Since we have now hit 113.17 (and the early morning high between 6am and 7am was 113.13 spy) we could have topped for the day? If so, then we should go back down to the 111.38 spy FP from this morning. The actually low of 111.58 spy this morning was close (and again, could be close enough?), but considering the overbought conditions on the short term charts, we could still go back down today and hit that print exactly.
There is also the wave count we have right now. It looks like we have completed a smaller “ABC” move up from the 1074 spx low to the current 1131 high. “If” this entire move up was instead a “5 wave” pattern, then we have just completed the first 3 waves with a 4th wave down to follow. Maybe that will be the move down to the 111.38 spy level for the 4th wave, followed by the 5th wave up tomorrow to hit the 116.05 spy level?
Since the short term charts (5 and 15 minute) are quite overbought now it’s still possible that the 111.38 spy print still could be hit. I think it’s unlikely now, but still possible. This will simply be a buying opportunity “if” it does go down there today. Personally, I think we were close enough this morning with a low of 111.58 spy.
However, as I said, the short term charts are very overbought. This means that that print could be the low today going into the close. That would leave tomorrow open for a rally toward that 116.05 spy print. After that, I expect we’ll rollover again and probably take out the current 1074 spx low for a final 5th wave down.
How do you deal with the volatility of these ETFs? I have tried and gotten shaken out. For example I could see a case for FAZ at $75 a share and right now it is trading at 67. My guess is that it has to be a really short term trade a day or a few days then out, is that correct?
Are we heading back down into the close
Arthur is ready for an interpretation. I have to run in a few minutes. What do we want to know? Where is goldy btw?
You are looking like a genius Red. I bought at the fp low , sold out at the fp high.. I do not like the feel of the market for the end of the day
LOL… now we have went higher then the 113.17 level when I was typing that…
Ok,
Since we have now hit 113.17 (and the early morning high between 6am and 7am was 113.13 spy) we could have topped for the day? If so, then we should go back down to the 111.38 spy FP from this morning. The actually low of 111.58 spy this morning was close (and again, could be close enough?), but considering the overbought conditions on the short term charts, we could still go back down today and hit that print exactly.
There is also the wave count we have right now. It looks like we have completed a smaller “ABC” move up from the 1074 spx low to the current 1131 high. “If” this entire move up was instead a “5 wave” pattern, then we have just completed the first 3 waves with a 4th wave down to follow. Maybe that will be the move down to the 111.38 spy level for the 4th wave, followed by the 5th wave up tomorrow to hit the 116.05 spy level?
sent you a e mail
I haven’t seen anymore big scary prints like the 984 spx print or the Dow 8300 print from last year.
Since the short term charts (5 and 15 minute) are quite overbought now it’s still possible that the 111.38 spy print still could be hit. I think it’s unlikely now, but still possible. This will simply be a buying opportunity “if” it does go down there today. Personally, I think we were close enough this morning with a low of 111.58 spy.
However, as I said, the short term charts are very overbought. This means that that print could be the low today going into the close. That would leave tomorrow open for a rally toward that 116.05 spy print. After that, I expect we’ll rollover again and probably take out the current 1074 spx low for a final 5th wave down.
How do you deal with the volatility of these ETFs? I have tried and gotten shaken out. For example I could see a case for FAZ at $75 a share and right now it is trading at 67. My guess is that it has to be a really short term trade a day or a few days then out, is that correct?
Then what? And have you seen any prints on gold other than that scary one of 994?