Not sure how much the market likes symmetry but we are almost 30 days off of every move that happened last year. This wont last forever but the weekly Elliott waves are mirror but 30 days off. So the fllash crash started may 5th last year and that puts us at june 5th this year. Plus if you measure the move of hte 5th wave up (started in early feb of last year and ended in early may), then it pushes out to early June as well. Also the open interest as well benefits the bankers to keep SPY between 135 and 138 at may month end. A crash will put us lower than that. Im betting on june 5th.
The VIX daily RSI is at 100 right now as well. Looks like the market is going to head higher from here. Silver daily is at RSI of 0.00. That should start recovering or retracing some of the selloff pretty soon as well.
Why June 5th? I do see us putting in a new high, as the rsi doesn’t have any negative divergence… which would be extremely rare to see. The market should make a new high and the rsi should make a lower high… then we can sell off!
hey Leo, i believe we MIGHT open lower tomorrow but if we do, heading up from there until we get overbought on the daily DOW/NQ/SPX again. two days ago at the open, RSI was literally 100 on daily DOW. I see us heading back there and facing resistance and hitting new highs again. The big momma jama crash shouldnt start til june 5th.
Not sure how much the market likes symmetry but we are almost 30 days off of every move that happened last year. This wont last forever but the weekly Elliott waves are mirror but 30 days off. So the fllash crash started may 5th last year and that puts us at june 5th this year. Plus if you measure the move of hte 5th wave up (started in early feb of last year and ended in early may), then it pushes out to early June as well. Also the open interest as well benefits the bankers to keep SPY between 135 and 138 at may month end. A crash will put us lower than that. Im betting on june 5th.
Yes, silver got pounded today and yesterday. I see a rebound on it too. It’s just way oversold right now.
The VIX daily RSI is at 100 right now as well. Looks like the market is going to head higher from here. Silver daily is at RSI of 0.00. That should start recovering or retracing some of the selloff pretty soon as well.
I must agree Kevin. This selling is very controlled. We should see a rebound tomorrow I believe.
Why June 5th? I do see us putting in a new high, as the rsi doesn’t have any negative divergence… which would be extremely rare to see. The market should make a new high and the rsi should make a lower high… then we can sell off!
hey Leo, i believe we MIGHT open lower tomorrow but if we do, heading up from there until we get overbought on the daily DOW/NQ/SPX again. two days ago at the open, RSI was literally 100 on daily DOW. I see us heading back there and facing resistance and hitting new highs again. The big momma jama crash shouldnt start til june 5th.
Doubt they will rebrake that neckline this early…
The candles looks very bearish to me. A red candle today will give good confirmation Then dow may retrace to 12480 level.
Yes, the market is looking pretty bearish right now. I’m surprised they are taking it down this much. Where do you see support on the Dow and SPX?
Pin bar and bearish engulfing of Dow Jones: http://niftychartsandpatterns.blogspot.com/2011/05/dow-jones-pin-bar-reversal-candle.html