Still looks like a wave 4 before a final wave 5 up to 1700 area. I’d lean toward 1705-1710 spx but it’s possible that it could fall short just under 1700… maybe 1695 spx? Normally a strong wave 5 would go up well beyond 1705-1710 but the volume is so light right now in the market that I feel they have squeezed all the bears out… meaning that there’s not many people left to buy up at this level, which means the rally up won’t likely go too far.
They need bears to squeeze to get a powerful rally going and without them they can only count on the money Bernanke puts in every month with QE unlimited. That’s about $85 Billion if I recall and unfortunately for the bulls it’s not enough to rally the market to infinity. They use that money to start the bull fire but they need bears to squeeze to get it to turn into a bonfire (a powerful rally).
Sure there are bears shorting right now because we have a double top, but not enough to cause another 100 point up move. I’m only expecting 15-25 points left on the upside based on that fact and the fact that turns in the market usually happen after Bernanke speaks. Since the conclusion of him yapping is tomorrow (and the fact that it’s another “eleven” day), I’d think he’ll say something positive (possibly some manufactured jobs data too?) that will spark the finally move (which shouldn’t hold and allow for the end of this rally).
All in all I just can’t see any way they can keep this market up much longer. The POMO money isn’t enough. They must have bears to squeeze and from what I see in the daily volume there aren’t many bears taking the plunge and shorting right now. Some… yes, but not enough in my opinion. So I’d look for tomorrow morning for a short position (assuming we have some final gap up exhaustion move?)
From the 1560 low Peter I see a wave 1 to about 1620, then a sideways wave 2 to 1605 and a large wave 3 to 1683 yesterday, which leaves us a wave 4 and then a wave 5 up to complete the move.
If we hit the FP of 166.75 on the SPY that will be about 1665-1667 SPX, which would make a slightly down, mostly sideways wave 4… and then we take wave 5 up to about 1700 (give or take 5 points either side)
I see a FP on the SPY of 166.75 at 8.29 am, so there’s probably more downside yet to come if they plan to hit that print today? I still see this move as some type of wave 4 with one more wave 5 up yet to come. We should come slightly short of 1700 spx or go slightly over it before this is done.
Still looks like a wave 4 before a final wave 5 up to 1700 area. I’d lean toward 1705-1710 spx but it’s possible that it could fall short just under 1700… maybe 1695 spx? Normally a strong wave 5 would go up well beyond 1705-1710 but the volume is so light right now in the market that I feel they have squeezed all the bears out… meaning that there’s not many people left to buy up at this level, which means the rally up won’t likely go too far.
They need bears to squeeze to get a powerful rally going and without them they can only count on the money Bernanke puts in every month with QE unlimited. That’s about $85 Billion if I recall and unfortunately for the bulls it’s not enough to rally the market to infinity. They use that money to start the bull fire but they need bears to squeeze to get it to turn into a bonfire (a powerful rally).
Sure there are bears shorting right now because we have a double top, but not enough to cause another 100 point up move. I’m only expecting 15-25 points left on the upside based on that fact and the fact that turns in the market usually happen after Bernanke speaks. Since the conclusion of him yapping is tomorrow (and the fact that it’s another “eleven” day), I’d think he’ll say something positive (possibly some manufactured jobs data too?) that will spark the finally move (which shouldn’t hold and allow for the end of this rally).
All in all I just can’t see any way they can keep this market up much longer. The POMO money isn’t enough. They must have bears to squeeze and from what I see in the daily volume there aren’t many bears taking the plunge and shorting right now. Some… yes, but not enough in my opinion. So I’d look for tomorrow morning for a short position (assuming we have some final gap up exhaustion move?)
Ford chart analysis: http://niftychartsandpatterns.blogspot.in/2013/07/ford-bearish-price-action.html
Red, Here is a web site that goes over the elite…good one realjewnews.com
well, then we should finally get a worthy bear market after, It’s been long enough
ES Chart update: http://niftychartsandpatterns.blogspot.in/2013/07/es-chart-update_16.html
From the 1560 low Peter I see a wave 1 to about 1620, then a sideways wave 2 to 1605 and a large wave 3 to 1683 yesterday, which leaves us a wave 4 and then a wave 5 up to complete the move.
If we hit the FP of 166.75 on the SPY that will be about 1665-1667 SPX, which would make a slightly down, mostly sideways wave 4… and then we take wave 5 up to about 1700 (give or take 5 points either side)
I think this is the wave 4 up red
I see a FP on the SPY of 166.75 at 8.29 am, so there’s probably more downside yet to come if they plan to hit that print today? I still see this move as some type of wave 4 with one more wave 5 up yet to come. We should come slightly short of 1700 spx or go slightly over it before this is done.
Could be? But more likely this is just a slightly down smaller wave 4 of some kind with an exhaustion wave 5 up still to come.
remember, today is a 2 day… could be it