If I was to give odds about today being an important top and trend change I’d give it 80% chance. We have topping tails on many charts and this looks like an exhaustion move up. We have moved up 113 points from the 1646 low and the average move is 80-100 points.
The average length in calendar days is 18-20 and we are at day 14 from the 10/9 low of 1646, so we could have a few more days I guess but I think the move beyond the normal range of 80-100 points offsets the shorten time period.
So while I’m not looking for it to just tank hard tomorrow and the rest of the week I am looking for this to be the top for awhile with a grind down to 1690-1700 spx over the coming couple of weeks.
Here’s what I see Seawind… http://screencast.com/t/Tp1R8fOd
Silver resistance levels: http://niftychartsandpatterns.blogspot.in/2013/10/silver-resistance-levels.html
Thanks Mr. Red for the update……
If I was to give odds about today being an important top and trend change I’d give it 80% chance. We have topping tails on many charts and this looks like an exhaustion move up. We have moved up 113 points from the 1646 low and the average move is 80-100 points.
The average length in calendar days is 18-20 and we are at day 14 from the 10/9 low of 1646, so we could have a few more days I guess but I think the move beyond the normal range of 80-100 points offsets the shorten time period.
So while I’m not looking for it to just tank hard tomorrow and the rest of the week I am looking for this to be the top for awhile with a grind down to 1690-1700 spx over the coming couple of weeks.
Yes Sir…..that could very well be a very interesting day
Mr Red………….
Once again this market is smoking something……dam…. and I don’t do that…smile!
All indicators I’m looking @ are getting…hot…but I haven’t shorted just yet…..
Seawind
Maybe it’s Halloween……..1+0+3+1+2+0+1+3 = 11, and day after FOMC meeting…………
Gold Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/10/gold-testing-resistance-levels.html
Like I said. Up and away. Maybe 20 point pullbacks if you’re lucky until late January.
Tesla Trend update: http://niftychartsandpatterns.blogspot.in/2013/10/tesla-trend-update_22.html