Ok,
The next few weeks are going to be lots of fun for the bears. Here's the plan...
Monday should complete the smaller 5th wave down at 1014-1016 area. It's possible that it might go to 1010, but that should be as low as it goes before a 2 day rally starts. The 1040 area is now major resistance and should be shorted, as that's about all I'm expecting out of this brief rally. I'd be cautious on going long on Monday to ride it up to Wednesday's predicted 1040 high.
We could just stay flat for a few days around the 1020 area, and never make up back up to 1040... so be careful. Wednesday the 7th is a big turn date and should be the ideal place to go short. I'm expecting the market to tank until the option expiration date of the 16th.
Support going down is at 998-1000, then 980, and finally 955. Just like the rally up surprised us on how high it could go I expect the move down to do the same. So, 950-955 area is not as unlikely a target as you may want believe.
After option expiration you can expect a rally to occur. I think 38.2% to 50% is about all the market will go back up. But, we'll just take it one day at a time. I'm going to go short on Wednesday and stay short until Friday the 16th. That's the plan for now. Of course I may adjust it as time progresses closer, but I fully expect the move to be almost straight down until then, with little if any bounces.
Red
Hi REd,
Prior to the October debacle we still have the potential for a 3 wave ABC rebound off what should be a LOW at the 1015 to 1010 area as you mentioned also.
That 3 wave rally should carry to OCT 13th at 2;32 pm when it should duplicate the SPT 32rd drop off, and this time it will be NASTY for BULLS and set up emergency actions again by the FED and treasury
Jay
It doesnt look like we will get that 5th wave we both anticipated for today and or tomrrow
ITS possible we are going to make an EXTENDED wave [ii] off a wave [i] low of last Friday
IF that is SO, we wont see 1010 this week, and will hold at 1020 which might get retraced tomrrow;
3:15 is an astro event today which might top it out today.
IF by some chance they do drop to 1010 tomrrow, MY oct13th TOP should make it to 1063
Jay
BULLS get SLAMMED tomrrow
Jay
I was OFF by a day
Jay,
I was off by a day too, as I expected a flat to down day on Monday and then up Tuesday and Wednesday. Now, I'm expecting a flat to slightly up day tomorrow (to conclude the 2 day rally), and then Wednesday should start the selling.
Looks like we are both a little off on the exact date, but as long as we still catch the wave down we should be ok.
I do see a slight up move after we hit 998-1000, so that could be the October 13th top you see? And, I see more downside until the 16th. So, we seem to be in agreement there.
It seems you work is more focused on timing, and mine is more on finding major support/resistance points. Your timing seems correct, but I'm not seeing 1063 on the 13th.
Red
BULLS get SLAMMED tomrrow
Jay
I was OFF by a day
Jay,
I was off by a day too, as I expected a flat to down day on Monday and then up Tuesday and Wednesday. Now, I'm expecting a flat to slightly up day tomorrow (to conclude the 2 day rally), and then Wednesday should start the selling.
Looks like we are both a little off on the exact date, but as long as we still catch the wave down we should be ok.
I do see a slight up move after we hit 998-1000, so that could be the October 13th top you see? And, I see more downside until the 16th. So, we seem to be in agreement there.
It seems you work is more focused on timing, and mine is more on finding major support/resistance points. Your timing seems correct, but I'm not seeing 1063 on the 13th.
Red