We are getting close to topping I believe gang. The 60 minute chart is still pointing up, but all the shorter term charts are overbought now. If the 60 peaks into the close, we could have our wave 3 down tomorrow… if not, then we could rally up a little bit more in the morning tomorrow and let it roll over. Once it does, the selling could be bearishess!
Just an update gang. I think we will have one more push up and top around 1:30-2:30 pm (est) today. The short term charts should be about topped and ready to rollover about then. This next move down should be a wave 3 that takes us into Friday. 🙂
Ok gang, since they gapped down below the trendline of support from the rising channel, I’d say that we’ll rally back up some (not a lot) and either roll over into the close or end the day about flat (a “pause” or “doji” day) and then tank hard on Friday. So I’m expecting a lot of chop today.
Goldman to start it’s decent into the abyss? Is this our first clue?
http://www.zerohedge.com/article/dick-bove-cuts-goldman-sell-cuts-price-target-163-120
And we know the final destination… http://content.screencast.com/users/raised_by_wolves/folders/Jing/media/e99a363a-8c62-4848-a64e-7ab528e5332b/00001774.png
We should have a nice sell off tomorrow gang…
http://reddragonleo.com/wp-content/uploads/spx-trendline-05-12-2011.jpeg
Or, just start selling on the open?
We are getting close to topping I believe gang. The 60 minute chart is still pointing up, but all the shorter term charts are overbought now. If the 60 peaks into the close, we could have our wave 3 down tomorrow… if not, then we could rally up a little bit more in the morning tomorrow and let it roll over. Once it does, the selling could be bearishess!
LOL… I’m sure they are! But I don’t care. I’m going long here Ms. Market Maker… are you listening?
Crude Oil Chart:
http://niftychartsandpatterns.blogspot.com/2011/05/crude-oil-moving-up-in-channel.html
Red, I think “they” are watching you closely and trying to do the opposite, like George Costanza… They Illuminati is all knowing.
Just an update gang. I think we will have one more push up and top around 1:30-2:30 pm (est) today. The short term charts should be about topped and ready to rollover about then. This next move down should be a wave 3 that takes us into Friday. 🙂
Ok gang, since they gapped down below the trendline of support from the rising channel, I’d say that we’ll rally back up some (not a lot) and either roll over into the close or end the day about flat (a “pause” or “doji” day) and then tank hard on Friday. So I’m expecting a lot of chop today.
SLV Chart:
http://niftychartsandpatterns.blogspot.com/2011/05/slv-near-weekly-trend-line.html
ES Chart:
http://niftychartsandpatterns.blogspot.com/2011/05/es-setup-for-fast-fall.html