Ok, looks like we got a small gap down. Not as much as I was expecting but it’s a start I guess? We appear to be trying to fill the gap and after that I do expect some selling today. There is prior support in the 1672 area on the futures so if we get down there I’d exit all shorts. I think we’re going to have another week similar to last week where we end up basically flat overall.
However, the in between period should have us move down first and then back up to at least the FP of 170.46 on the SPY from a week back now. That’s only about 1700 on the SPX and I still feel we’ll go a little higher then that… maybe 1710? Regardless, just look for the 1672 area on the ES as the best spot to exit shorts and go long into the FP.
APPLE Chart update: http://niftychartsandpatterns.blogspot.in/2013/07/apple-chart-update_30.html
okay, well, i’m no devote EW counter either.
But still that was a near perfect 5 wave decline..with the marginally lower low in early October..before the hyper-ramp.
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Please, do note – I am using TD-Wave (simplified version … in a way .. of Elliot wave)
Time to exit shorts as the bottom is about in I think. Next is a move up to the FP on the SPY of 170.46 into Wednesday.
Ok, looks like we got a small gap down. Not as much as I was expecting but it’s a start I guess? We appear to be trying to fill the gap and after that I do expect some selling today. There is prior support in the 1672 area on the futures so if we get down there I’d exit all shorts. I think we’re going to have another week similar to last week where we end up basically flat overall.
However, the in between period should have us move down first and then back up to at least the FP of 170.46 on the SPY from a week back now. That’s only about 1700 on the SPX and I still feel we’ll go a little higher then that… maybe 1710? Regardless, just look for the 1672 area on the ES as the best spot to exit shorts and go long into the FP.
SILVER Chart update: http://niftychartsandpatterns.blogspot.com/2013/07/silver-chart-update_29.html
The 2011 May-October down cycle was a clear 5 wave..not ABC, unless you want to ignore the low in October.
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Good chart though, I guess it could be called an ABC x ABC formation, both with 5 wave Cs.
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Lets see where are in mid September.
Crude Oil weekend update: http://niftychartsandpatterns.blogspot.in/2013/07/crude-oil-weekend-update.html
TESLA Motors Weekend update: http://niftychartsandpatterns.blogspot.in/2013/07/tesla-motors-weekend-update.html
GOLD Weekend update: http://niftychartsandpatterns.blogspot.in/2013/07/gold-weekend-update.html