This move down broke the wave count I had and has changed the picture from bullish to bearish now. What I now see in the charts is a lower low coming after a bounce. How high the bounce goes is unknown? But if they rally this back up hard into the close today (not looking likely, but possible) that would setup Monday to be a down day… and probably a very ugly one!
I think too many people got long expecting 2000 SPX to be hit and SkyNet sold off today to take out all those longs. Now there are lot’s of shorts that need to be taken out above 1990 SPX but that’s a long was off now.
I think that if they only retrace half or so of today’s move down that we’ll likely continue up on Monday (Mutual Fund Monday as they like to call it). However… if by some strange chance we recover almost all of the move up and close just under the high yesterday then Monday could be a big down day!
Why? Because it would have created a wave 1 down today and a wave 2 up into the close with a wave 3 down to follow. The charts certainly tell me that after a bounce up finishes there is another move down coming. The question is… when?
Well, if you retrace 99% of the move all today then you don’t have any room left to go on the upside as you’ll be in the double top area with a slightly lower high. The 60 minute chart will then be ready to roll back down again and make that wave 3 down.
I know it sounds crazy as a close up near (but under) yesterday’s high will look very bullish as it will put in a long bottoming tail candle on the daily chart but it’s not supported by the MACD’s and Histogram bars that say we’ll need a lower low to create the positive divergence.
And if this happens you’d expect all the bears to have bailed out thinking there will be another higher high next week as we’ll close very near the high yesterday. It’s not likely they’ll be very many people shorting over the weekend. In fact I’d say most will go long expecting a new high into Monday and the rest of the week.
But the charts will be telling a different story. You close near the high today and you’ll not have and bears short on Monday and nothing but bulls long. That would be the trickiest move of all I believe! No one would expect a big drop on Monday if we close positive today with a full reversal of this down move.
I admit that I wasn’t expecting this far of a drop today as I think I got caught up in the “SPX 2000” mania and ignored what I was seeing in the charts. Yes, I seen this as a possibility but I just didn’t think they’d let it happen. With Yellen speaking next Wednesday for the FOMC meeting and practically all of the FOMC days being a positive day I ignored the charts and assumed they’d manipulate them again and not let it sell off.
But that could be the biggest trick of all? To get everyone bullish into next week and then tank it on Monday. I’m not saying a crash, but simply another lower low then today. The best thing for the bulls is that they retrace a third to half of today’s move down. A full retrace would be very bearish for Monday.
In fact, if we retrace this move entirely I’ll become a big bear for Monday and will flip to a short position. If not, then I’ll hold my longs into Monday and let them see how high they can get it up too? Maybe it’s done and they do go up to 2000+ next week, but that would only happen if they manipulate the charts at this point as another lower low is expected.
I got the 198.5 calls that expire next Friday and sold the 200 calls in a call spread for .57 cents. I missed the low, which was .50 cents as it moved too fast on me.
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Another LeCarre flick, A Most Wanted Man,is set to be released tomorrow, this time directed by the man who brought us Depeche Mode’s 1987 videos and one of my recent favorites, Arcade Fire’s Reflektor. He’s done most of Depeche Mode’s album cover work and photography as well as U2’s. He’s definitely what could be considered a “master” artist.
It looks like he did a video for Depeche Mode last year that is set at various stops of their recent tour in Germany.
A Most Wanted Man is set in Hamburg Germany and has to do with shipping containers with a shadowy Seven Friends company involved. (this from the trailer….I stopped reading the book…I rather see the denouement played out in the film)
Hamburg Germany has interested me lately…actually for a while….The classic German film The American Friend based on a Patricia Highsmith Tom Ripley novel is set in Hamburg Germany and there is a scene with a burning ambulance on the beach. Somehow the beach and Germany has some “mystical” significance ie Rammstein’s Mein Land and a Ford commercial that has aired for awhile where a volleyballer on the beach is scene wearing bathing trunks in German colors.
My little quest into Patricia Highsmith Tom Ripley novels eventually led me to the Royal Hunt of the Sun which may or may not have significance for tomorrow.
Jupiter technically should be ascending as well. Probably too close to the sun to notice anything.
Oh…which means Jupiter and the Sun are conjuncting right about now. Did venture over to the lucky days site recently and noticed his Sun Jupiter aspects as timing tools for the stock market. Of course, I always get interested in that site around Tebow’s birthday.
It looks like we’ll get a heliacal rising of the soon to be new moon, Mercury, and Venus all in the same vicinity tomorrow morning. Didn’t get up early to see any of today’s activity. In fact, couldn’t sleep most of the night and noticed no moon out but I guess it rose around 4-00 am. The moon should conjunct with Venus in a few hours. Opposition to Pluto a few hours later.
I’m looking for 1980-1983 SPX to get long into next week. It doesn’t look like we’ll get it today. If SkyNet let’s us have it we should see it in the morning near the open tomorrow. Blame the down move on some economic report or something but it’s all in the technicals of the charts as well as the Elliiottwave count.
There needs to be this move down before a hard bear squeeze up to 2000+ starts. Can’t guarantee we’ll get it but I won’t go long until I see that pullback. If we get it the charts will be reset to a bullish mode and allow a nice rip higher into next week.
Bears will have their fun once we top out in the 2060-2080 SPX zone. But the real fun for the bears should be this September and October as I think we’ll see our Primary Wave 4 down happen (finally) that should give us 200-400 SPX points.
How are you doing trading based on your gann square method? I’m using a multitude of trading methods personally as I find just using one doesn’t always work for me.
This move down broke the wave count I had and has changed the picture from bullish to bearish now. What I now see in the charts is a lower low coming after a bounce. How high the bounce goes is unknown? But if they rally this back up hard into the close today (not looking likely, but possible) that would setup Monday to be a down day… and probably a very ugly one!
I think too many people got long expecting 2000 SPX to be hit and SkyNet sold off today to take out all those longs. Now there are lot’s of shorts that need to be taken out above 1990 SPX but that’s a long was off now.
I think that if they only retrace half or so of today’s move down that we’ll likely continue up on Monday (Mutual Fund Monday as they like to call it). However… if by some strange chance we recover almost all of the move up and close just under the high yesterday then Monday could be a big down day!
Why? Because it would have created a wave 1 down today and a wave 2 up into the close with a wave 3 down to follow. The charts certainly tell me that after a bounce up finishes there is another move down coming. The question is… when?
Well, if you retrace 99% of the move all today then you don’t have any room left to go on the upside as you’ll be in the double top area with a slightly lower high. The 60 minute chart will then be ready to roll back down again and make that wave 3 down.
I know it sounds crazy as a close up near (but under) yesterday’s high will look very bullish as it will put in a long bottoming tail candle on the daily chart but it’s not supported by the MACD’s and Histogram bars that say we’ll need a lower low to create the positive divergence.
And if this happens you’d expect all the bears to have bailed out thinking there will be another higher high next week as we’ll close very near the high yesterday. It’s not likely they’ll be very many people shorting over the weekend. In fact I’d say most will go long expecting a new high into Monday and the rest of the week.
But the charts will be telling a different story. You close near the high today and you’ll not have and bears short on Monday and nothing but bulls long. That would be the trickiest move of all I believe! No one would expect a big drop on Monday if we close positive today with a full reversal of this down move.
I admit that I wasn’t expecting this far of a drop today as I think I got caught up in the “SPX 2000” mania and ignored what I was seeing in the charts. Yes, I seen this as a possibility but I just didn’t think they’d let it happen. With Yellen speaking next Wednesday for the FOMC meeting and practically all of the FOMC days being a positive day I ignored the charts and assumed they’d manipulate them again and not let it sell off.
But that could be the biggest trick of all? To get everyone bullish into next week and then tank it on Monday. I’m not saying a crash, but simply another lower low then today. The best thing for the bulls is that they retrace a third to half of today’s move down. A full retrace would be very bearish for Monday.
In fact, if we retrace this move entirely I’ll become a big bear for Monday and will flip to a short position. If not, then I’ll hold my longs into Monday and let them see how high they can get it up too? Maybe it’s done and they do go up to 2000+ next week, but that would only happen if they manipulate the charts at this point as another lower low is expected.
I got the 198.5 calls that expire next Friday and sold the 200 calls in a call spread for .57 cents. I missed the low, which was .50 cents as it moved too fast on me.
Today is the day to get your longs on for a ride to 2000+ next week…
Good news to everyone reading this comment. I want to share my testimony on how i belong to the world famous illuminate fraternity society, and how i have become more famous, by acquiring huge wealth, riches and fame. Here is how my life changed. A friend of mine that was always giving me money, because he was very rich, wealthy, famous and successful. On one beautiful day, he said to me that he is not going to give me any money, that he is going to show me the way to be successful in life. So i was very happy, i never knew he was a member of the great illuminate society. So i was initiated to the world famous illuminate society, and few days later, i was awarded a contract worth millions of Dollars. Right now as i speak, in my business i am doing very well, i travel the world on business deals, i am now the one that gives money out to people, before life was so hard for me and my family. If you want to belong to us today? Send us an email now> Worldofriches@gmail.com and your life will change for good
It’s also Philip Seymour Hoffman’s final major role in a film….
Another LeCarre flick, A Most Wanted Man,is set to be released tomorrow, this time directed by the man who brought us Depeche Mode’s 1987 videos and one of my recent favorites, Arcade Fire’s Reflektor. He’s done most of Depeche Mode’s album cover work and photography as well as U2’s. He’s definitely what could be considered a “master” artist.
It looks like he did a video for Depeche Mode last year that is set at various stops of their recent tour in Germany.
A Most Wanted Man is set in Hamburg Germany and has to do with shipping containers with a shadowy Seven Friends company involved. (this from the trailer….I stopped reading the book…I rather see the denouement played out in the film)
Hamburg Germany has interested me lately…actually for a while….The classic German film The American Friend based on a Patricia Highsmith Tom Ripley novel is set in Hamburg Germany and there is a scene with a burning ambulance on the beach. Somehow the beach and Germany has some “mystical” significance ie Rammstein’s Mein Land and a Ford commercial that has aired for awhile where a volleyballer on the beach is scene wearing bathing trunks in German colors.
My little quest into Patricia Highsmith Tom Ripley novels eventually led me to the Royal Hunt of the Sun which may or may not have significance for tomorrow.
Jupiter technically should be ascending as well. Probably too close to the sun to notice anything.
Oh…which means Jupiter and the Sun are conjuncting right about now. Did venture over to the lucky days site recently and noticed his Sun Jupiter aspects as timing tools for the stock market. Of course, I always get interested in that site around Tebow’s birthday.
It looks like we’ll get a heliacal rising of the soon to be new moon, Mercury, and Venus all in the same vicinity tomorrow morning. Didn’t get up early to see any of today’s activity. In fact, couldn’t sleep most of the night and noticed no moon out but I guess it rose around 4-00 am. The moon should conjunct with Venus in a few hours. Opposition to Pluto a few hours later.
I’m looking for 1980-1983 SPX to get long into next week. It doesn’t look like we’ll get it today. If SkyNet let’s us have it we should see it in the morning near the open tomorrow. Blame the down move on some economic report or something but it’s all in the technicals of the charts as well as the Elliiottwave count.
There needs to be this move down before a hard bear squeeze up to 2000+ starts. Can’t guarantee we’ll get it but I won’t go long until I see that pullback. If we get it the charts will be reset to a bullish mode and allow a nice rip higher into next week.
Bears will have their fun once we top out in the 2060-2080 SPX zone. But the real fun for the bears should be this September and October as I think we’ll see our Primary Wave 4 down happen (finally) that should give us 200-400 SPX points.
How are you doing trading based on your gann square method? I’m using a multitude of trading methods personally as I find just using one doesn’t always work for me.