This market seems to be always waiting on God to speak (Ben Bernanke) and doesn’t move very far in either direction until he feeds them more crack or deprives them from it. I’m still looking for the FP on the SPY from last week of 170.46 to be hit. We should go up past it some too if it’s like most FP’s.
At that point I would just exit longs (if you have any?) and go to the sidelines until we see a clearer short signal. Right now it’s just not there. Next week we’ll be into August and I’m expecting it to continue to be choppy as “first of the month” money comes into the market. But by the 2nd week I’m expecting a final top for this 5 wave pattern from the 1343 SPX low last November.
Then I’m expecting a 10% correction (mini-crash?) in the market to play out into early September. The move should be fast (3-4 weeks… or less) as I’m also expecting a move up from there into the next Legatus meeting this coming October for a very important top. In fact it “could” be the final top before the real crash starts? If not this October meeting then the meeting in February of 2014. Either way the August move down needs to happen fast so they’ll have time to rally back up to make new highs again.
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.
This market seems to be always waiting on God to speak (Ben Bernanke) and doesn’t move very far in either direction until he feeds them more crack or deprives them from it. I’m still looking for the FP on the SPY from last week of 170.46 to be hit. We should go up past it some too if it’s like most FP’s.
At that point I would just exit longs (if you have any?) and go to the sidelines until we see a clearer short signal. Right now it’s just not there. Next week we’ll be into August and I’m expecting it to continue to be choppy as “first of the month” money comes into the market. But by the 2nd week I’m expecting a final top for this 5 wave pattern from the 1343 SPX low last November.
Then I’m expecting a 10% correction (mini-crash?) in the market to play out into early September. The move should be fast (3-4 weeks… or less) as I’m also expecting a move up from there into the next Legatus meeting this coming October for a very important top. In fact it “could” be the final top before the real crash starts? If not this October meeting then the meeting in February of 2014. Either way the August move down needs to happen fast so they’ll have time to rally back up to make new highs again.
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.
—
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.
—
Good chart though, I guess it could be called an ABC x ABC formation, both with 5 wave Cs.
—
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