Looks like a boring day gang. But I think we’ve met some type of short term top. I’d think we could see a move down to fill the gap around 1597 SPX here soon. It could start later today and carry over into Wednesday. Once hit it should provide support and allow for one more move back up to 1630-1650 to complete the high for this year.
I thought we might have done it today but it looks like it’s not going to happen. So it’s going to push out the time table a little I guess but all is still lining up nicely for the coming Legatus meeting to be the start of the really big move down.
That’s “ProphetCharts” from inside my Ameritrade account. They offer both “ThinkOrSwim” and “ProphetCharts” and although I showed you the PC in the video I also use the TOS charts too.
Friday was 115 trading days from the 11-16 low. The 115 number has been recurring during the past year. Off the 4-12 high last year, there was a 43 td decline followed by a 72 td rally…..43+72===115…..The rally into the 9-14 high was followed by another 43 td decline so off the 4-2 high, there was 115 td high-high and off the 6-04 low there was a 115 td low to low.
72 is also a fib .62 of 115….. So a lot of evidence that Friday could be the high…..It was also 33 weeks from the 9-14 high and rallies during this bull phase have occurred in 33 and 11 weekly increments.
This two day pop is similar to the final two day pop into 9-14 with that day seeing an exhaustive gap up with 700+new highs. Friday saw a large gap up with 800+ new highs. And then a slide during the rest of the session. On the 5 minute chart that slide exceeded anything seen during this last 5 wave up off the low on 5-1 so I am no so sure we will be seeing a final mini 5th wave type doji bar.
More divergences seen on $bpnya and %off stocks above the $nya’s 50 day average. (Lower highs to new $nya highs).
Industrial commodities were making new multi-month lows during the week indication global recession although they bounced 5% on Friday. Meanwhile, industrial commodity exporter Australia was seeing new highs in its stock indices even with its manufacturing PMI back down at deep recession levels (May 2009 levels). All showing a market totally out of whack.
Looks like a boring day gang. But I think we’ve met some type of short term top. I’d think we could see a move down to fill the gap around 1597 SPX here soon. It could start later today and carry over into Wednesday. Once hit it should provide support and allow for one more move back up to 1630-1650 to complete the high for this year.
I thought we might have done it today but it looks like it’s not going to happen. So it’s going to push out the time table a little I guess but all is still lining up nicely for the coming Legatus meeting to be the start of the really big move down.
That’s “ProphetCharts” from inside my Ameritrade account. They offer both “ThinkOrSwim” and “ProphetCharts” and although I showed you the PC in the video I also use the TOS charts too.
GOLD Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/05/gold-long-shadow-of-weekly-candle.html
Red, off topic but what’s the charting software you are running?
APPLE Chart update: http://niftychartsandpatterns.blogspot.in/2013/05/apple-chart-update_7.html
New post… http://reddragonleo.com/2013/05/06/we-are-just-weeks-away-from-the-start-of-a-200-or-more-point-drop-in-the-spx/#disqus_thread
FACEBOOK Dark Cloud cover pattern: http://niftychartsandpatterns.blogspot.in/2013/05/facebook-dark-cloud-cover-pattern.html
ES Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/05/es-bullish-patterns-and-resistance-line.html
Happy Double 5 Day!!!!
Friday was 115 trading days from the 11-16 low. The 115 number has been recurring during the past year. Off the 4-12 high last year, there was a 43 td decline followed by a 72 td rally…..43+72===115…..The rally into the 9-14 high was followed by another 43 td decline so off the 4-2 high, there was 115 td high-high and off the 6-04 low there was a 115 td low to low.
72 is also a fib .62 of 115….. So a lot of evidence that Friday could be the high…..It was also 33 weeks from the 9-14 high and rallies during this bull phase have occurred in 33 and 11 weekly increments.
This two day pop is similar to the final two day pop into 9-14 with that day seeing an exhaustive gap up with 700+new highs. Friday saw a large gap up with 800+ new highs. And then a slide during the rest of the session. On the 5 minute chart that slide exceeded anything seen during this last 5 wave up off the low on 5-1 so I am no so sure we will be seeing a final mini 5th wave type doji bar.
More divergences seen on $bpnya and %off stocks above the $nya’s 50 day average. (Lower highs to new $nya highs).
Industrial commodities were making new multi-month lows during the week indication global recession although they bounced 5% on Friday. Meanwhile, industrial commodity exporter Australia was seeing new highs in its stock indices even with its manufacturing PMI back down at deep recession levels (May 2009 levels). All showing a market totally out of whack.
LINKEDIN Weekend update: http://niftychartsandpatterns.blogspot.in/2013/05/linkedin-corporation-weekend-update.html