Don’t think they work much anymore Rose. You can’t predict the “when” part on them so they aren’t worth much on short term. The intraday ones seem to play out within a day or so but the far out FP’s can happen a year or two out? You just don’t know the time frame on them so it not something you can trade off of I’m afraid. But do post a screenshot of it if you see one.
The action over the past week is telling me that “they” aren’t going to let the market tank 3,000 Dow points as previously expected. The decision made about the market in last Legatus meeting must have been to keep the market going with only a small pullback to work off the overbought conditions.
This choppy sideways action on the daily chart is nothing more then a bull flag in the making. It could turn back up at anytime but looking at the charts we seem to be too overbought on the weekly to go up too much further.
But this choppy action will still allow them time to reset the daily and 60 minute charts from their overbought conditions to neutral… which could last all week. Then we might see the pressure of the weekly chart push the daily into negative territory which should push the actual price level down some.
However, I don’t think they will allow the market to tank really hard. We have support on the weekly chart around 1700 SPX so that’s about as low as I think they will allow it to go. Then we should rally back up from that zone as they will have gotten the daily charts oversold by then and as long as the weekly chart hasn’t rolled over too bad they should be able to turn this market back up later in November or early December for the Christmas rally.
If 1700 doesn’t hold then the 1650 area would be the lowest levels I’d expect before we end the sell off and start the end of the year rally. Time frame I’m expecting is the next 2-3 weeks for this to happen. It should be choppy all the way down with crazy one day rallies to scare the bears out while the reset the charts for the bulls to take over.
Therefore, I no longer expect any big wave down to happen. Clearly they have changed the plans and put off any crash we thought we were going to get. Sorry to disappoint you bears but I don’t control the market…. they do! And “they” seem too be hell bent on keeping this illusion of a healthy economy up for a little while long I guess.
Don’t think they work much anymore Rose. You can’t predict the “when” part on them so they aren’t worth much on short term. The intraday ones seem to play out within a day or so but the far out FP’s can happen a year or two out? You just don’t know the time frame on them so it not something you can trade off of I’m afraid. But do post a screenshot of it if you see one.
Red, somebody on an another blog saw a fake print on vxx: 76
The action over the past week is telling me that “they” aren’t going to let the market tank 3,000 Dow points as previously expected. The decision made about the market in last Legatus meeting must have been to keep the market going with only a small pullback to work off the overbought conditions.
This choppy sideways action on the daily chart is nothing more then a bull flag in the making. It could turn back up at anytime but looking at the charts we seem to be too overbought on the weekly to go up too much further.
But this choppy action will still allow them time to reset the daily and 60 minute charts from their overbought conditions to neutral… which could last all week. Then we might see the pressure of the weekly chart push the daily into negative territory which should push the actual price level down some.
However, I don’t think they will allow the market to tank really hard. We have support on the weekly chart around 1700 SPX so that’s about as low as I think they will allow it to go. Then we should rally back up from that zone as they will have gotten the daily charts oversold by then and as long as the weekly chart hasn’t rolled over too bad they should be able to turn this market back up later in November or early December for the Christmas rally.
If 1700 doesn’t hold then the 1650 area would be the lowest levels I’d expect before we end the sell off and start the end of the year rally. Time frame I’m expecting is the next 2-3 weeks for this to happen. It should be choppy all the way down with crazy one day rallies to scare the bears out while the reset the charts for the bulls to take over.
Therefore, I no longer expect any big wave down to happen. Clearly they have changed the plans and put off any crash we thought we were going to get. Sorry to disappoint you bears but I don’t control the market…. they do! And “they” seem too be hell bent on keeping this illusion of a healthy economy up for a little while long I guess.
EURUSD at support levels: http://niftychartsandpatterns.blogspot.in/2013/11/eurusd-at-support-levels.html
Gold about to bottom out. And we will roll down to start journey towards the 3000 point dow plunge. Here is Gold Analysis http://www.marginmoney.com/2013/11/gold-technical-analysis-trend-update.html
IWM Weekend Update: http://niftychartsandpatterns.blogspot.in/2013/11/iwm-weekend-update.html
Facebook Weekend update: http://niftychartsandpatterns.blogspot.in/2013/11/facebook-weekend-update.html
This guy from oz has been spot on since back in January 2013
What he is saying now is pretty shocking too. See it here => http://bit.ly/1aPLyyy
I am certainly leaning that way but will feel a lot more comfortable when we get a decent reversal candle on the Dax
Thanks for VIX chart. My system not showing any absurd levels.