The gap down this morning likely started a wave C (or 3), and inside that wave C there will likely be 5 waves. The first wave of that ended this morning at the low and we appear to be in the wave 2 up inside that wave C. The next move down in the close today and likely into tomorrow morning should be the wave 3 inside that C wave.
Yeah, the bottom could go into tomorrow morning I guess Peter (especially since it’s an “eleven” day) but the target isn’t likely going to be 1640/1650 but around 1670 as in this chart. Here’s what I see http://screencast.com/t/rggYWQS7lEe0
I’m looking for around 167 on the SPY today if all goes as planned. Then a rally Thursday and Friday, followed by another even bigger drop all next week.
In your most recent post at 7:03 you say there is going to be an initial drop to “right here” but I have checked and can’t see the pointer or any line drawn. Where do you expect that initial drop, after the peak (possibly Aug 8,9) to go down to please?
GOOGLE Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/08/google-chart-analysis.html
Last chance to get short and catch a wave 3 down inside a larger C wave is right now I believe.
SPX update… http://screencast.com/t/9384oFebd
GOLD Trend update: http://niftychartsandpatterns.blogspot.in/2013/08/gold-trend-update.html
The gap down this morning likely started a wave C (or 3), and inside that wave C there will likely be 5 waves. The first wave of that ended this morning at the low and we appear to be in the wave 2 up inside that wave C. The next move down in the close today and likely into tomorrow morning should be the wave 3 inside that C wave.
Yeah, the bottom could go into tomorrow morning I guess Peter (especially since it’s an “eleven” day) but the target isn’t likely going to be 1640/1650 but around 1670 as in this chart. Here’s what I see http://screencast.com/t/rggYWQS7lEe0
tomorrow is an 11 day. I assume you’re looking for 1640/50?
Here’s what I see http://screencast.com/t/rggYWQS7lEe0
I’m looking for around 167 on the SPY today if all goes as planned. Then a rally Thursday and Friday, followed by another even bigger drop all next week.
In your most recent post at 7:03 you say there is going to be an initial drop to “right here” but I have checked and can’t see the pointer or any line drawn. Where do you expect that initial drop, after the peak (possibly Aug 8,9) to go down to please?