Well, they rallied the market into the Fed meeting. It did seem suspicious when news of the drone being brought down by the Russians was released just a bit before the market close on Friday. Google, $ndx, and copper were looking precarious as all were making new month lows and below their lower BBs. The last two days have alleviated those conditions. Anyway, there needed to be an intervening bounce before the next Pi date.
Now a 700 year anniversary is upon us and will the Fed commemorate it with its next release. The dollar so far has bottomed as of Thursday with a retest of the low on Friday and doji days this week. It seems to be waiting for the Fed release. Meanwhile, gold and TLT seemed toppy on Friday and appeared to be indicating that crisis in the Crimea would be waning.
Well the Russians did fire an ICBM on Mardi Gras per the Clooney 1987 Gravity reference and then took down a drone last Friday. (In Gravity, they shoot down their own satellite setting in motion the disastrous chain of events in the film). It’s interesting to note the director of Gravity ended up writing and directing a pilot that appeared last week on US TV which was rather uninteresting but it also had a JJ Abrams connection(producer) who coincidentally was the famed producer of Lost. I never watched Lost but I ended up checking out the Flight 815 crash episode on youtube and suddenly noticed the similarities to the transpiring Malaysian Airlines episode. The 111 of the airliners debris in the sky followed by 11 in the next shot (in the form of an inverted V) seems to be indicating a sign of the end times for now. 111=31….11=21 or (7x7x7) or 777….ie Flight 370 ….BA 777…. BAs stock is getting a little heavy….down again today.
At the rate we are moving up it’s certainly looking like they are going to be at a “high” when the FOMC minutes are released this Wednesday and not a “low” as previously thought. However, I would not short it as history shows that a good 80%+ of FOMC days are bullish.
So, chances are that we’ll make a double top, slightly lower top, or pierce through to hit the 1900-1910 area before this rally turns back down. It should happen between this Wednesday the 19th and Friday the 21st.
We hit our upside resistance zone and backed off as I expected. However, it was pretty powerful and it’s not acting like it wants to give up those gains. I suspect that morning gap up wave will turn out to be some type of A wave up… meaning we are in some B wave down. If so, then they should break through that resistance zone on the next hit and make a run up for the current high.
I don’t see the weekly charts saying that just yet, but it’s possible I guess. I don’t think either of us will know until we first bottom on this short move down and then turn back up for “just a lower high” or to “make a new high”?
SILVER Chart analysis: http://niftychartsandpatterns.blogspot.in/2014/03/silver-chart-analysis_19.html
Well, they rallied the market into the Fed meeting. It did seem suspicious when news of the drone being brought down by the Russians was released just a bit before the market close on Friday. Google, $ndx, and copper were looking precarious as all were making new month lows and below their lower BBs. The last two days have alleviated those conditions. Anyway, there needed to be an intervening bounce before the next Pi date.
Now a 700 year anniversary is upon us and will the Fed commemorate it with its next release. The dollar so far has bottomed as of Thursday with a retest of the low on Friday and doji days this week. It seems to be waiting for the Fed release. Meanwhile, gold and TLT seemed toppy on Friday and appeared to be indicating that crisis in the Crimea would be waning.
Well the Russians did fire an ICBM on Mardi Gras per the Clooney 1987 Gravity reference and then took down a drone last Friday. (In Gravity, they shoot down their own satellite setting in motion the disastrous chain of events in the film). It’s interesting to note the director of Gravity ended up writing and directing a pilot that appeared last week on US TV which was rather uninteresting but it also had a JJ Abrams connection(producer) who coincidentally was the famed producer of Lost. I never watched Lost but I ended up checking out the Flight 815 crash episode on youtube and suddenly noticed the similarities to the transpiring Malaysian Airlines episode. The 111 of the airliners debris in the sky followed by 11 in the next shot (in the form of an inverted V) seems to be indicating a sign of the end times for now. 111=31….11=21 or (7x7x7) or 777….ie Flight 370 ….BA 777…. BAs stock is getting a little heavy….down again today.
At the rate we are moving up it’s certainly looking like they are going to be at a “high” when the FOMC minutes are released this Wednesday and not a “low” as previously thought. However, I would not short it as history shows that a good 80%+ of FOMC days are bullish.
So, chances are that we’ll make a double top, slightly lower top, or pierce through to hit the 1900-1910 area before this rally turns back down. It should happen between this Wednesday the 19th and Friday the 21st.
We hit our upside resistance zone and backed off as I expected. However, it was pretty powerful and it’s not acting like it wants to give up those gains. I suspect that morning gap up wave will turn out to be some type of A wave up… meaning we are in some B wave down. If so, then they should break through that resistance zone on the next hit and make a run up for the current high.
New Post: http://reddragonleo.com/2014/03/16/new-higher-high-still-coming-or-lower-high/
Even if you think everything is pink painted ponies you got to read this article. http://patriotsbillboard.org/the-malaysian-airliner-is-not-missing-much-more/
QQQ Weekend update: http://niftychartsandpatterns.blogspot.in/2014/03/qqq-negative-divergence-and-support.html
I don’t see the weekly charts saying that just yet, but it’s possible I guess. I don’t think either of us will know until we first bottom on this short move down and then turn back up for “just a lower high” or to “make a new high”?
re: ‘and then we should start the rally up to 1900-1910 from there’
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Weekly charts are now saying ‘no new highs’.
If market closes next week <sp'1830…its very likely over for the bulls for some months.
We all see the divergences, we all know the market is tired after the giant ramp from Oct'2011.
Look to copper…that IS a major warning.
Gold’s Golden cross: http://niftychartsandpatterns.blogspot.in/2014/03/golden-cross-of-gold.html