Ok gang… the wave 2 bounce is got to be over now, as we now have a big bear flag forming. I think we will tank into the close and maybe crash tomorrow. (yes, I short)
Looking at the charts I see that we have started the bounce I’m calling wave 2 up. If we manage to stay above this mornings low and put in a “higher low” then the odds favor us rallying back more the rest of the day.
If we put in a lower low, (by 11:30am EST) then there are high odds that it will be a trend down day closing near the lows by the end of the day.
Interesting ACP… I also thought that he caved in to the evil cabal when he let George Soro’s fund his defense in his trial case. He basically sold out, and we never seen anymore “real” damaging data from wikileaks after that.
This has nothing to do with the market, but I find it odd that a Assange, who’s made his life’s work exposing information, is trying to suppress it when HE is the subject:
Looks like we will definitely get our gap down this morning, but closing slightly down or slightly up seems more unlikely right now. I think the gap down is too strong and the market is more likely to have a very short lived bounce (small wave 2 up) around the open, and then a turn back down again.
I suspect we’ll close at the lows of the day after this brief bounce happens. I’ll be looking to get short on that bounce. This means a wave 3 would start into the afternoon and into all of tomorrow. There is likely to be only one chance to get short today, as tomorrow won’t likely have and decent bounces. I’ll just be looking for the 5 and 15 minute charts to get overbought to find my short entry.
This means that we could crash tomorrow with another 500-1000 point drop. I’m not sure yet of course, but if we get that short lived wave 2 bounce today, then tomorrow will really be ugly. We are very likely going to cut through 1101 spx like it’s hot butter this time, only briefly bouncing from it. The bottom target I have is 965 spx, which could be hit early next week, making this weekend’s multiple turn dates a bottom.
The daily chart has risen up enough to have worked off all it’s oversold conditions and could easily go back down for several more weeks now, and the week chart could do the same. The only thing that would make me think this turn date period is a top is if we closed positive today and tomorrow, make a larger and longer wave 2 back up. That would only delay the crash until next Monday/Tuesday, but as bad as the futures look right now, I think the crash will be today and tomorrow.
Yes, the Transports and Russell are very ugly! Any bounce we get should be shorted, and probably won’t last long. I probably being too optimistic in the video, as this isn’t looking good for the bulls….
that was the bounce? man that was short.
I am raising cash and thinking about some shorting strategies.
Ok gang… the wave 2 bounce is got to be over now, as we now have a big bear flag forming. I think we will tank into the close and maybe crash tomorrow. (yes, I short)
Yeah, interesting how the diplomatic cables came out, but the financial leaks never did. Shows you where the TRUE power lies…
Looking at the charts I see that we have started the bounce I’m calling wave 2 up. If we manage to stay above this mornings low and put in a “higher low” then the odds favor us rallying back more the rest of the day.
If we put in a lower low, (by 11:30am EST) then there are high odds that it will be a trend down day closing near the lows by the end of the day.
Interesting ACP… I also thought that he caved in to the evil cabal when he let George Soro’s fund his defense in his trial case. He basically sold out, and we never seen anymore “real” damaging data from wikileaks after that.
This has nothing to do with the market, but I find it odd that a Assange, who’s made his life’s work exposing information, is trying to suppress it when HE is the subject:
http://news.yahoo.com/assange-autobiography-hit-shelves-despite-row-015542106.html
Regardless whether or not the book has been fact-checked, the guy strikes me as a total ass.
Good Morning gang….
Looks like we will definitely get our gap down this morning, but closing slightly down or slightly up seems more unlikely right now. I think the gap down is too strong and the market is more likely to have a very short lived bounce (small wave 2 up) around the open, and then a turn back down again.
I suspect we’ll close at the lows of the day after this brief bounce happens. I’ll be looking to get short on that bounce. This means a wave 3 would start into the afternoon and into all of tomorrow. There is likely to be only one chance to get short today, as tomorrow won’t likely have and decent bounces. I’ll just be looking for the 5 and 15 minute charts to get overbought to find my short entry.
This means that we could crash tomorrow with another 500-1000 point drop. I’m not sure yet of course, but if we get that short lived wave 2 bounce today, then tomorrow will really be ugly. We are very likely going to cut through 1101 spx like it’s hot butter this time, only briefly bouncing from it. The bottom target I have is 965 spx, which could be hit early next week, making this weekend’s multiple turn dates a bottom.
The daily chart has risen up enough to have worked off all it’s oversold conditions and could easily go back down for several more weeks now, and the week chart could do the same. The only thing that would make me think this turn date period is a top is if we closed positive today and tomorrow, make a larger and longer wave 2 back up. That would only delay the crash until next Monday/Tuesday, but as bad as the futures look right now, I think the crash will be today and tomorrow.
ES Oversold but may continue to fall: http://niftychartsandpatterns.blogspot.com/2011/09/es-oversold-but-may-continue-to-fall.html
GOLD Breaks 50 Day SMA: http://niftychartsandpatterns.blogspot.com/2011/09/gold-breaks-50-day-sma.html
Yes, the Transports and Russell are very ugly! Any bounce we get should be shorted, and probably won’t last long. I probably being too optimistic in the video, as this isn’t looking good for the bulls….