I’m waiting for the FOMC meeting at 2:15 pm est Dee, which should match up with the 15 minute chart becoming overbought. I think we will sell off into the close today. Those FP’s haven’t been hit, and I think they will be hit before the market really bounces hard.
I’m waiting for the FOMC meeting at 2:15 pm est Dee, which should match up with the 15 minute chart becoming overbought. I think we will sell off into the close today. Those FP’s haven’t been hit, and I think they will be hit before the market really bounces hard.
Keep in mind the FPs of 123.03 SPY and 52.27 on Q’s
Do we hit LOD again today?
Just make sure and have a hair trigger this week…
Well Richie,
That 1233 spx level will match up perfect with this FP on the spy of 123.03
http://reddragonleo.com/wp-content/uploads/fp-spy-123-03-with-5000-volume-on-03-03-2011.jpg
that is about where we have been hovering… hope Richie is right …. 1233
red,
what i can figure wave 1 of 1 of p3 was 50 points. wave 3 of 1 of p3 should look to 1.68 times or greater than 1 – which is about 85 points.
the zigzag correction for wave 2 ended around 1318. so 1318 – 85 points = 1233.
so we should be looking around the 1233’ish area or lower for a potential bounce.
lets see how this pan’s out…
I doubt if it’s going to bounce too far though. I say 50% fib. tops, and more likely 38.2% fib.
gonna get a bounce for sure… this puppy drop too much.. they need catch some bulls.
Yeah, even if we get a bounce, I still think we bottom (short-term) near EOM. Watching oil, like to see it down to $90.
ES Chart: http://niftychartsandpatterns.blogspot.com/2011/03/es-trend-line-break.html