You are welcome Seawind… and do have a nice weekend. It’s currently rainy here in Jacksonville but at least it’s not cold on top of that. Get ready for next week as there is money to be made.
If today’s rally is some kind of wave 3 up (and I believe it is) then it looks like we are currently in a sideways/down wave 4 right now. This leave Monday to complete the final wave 5 up, and complete this rally for the year and put in the high for this year as well.
Then I’m expecting a 2-3 week drop of about 80-100 points (based on prior sell offs) that should retest the 1536 spx low. This should be the first wave 1 down from the high. Then I expect a rally back up to maybe 1600 area for the wave 3 up. That should happen and complete on a ritual “eleven” date like May 22nd or the 29th.
The Legatus meeting is from May 23rd to the 25th so everything is lining up for a nasty wave 3 down to start somewhere around that time period. Of course past history only shows about 30-40% of the important tops occur on eleven days so it’s not a sure thing for the 22nd or the 29th.
But knowing a zone period should allow everyone to get into a nice short position even if I’m off on one of those dates and it happens on the 27th or some other day in between that zone. As for the wave 3 down I’m expecting about double the wave 1 down in points… or about 160 points roughly.
Have a good weekend everyone and get ready to short on Monday. Also, I will be doing a new post this weekend and an update for the newsletter (good things to report there too).
Looks like it’s been in a steady down move. If it resets the prior lows at .25 cents it could be something worth getting a few shares in with the idea that someone will eventually do another promotion on it.
I haven’t went out on LWSP yet but it looks similar to your ASCC. I think it could go lower still but will eventually be promoted again. It’s on my watch list for now.
The 30min, 60min, 2hr, and 4hr charts are all looking bullish right now. They are all curling up on their MACD’s and are also rising up from oversold on their Histogram bars. Assuming that they allow the charts to work (and they usually do work for the bulls, just not the bears) then I’m expecting a rally later today and into tomorrow.
S&P 500 Analysis after closing bell: http://niftychartsandpatterns.blogspot.in/2013/05/s-500-analysis-after-closing-bell.html
You are welcome Seawind… and do have a nice weekend. It’s currently rainy here in Jacksonville but at least it’s not cold on top of that. Get ready for next week as there is money to be made.
Thanks Mr. Red……have a great weekend one and all! Finally some nice weather here!
Very interesting day!
If today’s rally is some kind of wave 3 up (and I believe it is) then it looks like we are currently in a sideways/down wave 4 right now. This leave Monday to complete the final wave 5 up, and complete this rally for the year and put in the high for this year as well.
Then I’m expecting a 2-3 week drop of about 80-100 points (based on prior sell offs) that should retest the 1536 spx low. This should be the first wave 1 down from the high. Then I expect a rally back up to maybe 1600 area for the wave 3 up. That should happen and complete on a ritual “eleven” date like May 22nd or the 29th.
The Legatus meeting is from May 23rd to the 25th so everything is lining up for a nasty wave 3 down to start somewhere around that time period. Of course past history only shows about 30-40% of the important tops occur on eleven days so it’s not a sure thing for the 22nd or the 29th.
But knowing a zone period should allow everyone to get into a nice short position even if I’m off on one of those dates and it happens on the 27th or some other day in between that zone. As for the wave 3 down I’m expecting about double the wave 1 down in points… or about 160 points roughly.
Have a good weekend everyone and get ready to short on Monday. Also, I will be doing a new post this weekend and an update for the newsletter (good things to report there too).
I’ll be looking to short pig on Monday or Tuesday gang….
EURUSD Chart update: http://niftychartsandpatterns.blogspot.in/2013/05/eurusd-chart-update.html
LWSP is another interesting chart. looking for entry soon.
Looks like it’s been in a steady down move. If it resets the prior lows at .25 cents it could be something worth getting a few shares in with the idea that someone will eventually do another promotion on it.
I haven’t went out on LWSP yet but it looks similar to your ASCC. I think it could go lower still but will eventually be promoted again. It’s on my watch list for now.
Hi Red,
Check out ASCC
The 30min, 60min, 2hr, and 4hr charts are all looking bullish right now. They are all curling up on their MACD’s and are also rising up from oversold on their Histogram bars. Assuming that they allow the charts to work (and they usually do work for the bulls, just not the bears) then I’m expecting a rally later today and into tomorrow.