I think the market will be choppy most of tomorrow until Bernanke speaks. Whatever he says will determine the direction I believe. It’s possible that we tank afterwards but I get the feeling we have started some type of Minor Wave 2 up with the move down from the 1729 high to the 1674 low being the Minor Wave 1 down.
Inside this Minor Wave 2 up we should have an ABC pattern with the high today or tomorrow making the A wave up part of it. Then a B wave down should happen (probably a quick move based on fear of what Bernanke says) and then a C wave up to complete the Minor Wave 2 up (probably rejoicing on what Bernanke says).
Then we start Minor Wave 3 down, which should be at least 1.618% longer then Minor Wave 1 was. Since it was 55 points we should drop 89 points minimum I think… should be more since we are also in a much larger Primary Wave 4 down as well.
yeah, I see your point bout the squeeze, and if it wasn’t for that 33 spx high I would think so too. But it’s there. And that’s their most powerful number in my opinion, That squeeze when he last spoke was pretty nasty. 2 in 2 weeks just seems off
Let’s see what Bernanke says at 3:30pm tomorrow first. It feels like a lot of people are short right now and they need to squeeze them out before they crash I think. But inching into shorts this week seems wise as well.
Tomorrow is a 9 day… Good enough for me… Maybe you should inch in then red… 11 days are coin flips… can be a high, or an ugly day.. and the spx high was on the 18th…just my 2 cents. I’ll be sitting heavy on iwms as of tomorrow
Agreed, the other indexes seem to have been holding up better and should produce a bigger profit when they crash. IWM looks to be the better play then the SPY this go around.
I think the market will be choppy most of tomorrow until Bernanke speaks. Whatever he says will determine the direction I believe. It’s possible that we tank afterwards but I get the feeling we have started some type of Minor Wave 2 up with the move down from the 1729 high to the 1674 low being the Minor Wave 1 down.
Inside this Minor Wave 2 up we should have an ABC pattern with the high today or tomorrow making the A wave up part of it. Then a B wave down should happen (probably a quick move based on fear of what Bernanke says) and then a C wave up to complete the Minor Wave 2 up (probably rejoicing on what Bernanke says).
Then we start Minor Wave 3 down, which should be at least 1.618% longer then Minor Wave 1 was. Since it was 55 points we should drop 89 points minimum I think… should be more since we are also in a much larger Primary Wave 4 down as well.
Obama will come to asean next week
so i thik market will push up higher…then crush
yeah, I see your point bout the squeeze, and if it wasn’t for that 33 spx high I would think so too. But it’s there. And that’s their most powerful number in my opinion, That squeeze when he last spoke was pretty nasty. 2 in 2 weeks just seems off
Yeah… totally agree there Peter.
Let’s see what Bernanke says at 3:30pm tomorrow first. It feels like a lot of people are short right now and they need to squeeze them out before they crash I think. But inching into shorts this week seems wise as well.
Tomorrow is a 9 day… Good enough for me… Maybe you should inch in then red… 11 days are coin flips… can be a high, or an ugly day.. and the spx high was on the 18th…just my 2 cents. I’ll be sitting heavy on iwms as of tomorrow
Agreed, the other indexes seem to have been holding up better and should produce a bigger profit when they crash. IWM looks to be the better play then the SPY this go around.
It looks like the spx high is in…But I’d say the nasdaq/techs may give you a better R/R. Probably better off going with IWM this time around
The 4th is my thoughts on the high…
Rally is starting…Crash imminent