Gang, I hope you all aren’t asleep now. The daily, 60, 30, and 15 minute chart are all bearish together right now! “If” the gangsters let the charts play out as they should, and not manipulate them, we should tank into the close. I could see the 1320 spx level being hit… if these charts all get some momentum going. I have no longs right now, only shorts!
For now, I don’t see hit happening. Maybe later this year? The market has hit the 61.8% Fib. level in one day! We could see this rollover into the close and surprise everyone. I really expected this move up to take a couple of days… not a couple of hours! Not good for bulls, as it too straight up I believe.
Wow, all the short term charts are getting overbought now, except the 60. And, we’ve almost done a 50% retracement today. We could roll over today and surprise everyone. I’m not so confident about a rally the rest of the day now. It might be safe to take a few shorts just in case this thing tanks into the close.
Rally time gang! I wouldn’t be shorting this, as it looks pretty strong. We can expect this to carry into early next week before finishing I believe… unless it does a 50% retracement today and rolls over into the close. I really doubt that though. I suspect it will be an ABC move up, or even a 5 wave move.
That leaves next week for a big sell (or crash?) late in the week. Of course there is the possibility that we just resume the uptrend and head toward the 1400 area, but I really doubt that will happen. A wave 2 up is what I’m expecting today and early next week. Then a wave 3 down.
Gang, I hope you all aren’t asleep now. The daily, 60, 30, and 15 minute chart are all bearish together right now! “If” the gangsters let the charts play out as they should, and not manipulate them, we should tank into the close. I could see the 1320 spx level being hit… if these charts all get some momentum going. I have no longs right now, only shorts!
For now, I don’t see hit happening. Maybe later this year? The market has hit the 61.8% Fib. level in one day! We could see this rollover into the close and surprise everyone. I really expected this move up to take a couple of days… not a couple of hours! Not good for bulls, as it too straight up I believe.
@reddragonleo:disqus Are you giving up on the 138 Spy fake print?
Wow, all the short term charts are getting overbought now, except the 60. And, we’ve almost done a 50% retracement today. We could roll over today and surprise everyone. I’m not so confident about a rally the rest of the day now. It might be safe to take a few shorts just in case this thing tanks into the close.
SLV Resistance levels:
http://niftychartsandpatterns.blogspot.com/2011/05/slv-immediate-resistance-levels.html
Rally time gang! I wouldn’t be shorting this, as it looks pretty strong. We can expect this to carry into early next week before finishing I believe… unless it does a 50% retracement today and rolls over into the close. I really doubt that though. I suspect it will be an ABC move up, or even a 5 wave move.
That leaves next week for a big sell (or crash?) late in the week. Of course there is the possibility that we just resume the uptrend and head toward the 1400 area, but I really doubt that will happen. A wave 2 up is what I’m expecting today and early next week. Then a wave 3 down.
USO Chart:
http://niftychartsandpatterns.blogspot.com/2011/05/uso-chart-analysis.html
Refresh page for update…
Yeah, I noticed that before – I’m a day off, sometimes 2.
SLV Analysis after closing bell:
http://niftychartsandpatterns.blogspot.com/2011/05/slv-analysis-after-closing-bell_06.html