear.
Only when everyone is convinced the rally is back and we are going 2100+ will they fool them and pull the rug out. Bears won’t believe it as they will have been burnt too many times and bulls will just think it’s a dip. It shouldn’t be related to anything Yellen says but could (should) come out later after the down move has gotten going.
Possibly over the weekend after Alibaba (and the 40 thieves) steal from the sheep at its’ IPO this Friday as we know they must get that off before we fall off a cliff. How ironic is it that the largest IPO in history is named what it is? It might as well be called the Trojan horse of Troy… LOL!
I still think we rollover first thou… http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=8&mn=0&dy=0&id=p47503103422&a=368057828
I think it’s around 2050-2055 SPX
looks like the sheeple are piling in. what is that equivilent to the S&P?
If we do not rollover today or tomorrow then they will likely breakthrough and head up to my original target of 11,330 on NYA per a FP I have.
Certainly went higher then I expected as I wasn’t looking for a double top… but SkyNet knows where all the stops are and did a good job of hitting them on both sides today. I held on to my short through all the wild swings and ended the day up.
With the daily candle pattern now showing a very long topping tail I’ll be happy to get more shorts should it bounce again in the morning. Odds are tilted in favor of the bears now that we won’t make another higher high tomorrow (based on the bearish candle pattern close), but a second attempt is certainly possible.
Should it not give me the chance to short from some bounce I’ll just be happy with the shorts I currently own. But based on the overbought charts we should be just about ready to start selling off, and it should be for more then one or two days.
Considering the Alibaba IPO is Friday we could get some kind of wave 1 down and 2 up between now and the end of the week so they can get that out of the way before we start dropping. I “may” exit my short tomorrow, wait for the bounce into Friday and short again. Hard too say right now but I feel it’s a “short the bounce” type period and not a “buy the dip” one.
Great… glad to see you are ok. Me and Anna was wondering what happened to you.
I am Doing well Red. shifted to a new house. Took some time to have things in place.
Hey San, where you been? Hope all is well.
GOLD Trend analysis: http://niftychartsandpatterns.blogspot.in/2014/09/gold-trend-update.html
Tomorrow we should go up slightly a little higher to complete some smaller 5th wave up. Then we should drop to 199.30 SPY (probably going into the FOMC meeting). Then one more rally up above tomorrow’s high (but below 2011) should happen after the meeting and into early Thursday.
This is the pattern that happened in 1929 and should happen again. We scared out the bears today and should scare out the bulls on the drop into the meeting. Then as the bears reload short again Janet Yellen should say nothing bearish and we then have the last move up again to lure in some bulls and shake out that last bear.
Only when everyone is convinced the rally is back and we are going 2100+ will they fool them and pull the rug out. Bears won’t believe it as they will have been burnt too many times and bulls will just think it’s a dip. It shouldn’t be related to anything Yellen says but could (should) come out later after the down move has gotten going.
Possibly over the weekend after Alibaba (and the 40 thieves) steal from the sheep at its’ IPO this Friday as we know they must get that off before we fall off a cliff. How ironic is it that the largest IPO in history is named what it is? It might as well be called the Trojan horse of Troy… LOL!