Pretty nasty move down after the FOMC minutes today. Chart wise, we should continue this down move and not put in another higher high. Of course there is the manipulation factor to remember.. meaning they could ignore the charts and rally up and not break the 1839.57 low recently.
But if the allow the charts to play out that low should break and we should be heading down toward the 1810-1815 area, followed by the 1790 area where the weekly support current is at. As long as it holds the bull market is still intact as I shown in the video.
This move hasn’t played out exactly as I thought it would as I really expected a bottom into the FOMC meeting, not a top. But the overall picture remains the same. That 1790-1800 zone where the weekly rising support line is at (from 1074 SPX back in October 2012) is the target.
Once it’s hit we should expect a bounce from it. Then we’ll see if it will just be another lower high or a higher high. It’s too early too tell right now but I’m leaning toward a lower high currently based on what I see in the charts.
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”?
Gold chart analysis: http://niftychartsandpatterns.blogspot.in/2014/03/gold-engulfing-pattern.html
Pretty nasty move down after the FOMC minutes today. Chart wise, we should continue this down move and not put in another higher high. Of course there is the manipulation factor to remember.. meaning they could ignore the charts and rally up and not break the 1839.57 low recently.
But if the allow the charts to play out that low should break and we should be heading down toward the 1810-1815 area, followed by the 1790 area where the weekly support current is at. As long as it holds the bull market is still intact as I shown in the video.
This move hasn’t played out exactly as I thought it would as I really expected a bottom into the FOMC meeting, not a top. But the overall picture remains the same. That 1790-1800 zone where the weekly rising support line is at (from 1074 SPX back in October 2012) is the target.
Once it’s hit we should expect a bounce from it. Then we’ll see if it will just be another lower high or a higher high. It’s too early too tell right now but I’m leaning toward a lower high currently based on what I see in the charts.
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”?