We didn’t get the gap up I was expecting (could have been 5-8 points) as the GDP number was bad and the market opened down instead. I still expect a positive close today, as the volume is going to be very light from here until the end of the week. Today might only be a doji, but I don’t expect any further selling this week.
I still believe we will make a wave 2 up into Friday (or next Monday’s open?), and then crash down starting on Monday, with Tuesday the 29th being the “Big One”. This wave 2 up doesn’t have to rally up to any certain level, as it could just chop sideways to complete the wave and barely rise up very much at all. Maybe on 23.6% up, or 38.2%, I really don’t know?
It’s not worth chancing to go long for this wave but better to simply wait to go short again this Friday or next Monday in my opinion. This is only because options don’t do well on the long side versus the short side. If you do futures then yeah it’s likely worth riding the wave 2 up.
Yes, I added that up wrong in the video… sorry about that. The 1206 on train adds up to 911, but the countdown ends on 12-7-11, so I’m not sure what to think there but I’d say that time period will be important.
You think we are going to rally up into the end of November Zstock?
QQQ is sort of staying in my green area range. i guess it will trade sideways a few days–
http://zstock7.com/wp-content/uploads/2011/10/qqq-11-1.jpg
SPY Fibonacci levels: http://niftychartsandpatterns.blogspot.com/2011/11/spy-fibonacci-levels.html
Expected wave count and forecast…
http://www.screencast.com/t/i5WY2ivNUPUj
SPY FP’s…
http://www.screencast.com/t/sVyK1bp0
If we break the 1182 level, we are headed down to the 1165-1140 level. It may be an interesting day.
Silver Chart: http://niftychartsandpatterns.blogspot.com/2011/11/silver-support-and-resistance.html
Good Morning Gang…
We didn’t get the gap up I was expecting (could have been 5-8 points) as the GDP number was bad and the market opened down instead. I still expect a positive close today, as the volume is going to be very light from here until the end of the week. Today might only be a doji, but I don’t expect any further selling this week.
I still believe we will make a wave 2 up into Friday (or next Monday’s open?), and then crash down starting on Monday, with Tuesday the 29th being the “Big One”. This wave 2 up doesn’t have to rally up to any certain level, as it could just chop sideways to complete the wave and barely rise up very much at all. Maybe on 23.6% up, or 38.2%, I really don’t know?
It’s not worth chancing to go long for this wave but better to simply wait to go short again this Friday or next Monday in my opinion. This is only because options don’t do well on the long side versus the short side. If you do futures then yeah it’s likely worth riding the wave 2 up.
GOLD Near 200 SMA: http://niftychartsandpatterns.blogspot.com/2011/11/gold-chart-analysis_22.html
Yes, I added that up wrong in the video… sorry about that. The 1206 on train adds up to 911, but the countdown ends on 12-7-11, so I’m not sure what to think there but I’d say that time period will be important.