Interesting point on the 119 being reversed to 911. What we’ve seen over the past is sometimes the FP’s are just a milestone. ie. when we hit the DIA 118 FP, we simply went up there, paused and then kept going higher. So if it’s really “911” and $hit does HTF, the 119 FP might be just a starting point???
As expected (so far) a very boring day today, which should end as a “pause” day (doji). Over the weekend is a good time to announce something bad out of Euroland and open up Monday with a “gap down”. Will it happen? I don’t know? But I expect the move down to start early next week.
It should also trap all the bulls and not let them out… nor the bears in. Currently, assuming yesterday was a very larger “wave 3” up, we appear to be chopping around sideways to make the “wave 4”. This means we should have one final push up for a 5th wave to complete this pattern.
Now, whether this is the completion of our major wave 2 up (with major wave 3 down to follow… as in the “Crash” I’ve be looking for), or just the end of the “A” wave up in an ABC pattern (major wave 2 up) is still unknown? If it’s an ABC pattern then the “B” wave down should go to the 119 SPY FP from a few days ago.
If it’s the start of our Major Wave 3 down (again, some call it Intermediate Wave 3), then all hell is going to break loose over the next few weeks, with key dates on 11-11-11 and 12-07-11. This means the 119 FP on the SPY was more likely a signal that “911” is coming, and not an actual downside target. Either way, once this final 5th wave up finishes (today or Monday) it should be the last chance to get short before the move down to at least 119 spy (1190 spx).
Gap up and crap is my forecast for Monday…
SPX bullish daily now officially higher than it was on OPX in July.
SPX RSI 65, where the record “cap” during a bear market is 66 (assuming this is a bear market). Dow is actually almost 67.
Transports leading down.
Looks kinda like a bungee cord stretched way too far.
Quick 5 Minute Update…
http://screencast.com/t/2oxSATmCHc
Copper chart: http://niftychartsandpatterns.blogspot.com/2011/10/copper-support-and-resistance-levels.html
Interesting point on the 119 being reversed to 911. What we’ve seen over the past is sometimes the FP’s are just a milestone. ie. when we hit the DIA 118 FP, we simply went up there, paused and then kept going higher. So if it’s really “911” and $hit does HTF, the 119 FP might be just a starting point???
Probably licking their wounds from yesterday PW…
As expected (so far) a very boring day today, which should end as a “pause” day (doji). Over the weekend is a good time to announce something bad out of Euroland and open up Monday with a “gap down”. Will it happen? I don’t know? But I expect the move down to start early next week.
It should also trap all the bulls and not let them out… nor the bears in. Currently, assuming yesterday was a very larger “wave 3” up, we appear to be chopping around sideways to make the “wave 4”. This means we should have one final push up for a 5th wave to complete this pattern.
Now, whether this is the completion of our major wave 2 up (with major wave 3 down to follow… as in the “Crash” I’ve be looking for), or just the end of the “A” wave up in an ABC pattern (major wave 2 up) is still unknown? If it’s an ABC pattern then the “B” wave down should go to the 119 SPY FP from a few days ago.
If it’s the start of our Major Wave 3 down (again, some call it Intermediate Wave 3), then all hell is going to break loose over the next few weeks, with key dates on 11-11-11 and 12-07-11. This means the 119 FP on the SPY was more likely a signal that “911” is coming, and not an actual downside target. Either way, once this final 5th wave up finishes (today or Monday) it should be the last chance to get short before the move down to at least 119 spy (1190 spx).
Where is every body? I do not see any post since San posted
ES Trend update: http://niftychartsandpatterns.blogspot.com/2011/10/s-500-futures-chart-analysis.html
Nice Cobra chart:
http://www.cobrasmarketview.com/wp-content/uploads/102720_10731/NDXCumTICK.png