Exactly! Wave 3 down has been expected for 2 years already. Elliott Wave patterns seem wayyy too backward looking for me. That doesn’t mean I ignore it completely, I just don’t put much weight into them. I think we are close to a bottom in the market before another runup headfake. I am not so sure the 1388 FP is real now. The bears have the momentum, but 1250-1260 SPX is where the bulls will make a huge stand. European bailout news may spark a short lived rebound to get all the retail buyers back in.
ITS JUST CRAZY THAT THE VIX IS SO LOW! I think this should be a telling sign of bad things to come.
The vix /vxx/tvix should be about to explode when silver/gold are no longer safe havens and begin the next stage down. any thoughts?
yupyup, looks like Govt Sachs just bought the dip..might prop up the market and save the Odrama Drama for next week. Definitely more selling to come…
The vix being so low tells me that we are still in a wave 1 down… wait until wave 3 hits, then it’s going to skyrocket up!
VIX is in a daily inverse head and shoulders pattern. Dont worry, we will bust thru the 200 day MA soon enough…
I would not short Gold.
Exactly! Wave 3 down has been expected for 2 years already. Elliott Wave patterns seem wayyy too backward looking for me. That doesn’t mean I ignore it completely, I just don’t put much weight into them. I think we are close to a bottom in the market before another runup headfake. I am not so sure the 1388 FP is real now. The bears have the momentum, but 1250-1260 SPX is where the bulls will make a huge stand. European bailout news may spark a short lived rebound to get all the retail buyers back in.
ITS JUST CRAZY THAT THE VIX IS SO LOW! I think this should be a telling sign of bad things to come.
The vix /vxx/tvix should be about to explode when silver/gold are no longer safe havens and begin the next stage down. any thoughts?
Bear flag almost done on the 15min SPY chart… this sucker should break to the /ES 1258 area today…
Dow Jones Broadening pattern: http://niftychartsandpatterns.blogspot.com/2011/06/dow-jones-broadening-pattern.html
Looks that way now. I thought they might go a little higher first and then roll over, but it’s still too weak I guess.
Hi Red, I guess that 1294 spx was the kiss goodbye, as we discussed yesterday.
ES fib levels: http://niftychartsandpatterns.blogspot.com/2011/06/es-retracing-yesterdays-up-move.html