Here’s my only worry about the collapse to the 119 spy FP… the ‘re-capture’ of the rising trendline of support. If so, then we could close at the highs today and not sell off toward that 119 FP until tomorrow? Blame it on the job’s data I guess, but it’s in the charts already.
This is just the 30 minute chart (and the 60) pointing back up to work off the oversold conditions. I want to see them get overbought and ready to rollover before I get short for the expected wave 3 down. Maybe into the close now, as it looks like this could go longer then I thought.
We have basically completed the “A” wave up in this ABC (wave 2) pattern. We are now trading sideways to slightly down for the “B” wave down. The “C” wave up to complete this wave 2 pattern should start within the next 30 minutes I believe (based on the charts).
This “B” wave is also forming a “Bull Flag”, which adds to the odds of a “C” wave up occurring. We also in a downward channel, so this “C” wave up “could” surprise us with how high it goes? I still think it will just backtest the broken rising trendline (from the 1074 low), and then tank into the close and tomorrow too.
Yes ACP… it’s huge! That’s are likely closing price today I believe. After we finish this ABC (wave 2) up in an hour or two, we should rollover into a nice wave 3 down into the close today.
We should go up and backtest the broken trendline, which is coming in around 123.80-124.00 spy right now. I’ll be shorting later today for sure, as I see that new 119 spy FP as today’s sell off level into the close. However, it could also be the open tomorrow too? Hard too say for sure, but I do see a sell off the last few hours of the day today.
Here’s my only worry about the collapse to the 119 spy FP… the ‘re-capture’ of the rising trendline of support. If so, then we could close at the highs today and not sell off toward that 119 FP until tomorrow? Blame it on the job’s data I guess, but it’s in the charts already.
This is just the 30 minute chart (and the 60) pointing back up to work off the oversold conditions. I want to see them get overbought and ready to rollover before I get short for the expected wave 3 down. Maybe into the close now, as it looks like this could go longer then I thought.
Here’s another “Quick 5 Minute Update”….
http://screencast.com/t/8HWcb7RgXN
We have basically completed the “A” wave up in this ABC (wave 2) pattern. We are now trading sideways to slightly down for the “B” wave down. The “C” wave up to complete this wave 2 pattern should start within the next 30 minutes I believe (based on the charts).
This “B” wave is also forming a “Bull Flag”, which adds to the odds of a “C” wave up occurring. We also in a downward channel, so this “C” wave up “could” surprise us with how high it goes? I still think it will just backtest the broken rising trendline (from the 1074 low), and then tank into the close and tomorrow too.
Yes ACP… it’s huge! That’s are likely closing price today I believe. After we finish this ABC (wave 2) up in an hour or two, we should rollover into a nice wave 3 down into the close today.
😉
Midday FP to 119 on SPY. That’s huge.
As you said red, they are ramping it up. Hope to get some of my stink bids hit on the puts.
We should go up and backtest the broken trendline, which is coming in around 123.80-124.00 spy right now. I’ll be shorting later today for sure, as I see that new 119 spy FP as today’s sell off level into the close. However, it could also be the open tomorrow too? Hard too say for sure, but I do see a sell off the last few hours of the day today.
I hope you are right red, I am going to have to put in some stink bids in on the sp if I have to go to bed.
New FP gang…
http://screencast.com/t/hC7J9jzuXLi
Looks like the elevator goes down today into the close! LOL
Bouncing now… I’ll be looking for this to end by the noon to 2 pm time frame. Then I’ll be getting short for a big wave down into the close today.