Gang, I’ve been really busy with some other important projects and missed this nice sell off. I’ll write a new post this weekend for everyone to tell you what I see in the market next week. For those looking to catch the biggest move down I’ll give you two letters to describe what I see coming… “MA”!
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Well… could have been wrong on that comment? Let’s see how much they recover on Thursday and Friday first. Short term charts probably got oversold on that move down the last hour and being that’s it’s opx week I expect some type of retracement by Friday. Overall though it’s looking like the bears might have did some serious damage today.
I don’t believe this is the start of the selling. The volume is too light and the VXX was sold off quite a bit before it turned back up right now. I’m on the sideline as this feels like a bear trap to me.
It could go to 1670 spx Scott as being that this week is option expiration week they could drag this out past today’s FOMC meeting into Friday. But there’s not too much more on the upside left. By NO means do I believe they will go up and put in a new high. This is just the chop before the next move down.
Looking at the wave counts I must admit that a high today doesn’t match up with a complete ABC pattern up for this larger wave 2 up. So while today seems like a likely day to put in a high (because it’s an “eleven” day and many FOMC meetings are turn periods) I to am hesitant to short in this 1650’s area. I’d like to short in the 1670’s area, so I’ll be watching closely.
I firmly believe that no matter what Bernanke says when the FOMC minutes are released today around 2:30pm the market will react negatively from it. It’s already planned long around as we all know the stock market is 100% rigged. That plan included the date they would put the high in on (May 22nd) and then the date they would rally back up for a wave 2 and top before they start the wave 3 down to retest 1536 spx (that date is today).
There is a FP of 166.37 spy from yesterday at 12:10pm and I fully expect that to be hit today. Naturally they will pierce through it a little as they always do, but the print will be hit before we rollover and start the next wave 3 down. So anyone wanting to short I’d wait for that print to be hit and then look for a short at that point.
Do know that it’s common to go above the print by a few points and also know that not all FP’s are turning points. Many are hit and then after a brief pullback they go back up past it again and continue the up move. I don’t believe that to be the case here as other indications tell be we’ll turn back down after today.
Gang, I’ve been really busy with some other important projects and missed this nice sell off. I’ll write a new post this weekend for everyone to tell you what I see in the market next week. For those looking to catch the biggest move down I’ll give you two letters to describe what I see coming… “MA”!
GOLD Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/06/gold-chart-analysis_20.html
ES Support levels: http://niftychartsandpatterns.blogspot.in/2013/06/s-500-futures-support-levels.html
BROTHERHOOD OF ILLUMINATI
Easy way to join the Illuminati brotherhood in the world.
Are you a business man or an artist,Politicians, Pastor and you want to become
big, Powerful and famous in the world, join us to become one of our
official member today.you shall be given an ideal chance to visit the
Satan and his representative after registrations is completed by you,
no sacrifice or human life needed, Illuminati brotherhood brings along
wealth and famous in life, you have a full access to eradicate poverty
away from your life now and be bless with wealth and power to control the world. So contact Mr Williams Nelson.Via:
greatilluminatitempel@gmail.com or call us on +2347034367718.Join us
today and realize your dreams
APPLE Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/06/apple-chart-analysis_20.html
Well… could have been wrong on that comment? Let’s see how much they recover on Thursday and Friday first. Short term charts probably got oversold on that move down the last hour and being that’s it’s opx week I expect some type of retracement by Friday. Overall though it’s looking like the bears might have did some serious damage today.
I don’t believe this is the start of the selling. The volume is too light and the VXX was sold off quite a bit before it turned back up right now. I’m on the sideline as this feels like a bear trap to me.
EURUSD Charts update: http://niftychartsandpatterns.blogspot.in/2013/06/eurusd-chart-analysis.html
It could go to 1670 spx Scott as being that this week is option expiration week they could drag this out past today’s FOMC meeting into Friday. But there’s not too much more on the upside left. By NO means do I believe they will go up and put in a new high. This is just the chop before the next move down.
Looking at the wave counts I must admit that a high today doesn’t match up with a complete ABC pattern up for this larger wave 2 up. So while today seems like a likely day to put in a high (because it’s an “eleven” day and many FOMC meetings are turn periods) I to am hesitant to short in this 1650’s area. I’d like to short in the 1670’s area, so I’ll be watching closely.
I firmly believe that no matter what Bernanke says when the FOMC minutes are released today around 2:30pm the market will react negatively from it. It’s already planned long around as we all know the stock market is 100% rigged. That plan included the date they would put the high in on (May 22nd) and then the date they would rally back up for a wave 2 and top before they start the wave 3 down to retest 1536 spx (that date is today).
There is a FP of 166.37 spy from yesterday at 12:10pm and I fully expect that to be hit today. Naturally they will pierce through it a little as they always do, but the print will be hit before we rollover and start the next wave 3 down. So anyone wanting to short I’d wait for that print to be hit and then look for a short at that point.
Do know that it’s common to go above the print by a few points and also know that not all FP’s are turning points. Many are hit and then after a brief pullback they go back up past it again and continue the up move. I don’t believe that to be the case here as other indications tell be we’ll turn back down after today.