Today looks like some choppy sidesway wave 4 down, which implies we should have one more wave 5 up yet to come. If so, then that rising trendline coming in around the 1925 SPX is still a possible upside target.
It really should depend on how many bears’ stops are sitting right above the 1900 area as if it’s not very many then I doubt they get up past 1900-1915 SPX, but if it’s a lot then it should squeeze up to that rising trendline before stopping.
I would short any hit of that rising trendline the first time to see if it holds. There’s a 80-90% chance that the first hit will produce a pullback. Now will it go back up after the brief pullback and try a second time to break through? I don’t know? But we’ll cross that road when we get there. For right now we are still in a sideways wave 4 down and wave 5 up has yet to start.
The weekly chart is certainly trying to get positive on it’s histogram bars so possibly we’ll see that happen next weeK? Again, while the daily and shorter term charts look bearish the weekly is still holding that rising trendline from 2011 and until it breaks the bulls are still in control.
Looks like bulls are back at it again. They never cease to amaze me. But again, this market isn’t about good earnings or good fundamentals, it’s about stealing the sheeps’ money. And I’m guessing there are a lot of bears’ stops sitting up here in this area and even more just above 1900 SPX.
You can pretty much say that it’s almost a guarantee that SkyNet is going to push this market over 1900 now and hit all those “buy stops” before it rolls back down any. Why? Because that’s what it’s programmed to do! The news doesn’t matter, it never does. I would now look for that 1925 area rising trendline to be hit before any decent pullback.
Today looks like some choppy sidesway wave 4 down, which implies we should have one more wave 5 up yet to come. If so, then that rising trendline coming in around the 1925 SPX is still a possible upside target.
It really should depend on how many bears’ stops are sitting right above the 1900 area as if it’s not very many then I doubt they get up past 1900-1915 SPX, but if it’s a lot then it should squeeze up to that rising trendline before stopping.
I would short any hit of that rising trendline the first time to see if it holds. There’s a 80-90% chance that the first hit will produce a pullback. Now will it go back up after the brief pullback and try a second time to break through? I don’t know? But we’ll cross that road when we get there. For right now we are still in a sideways wave 4 down and wave 5 up has yet to start.
The weekly chart is certainly trying to get positive on it’s histogram bars so possibly we’ll see that happen next weeK? Again, while the daily and shorter term charts look bearish the weekly is still holding that rising trendline from 2011 and until it breaks the bulls are still in control.
SPY Analysis after close: http://niftychartsandpatterns.blogspot.in/2014/05/spy-analysis-after-closing-bell_14.html
Looks like bulls are back at it again. They never cease to amaze me. But again, this market isn’t about good earnings or good fundamentals, it’s about stealing the sheeps’ money. And I’m guessing there are a lot of bears’ stops sitting up here in this area and even more just above 1900 SPX.
You can pretty much say that it’s almost a guarantee that SkyNet is going to push this market over 1900 now and hit all those “buy stops” before it rolls back down any. Why? Because that’s what it’s programmed to do! The news doesn’t matter, it never does. I would now look for that 1925 area rising trendline to be hit before any decent pullback.
APPLE Weekend analysis: http://niftychartsandpatterns.blogspot.in/2014/05/apple-weekend-update.html
SPY Analysis after close: http://niftychartsandpatterns.blogspot.in/2014/05/spy-analysis-after-closing-bell_10.html
EURUSD Chart analysis: http://niftychartsandpatterns.blogspot.in/2014/05/eurusd-chart-analysis.html
New Mothers Day Weekend Video: http://reddragonleo.com/2014/04/20/the-scary-planetary-alignment-due-on-april-21st-2014/
Where will the SPX bottom before the next bounce? It’s all up to the Dollar/Yen in my opinion http://screencast.com/t/wxBzJm68i
Next level of support… http://screencast.com/t/NCTBIOvbXgfI
Crude oil chart update: http://niftychartsandpatterns.blogspot.in/2014/05/crude-oil-resistance-levels.html