The SPX and SPY have broken through the falling trendline of resistance now. This means it’s highly likely that the low was put in yesterday and the best we could expect to see is a small move down later today to backtest this trendline (which will be at a lower level as it’s falling) somewhere around the 206.00 SPY zone (depending on when (and “if”) it hits it.
If this happens then what we have likely seen today with the gap up open is some kind of wave 1 up with this forecasted small pullback later today to be the wave 2 down. This implies we’ll see a big squeeze up Friday for the wave 3 up.
Of course this wave 2 down could have simply been the sideways chop we had earlier before the break of the trendline and we could see the wave 3 starting now? Hard too say for sure but regardless I’m expecting a move up toward 2090 or more on the SPX into next week.
I’m looking for a quick move down Thursday morning to put in the low where I think the next move will be up strongly. I’d exit all shorts by today or in the morning tomorrow as the bulls are about ready to wake up.
It’s natural to expect a “pause” day here so we could chop like this all day. If we do get a rally going then I’d expect a peak in the noon to 2pm (EST) time period between 10-15 points higher. There’s a falling trendline of resistance that will likely hold the market back. It will be around 206.30 area SPY in that time zone.
If we don’t hit it today and instead just drop more then we might hit it Thursday morning on some fakeout bull move up. Hard too predict what SkyNet is going to do here. But tomorrow or Friday should put in the low for the week.
“The dollar is going to rise and rise and rise, and then die suddenly.” – Jim Willie
Dollar to be devalued, militarized police, vaccines to deliver patented bioweapons
(A 43-minute interview repeated several times for some unknown reason)
https://www.youtube.com/watch?v=3myk0L8f4Vc
The SPX and SPY have broken through the falling trendline of resistance now. This means it’s highly likely that the low was put in yesterday and the best we could expect to see is a small move down later today to backtest this trendline (which will be at a lower level as it’s falling) somewhere around the 206.00 SPY zone (depending on when (and “if”) it hits it.
If this happens then what we have likely seen today with the gap up open is some kind of wave 1 up with this forecasted small pullback later today to be the wave 2 down. This implies we’ll see a big squeeze up Friday for the wave 3 up.
Of course this wave 2 down could have simply been the sideways chop we had earlier before the break of the trendline and we could see the wave 3 starting now? Hard too say for sure but regardless I’m expecting a move up toward 2090 or more on the SPX into next week.
SPX Update: http://screencast.com/t/526HK4u2a
Any idea how much of a breakout?
We could chop around again today between 2 trendlines and then breakout Friday.
SPY Update: http://screencast.com/t/x6IEV352z
SPY Chart analysis: http://niftychartsandpatterns.blogspot.in/2015/03/spy-analysis-before-opening-bell_12.html
I’m looking for a quick move down Thursday morning to put in the low where I think the next move will be up strongly. I’d exit all shorts by today or in the morning tomorrow as the bulls are about ready to wake up.
It’s natural to expect a “pause” day here so we could chop like this all day. If we do get a rally going then I’d expect a peak in the noon to 2pm (EST) time period between 10-15 points higher. There’s a falling trendline of resistance that will likely hold the market back. It will be around 206.30 area SPY in that time zone.
If we don’t hit it today and instead just drop more then we might hit it Thursday morning on some fakeout bull move up. Hard too predict what SkyNet is going to do here. But tomorrow or Friday should put in the low for the week.
Off a little on the targets but it did follow the plan and pattern I was implying I think.