Finally, a decent sell off! The market sold hard today with 212 million shares traded on the SPY. Remember how many times I've stated that heavy volume means a DOWN market, and light volume means that the market can be easily controlled and pushed up higher.
This is the start of nice down trend that should last though all of next week. I'll do more on my weekend post, but briefly... I'm expecting a pause to slightly up day on Monday to occur. The market usually doesn't have huge back to back down days, so a flat day is too be expected. There will be a time in the future that the market will sell off huge many days in a row. Not yet though...
Be patience... the big sell off is coming in the first week of February! I'm expecting about a 100 point sell off in the S&P500 to occur, in a very short time frame... a week or two probably? Save up your cash for this to happen. I'll have more information as it draws closer.
I'll also have my usual weekend post up by late Sunday night.
Enjoy the weekend,
Red
I must say that you are becoming my favourite blogger!
you are doing good job here keeping us updated every day with new stuff.others, daneric, kenny, evil, x-trends, are good also, but for now you have edge.your analysis for markets are precise and updated daily wthout too much mumubo-jumbo and alternative scenarios and charts.
I'm Elliottician myself, and usually I dont' follow the news or reports much.but you are helped me with JPMorgan report and “street's” and “whisppering” expectations.
keep up the good work, and best regards from Croatia!
PS-exscuse moi for pidgin english 🙂
Thanks Fulcrum…
I'll try not to disappoint you, although no one is always correct at reading the markets. But, I mix a little bit of everything in my forecasting. Sometimes one method works well, and then other times a different method works.
Elliottwave seems to work well when the market is trending, and Technical Analysis works better when the market is trading sideways. The news simply allows the market to form a elliottwave pattern, and the TA will provide the support and resistance levels, which also tend to be the Fibonacci levels too.
It's tough, but sometimes I have streaks where I'm very accurate, and other times I'm way off. No one's perfect I guess? But I'll keep at it.
Red
No one can be always right!we all could just guess.sometimes we are right, sometimes we are not.
you have good relationship with your readers.when you know, you say it, when you missed, you said that to.
and there is no double meanning, there is no when you missed there is no post for 7 days, too many alternatives, and other things.
EWT, TA , news or something else doenst matter if it works.personally, I use, TA, EWT, fibo harmonic levels ..but I can not tell that this method is better then other.
you are doing great job!
cheers!
My weekend post is up now… you might want to keep it?
This is just plain weird. A coincident timing of longest eclipse in 1000 years, and the S&P is bouncing off, and being repelled by, the 38 Fib Fan line drawn from the 1932 lows to the 2007 highs.
I was pimping out this Fib Fan way back to July 7th, 2009
http://oahutrading.blogspot.com/2010/01/just-wh…
http://oahutrading.blogspot.com/2009/07/fib-fan…
http://oahutrading.blogspot.com/2009/09/dia-and…
Now it looks like it is really in play.
http://oahutrading.blogspot.com/2010/01/spooky-…
We have a big turn date come up soon Steveo… You might want to save this weekend post I just put up? Your 38% Fib. level from 1929 is pretty interesting.
This is just plain weird. A coincident timing of longest eclipse in 1000 years, and the S&P is bouncing off, and being repelled by, the 38 Fib Fan line drawn from the 1932 lows to the 2007 highs.
I was pimping out this Fib Fan way back to July 7th, 2009
http://oahutrading.blogspot.com/2010/01/just-wh…
http://oahutrading.blogspot.com/2009/07/fib-fan…
http://oahutrading.blogspot.com/2009/09/dia-and…
Now it looks like it is really in play.
http://oahutrading.blogspot.com/2010/01/spooky-…
We have a big turn date come up soon Steveo… You might want to save this weekend post I just put up? Your 38% Fib. level from 1929 is pretty interesting.
My weekend post is up now… you might want to keep it?