I think we are on our way to the 138.86 FP on SPY from March 12th of this year!
(to watch on youtube: http://www.youtube.com/watch?v=evge9nxoVQk)
But before that happens I expect another wave down. Since we have new FP of 134.46, that was seen by a poster on Cobra's Forum, I'd say we are likely to hit that level Monday morning and then rollover. While there is nothing saying that the FP is a turning point, the charts are very over bought right now and support a move down start as early as Monday.
So, since we are just inches away from it (we had an intraday high of 134.10 on the SPY Friday), it only makes sense that we reach it Monday before rolling over to the downside to reset the overbought short term charts. The move down should be some Fibonacci percentage and make our "B" wave in this ABC pattern up. It's about an 80 point move up on the SPX, so a move back down 40 points to 1300 isn't out of the question.
Regardless of whether it drops to the 38.2% level, 50% or 61.8%, I do not think it's our "Wave 3" down, but instead just a "B" wave inside of "Wave 2" up... which won't be labeled wave 2 once a new high is put in. Then I guess it will be some kind of final 5th wave in Primary Wave 2 up from the March, 2009 low. Whatever it's called, I think it's going to end around our old FP of 138.86 on the SPY.
The Gangsters sure do like to fool the sheep...
I'm not falling for this one again... that's for sure! I've seen them do this many times, and they always end up stealing the bears money. Yeah, it's going to look like "wave 3" down started as the selling could be quite powerful, but I fully expect it to be just another bear trap. They may push it down close to the current low, but I firmly believe it will stay above it and put in a "higher low", allowing for that last "C" wave up to the FP level for a new high. It's looking a lot like 2007 did!
My plan is simple... wait for that newer FP of 134.46 to be hit (probably at the open, or shortly afterwards if it opens slightly down and then pushes back up within the first hour or so), and take a short position for move down early in the week to at least the 38.2% Fib level. Then at some point I'll look to go long for the final move up to 138.86 or so.
I'm not in any hurry to go long, as they will likely go further down then just the 38.2% Fib level... mainly because they need to shake out some new bulls, and get some more bears onboard. We could bounce around the 1320 spx area (it's the downward sloping trendline that they just broke through on Friday), as that would be a backtest of what is now support. But, I'm not too excited about jumping on the bull train there, as it's weak support in my opinion.
There is a stronger support level around the 1300 area, which is where I think this market is headed too next week. Then the following week is options expiration, which is usually bullish. They like to get everyone on the short side the week prior to it (this week) and then squeeze the week of OPX, so all those newly purchased puts expire worthless. Just the evil game they play to steal your money... don't fall for it!
The week after OPX is usually when you'll see the market turn back down again. While that doesn't have too be a big turn, I've noticed that it does happen quite often. This leads me to believe that will we hit our FP target new high the week of OPX or early the week after. That 25th-27th period of most months is a common Gann turndate too, so I think we're on schedule to peak by then.
And on the Dark Side...
Not much going on that I can find on the Illuminati rituals for next week, but here's an interesting video by Phil Schneider in 1995. He was killed 6 months later by the Illuminati gangters, but it's still new to lots of people... including myself.
(to watch on youtube: http://www.youtube.com/watch?v=FeF8z8UmZpc&feature=related)