I think we are going to do an “ABC” move up today, with the start of A up at the current low of 1121 spx, and the predicted end around the resistance area of 1140-1142 spx. Then a B wave down to an “unknown” level, followed by a C wave up to about 1160 spx (about where the 116.05 spy is)
What are your thoughts about my alternate EW count? It’s not a perfect fit, but the other counts that every other blogger has, are just to obvious too me. I just don’t think we will rally in late October and November.
We hit 112.08 spy… close enough to the 112.01 FP I believe. The low for the day could be in? Remember, the FP’s don’t have to be hit to the penny. We had a 112.08 low so far. I think that’s close enough. Now we could be on our way up to the 116.05 FP from Friday?
In what direction are you expecting it to go to? I see the weekly and monthly charts still pointing down, while the daily is oversold and looks to be pointing up. The 60 minute chart is about near the zero level from being severely oversold and could turn back down, but looks more like it wants to go up.
There is also a triangle pattern that formed and with the current opening price of silver today, it has now broken out of that triangle to the upside. The current situation with silver looks bullish too me right now, as the 27.50 low to the 32.00 high appears to be an “A” wave up, with “B” down to the 29.00 level and now we could be starting “C” up?
The ES worked off a lot of the oversold conditions on the 60 minute and 2 hour charts. The SPX is also ready to go back up. So, if I was a guessing man, I’d say we go down to the 112.01 print first and then up to the 116.05 print by tomorrow or Wednesday at the latest. We also have an overnight low of 1111.25 on the ES, which is probably about the same level as the 112.01 SPY print.
Thanks Anna,
nice post
I think we are going to do an “ABC” move up today, with the start of A up at the current low of 1121 spx, and the predicted end around the resistance area of 1140-1142 spx. Then a B wave down to an “unknown” level, followed by a C wave up to about 1160 spx (about where the 116.05 spy is)
What are your thoughts about my alternate EW count? It’s not a perfect fit, but the other counts that every other blogger has, are just to obvious too me. I just don’t think we will rally in late October and November.
I do not know how high the sp will get to, but I do not like the feel of the market at the end of the day.
We hit 112.08 spy… close enough to the 112.01 FP I believe. The low for the day could be in? Remember, the FP’s don’t have to be hit to the penny. We had a 112.08 low so far. I think that’s close enough. Now we could be on our way up to the 116.05 FP from Friday?
Got lucky and bought at the 1122 sp level. 10 seconds later it shot up.
Thanks Red for the FP
Went long here for a short term trade.
In what direction are you expecting it to go to? I see the weekly and monthly charts still pointing down, while the daily is oversold and looks to be pointing up. The 60 minute chart is about near the zero level from being severely oversold and could turn back down, but looks more like it wants to go up.
There is also a triangle pattern that formed and with the current opening price of silver today, it has now broken out of that triangle to the upside. The current situation with silver looks bullish too me right now, as the 27.50 low to the 32.00 high appears to be an “A” wave up, with “B” down to the 29.00 level and now we could be starting “C” up?
The ES worked off a lot of the oversold conditions on the 60 minute and 2 hour charts. The SPX is also ready to go back up. So, if I was a guessing man, I’d say we go down to the 112.01 print first and then up to the 116.05 print by tomorrow or Wednesday at the latest. We also have an overnight low of 1111.25 on the ES, which is probably about the same level as the 112.01 SPY print.