You guys should know the deal by now… wild swings on Fed Day (tomorrow, June 18th, 2014… another 22 day, or eleven), but in the end it’s a rally. Then “if” it closes at the high of the day a brief follow though into early Thursday should happen. Then we see the market rollover into later that day and into Friday.
That down move should continue into next week and “if” it’s a C wave down (with 1955 to 1925 being the A wave down and 1925 to the high coming this Wednesday or Thursday being the B wave up) we should see a move down to around 1900 to complete the ABC pattern.
That 1900 area is still huge support from that rising trendline going back to 2011 around 1074 SPX and should hold again as we approach the July 4th holidays. We should rally up from it and make a higher high then 1955 with 2000+ being the goal. Don’t know if it will fall short of it or go through it a little but the time frame should still be mid-July for a top.
Oh forgot about Mercury retrograde which might have had an effect on communications. Usually a stock market top is put in within a few days of a retrograde. A high in 4 trading days would match the move off the low in early February and the next decent bottom back in April??? 46 tds later.
Hmmm, no DeMark analog references these days. We have an obvious one now. The analog would require the SP to make a slightly higher high with a lower RSI divergence. 60 min RSI levels were extremely overbought on Monday so a divergence is needed there with a new high but the solar flares did knock out stockcharts data feed on Tuesday so there might not be a proper RSI reading at new highs.
Brazil beat Croatia in the opener today 3-1. A lot of 11-10 s flashed in that game. I’ll have a review later, possibly. Some obvious fakery in that game. Or Croatia has an extremely incompetent goaltender who apparently can’t get to slow dribblers or lets a penalty kick go through his hands.
You guys should know the deal by now… wild swings on Fed Day (tomorrow, June 18th, 2014… another 22 day, or eleven), but in the end it’s a rally. Then “if” it closes at the high of the day a brief follow though into early Thursday should happen. Then we see the market rollover into later that day and into Friday.
That down move should continue into next week and “if” it’s a C wave down (with 1955 to 1925 being the A wave down and 1925 to the high coming this Wednesday or Thursday being the B wave up) we should see a move down to around 1900 to complete the ABC pattern.
That 1900 area is still huge support from that rising trendline going back to 2011 around 1074 SPX and should hold again as we approach the July 4th holidays. We should rally up from it and make a higher high then 1955 with 2000+ being the goal. Don’t know if it will fall short of it or go through it a little but the time frame should still be mid-July for a top.
SPX Update:http://screencast.com/t/htJtrBIB6
ES Futures Update: http://screencast.com/t/y4zdXRXyyGJ
Gold at resistance levels: http://niftychartsandpatterns.blogspot.in/2014/06/gold-at-resistance-levels.html
SILVER Testing long term resistance line: http://niftychartsandpatterns.blogspot.com/2014/06/silver-testing-weekly-resistance-line.html
Possible wave count? http://screencast.com/t/UkACkYRJzx
SPX Update: http://screencast.com/t/Xns1hjSYd (If you like these updates please let me know with a like or comment)
ES Chart update: http://niftychartsandpatterns.blogspot.in/2014/06/es-chart-analysis.html
Oh forgot about Mercury retrograde which might have had an effect on communications. Usually a stock market top is put in within a few days of a retrograde. A high in 4 trading days would match the move off the low in early February and the next decent bottom back in April??? 46 tds later.
Hmmm, no DeMark analog references these days. We have an obvious one now. The analog would require the SP to make a slightly higher high with a lower RSI divergence. 60 min RSI levels were extremely overbought on Monday so a divergence is needed there with a new high but the solar flares did knock out stockcharts data feed on Tuesday so there might not be a proper RSI reading at new highs.
Brazil beat Croatia in the opener today 3-1. A lot of 11-10 s flashed in that game. I’ll have a review later, possibly. Some obvious fakery in that game. Or Croatia has an extremely incompetent goaltender who apparently can’t get to slow dribblers or lets a penalty kick go through his hands.