John, are you implying a new “higher high” on June 23rd? Or just an important turning point? I personally think the high for this year was put in on May 22nd but I have no way of knowing for sure.
I think that once again I’m too early on my rally call as it appears that we are going to end either today or tomorrow for this entire move down from the May 22nd high and start a larger wave 2 up soon. It should go up around that prior high at 1674 spx in the coming week/weeks.
But, Thursday’s have a habit of being bearish so if we rally one more time today into the close I’d say we’ll drop in the morning on Thursday to flush out the last long and trap the last bear. I’d like to see that gap filled at 1597 spx but maybe we don’t get it? We have gotten gap window it looks like but not gap fill.
Anyway, the selling is almost done I think with “possibly” one more move lower Thursday morning. Then a rally to that 1670 area should start and take a few weeks I’d guess.
Sheesh… this market is really weak! I thought we’d bounce up one more time but yesterday’s high was about the best we’re going to get I guess. I still don’t want to go short here as we need a bounce. It’s just too oversold on the short term charts to go short at these levels.
The lack of a gap up out of the falling channel tells me one thing… the market is very likely going to tank on Thursday! It’s probably going to take the rest of today to get the 60min, 2h, and 4h charts overbought enough to allow the move down tomorrow but so far it’s looking really good for a very bearish Thursday.
So I’ll be looking for a lower high today to get short into Thursday. I’d guess that somewhere close to the top trendline in the falling channel would be good… probably 1640 area. The last few hours of the day will likely be the period we’ll see the peak. Remember though that the move down on Thursday is just a final 5th wave inside a larger wave 1 down. So I’d be exiting the short Thursday too… especially if we fill the gap at 1597 spx.
Roger Federer eliminated from the French Open!!!!!! Crash on!!!!!????
He made it to the French Open Final in LeCarre’s 2009 mini-epic Our Kind of Traitor before the anti-hero Dima’s world came unglued. At the rate a certain little indicator is moving, I don’t see how the market can hold up until the French Open Final.
John, are you implying a new “higher high” on June 23rd? Or just an important turning point? I personally think the high for this year was put in on May 22nd but I have no way of knowing for sure.
ES Chart update: http://niftychartsandpatterns.blogspot.in/2013/06/es-breaking-support-levels.html
I think that once again I’m too early on my rally call as it appears that we are going to end either today or tomorrow for this entire move down from the May 22nd high and start a larger wave 2 up soon. It should go up around that prior high at 1674 spx in the coming week/weeks.
But, Thursday’s have a habit of being bearish so if we rally one more time today into the close I’d say we’ll drop in the morning on Thursday to flush out the last long and trap the last bear. I’d like to see that gap filled at 1597 spx but maybe we don’t get it? We have gotten gap window it looks like but not gap fill.
Anyway, the selling is almost done I think with “possibly” one more move lower Thursday morning. Then a rally to that 1670 area should start and take a few weeks I’d guess.
Sheesh… this market is really weak! I thought we’d bounce up one more time but yesterday’s high was about the best we’re going to get I guess. I still don’t want to go short here as we need a bounce. It’s just too oversold on the short term charts to go short at these levels.
The lack of a gap up out of the falling channel tells me one thing… the market is very likely going to tank on Thursday! It’s probably going to take the rest of today to get the 60min, 2h, and 4h charts overbought enough to allow the move down tomorrow but so far it’s looking really good for a very bearish Thursday.
So I’ll be looking for a lower high today to get short into Thursday. I’d guess that somewhere close to the top trendline in the falling channel would be good… probably 1640 area. The last few hours of the day will likely be the period we’ll see the peak. Remember though that the move down on Thursday is just a final 5th wave inside a larger wave 1 down. So I’d be exiting the short Thursday too… especially if we fill the gap at 1597 spx.
APPLE Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/06/apple-chart-update.html
ES update: http://niftychartsandpatterns.blogspot.in/2013/06/es-chart-analysis_5.html
I like the 1570 . From March 6 2009 + 1570 days = 6/23/13
1570/1.6666= 942 = 10/4/2011 low ,
942* 1.3333= 1256 = 8/14/12 high
( 3;4;5 triangle ) .
S&P 500 Analysis after closing bell: http://niftychartsandpatterns.blogspot.in/2013/06/s-500-analysis-after-closing-bell_5.html
Roger Federer eliminated from the French Open!!!!!! Crash on!!!!!????
He made it to the French Open Final in LeCarre’s 2009 mini-epic Our Kind of Traitor before the anti-hero Dima’s world came unglued. At the rate a certain little indicator is moving, I don’t see how the market can hold up until the French Open Final.