Based on today’s strong move up this could easily continue into Tuesday the 11th of next week. While we should pull back slightly on Monday I wouldn’t expect much on the downside that day. Then back up again into Tuesday seems likely.
From there we’ll have to re-evaluate everything to see if Legatus was a bottom (it started on the 6th) or a top (as we are in the middle of it now)? The charts look very bullish on the short term and move upside seems likely early next week. Only some unknown shock could take the market down hard on Monday, and I have no way of seeing what that is?
Considering how high we have went today I’ll be looking to go short over the weekend. We have completed a 5 wave pattern up from the 1737 low and could just be in the first A wave of a larger ABC pattern inside wave 2 up.
This would imply that we drop Monday into a B wave down that puts in a higher low (maybe 1750-1760?) and then rally back up to 1800-1810 for the final C wave inside a larger wave 2 up.
However, if that’s not the pattern and then it’s possible we have completed the larger wave 2 up with just 5 smaller waves inside it, instead of an ABC pattern.
Therefore, picking a spot sometime today to short seems wise as we have high odds of either a higher low happening on Monday from a B wave down, or a break of the current low and the start of the crash wave 3 down. Either way if you are short you can catch a nice move down.
If it’s just a B wave down then you can exit the short sometime Monday and even go long the C wave up too? Then short again from a higher level for the start of the larger wave 3 down. And of course if this is all we get on the upside then the move down next week should be really ugly as will likely be the start of the larger wave 3 down.
It’s James Deen’s 28th birthday tomorrow, star of the Canyons, my 2nd or 3rd best film of the year. Lindsay Lohan is 27 years 7months5days old tomorrow.
My top film of the year: Rush followed by The Canyons and Hunger Games.
Rush: The German Grand Prix of August 1, 1976 depicted in the film was 13,703 days ago tomorrow.
I think we are going to tag that 1775-1780 spx area tomorrow and the drop on Monday… but I think it will only be a B wave down with today’s move starting the A wave up. Then probably a C wave up on Tuesday to complete the entire wave 2 up. Could hit 1800-1810 area on the 11th-12th before rolling back down again.
I still think there needs to be a final washout. Trading day wise the market was due for a bottom at 23 tds but the correction was really too shallow at just under -6% to really be a bottom. Yellen doesn’t speak until Tuesday so there is room for 2 days down.
I am getting some contra trollish indications that there will be a decline tomorrow. I guess DeMark is the new Prechter. Throw him on to CNBC (and explain the double ninen analog) just prior to juicing the markets. Well the analog comparison is toast so the operators can now open the trap door.
It is 2-7 tomorrow and guess what happened on this date 85 years ago???
I’m going to move my target for a low to Friday. This is about where the 377 year cycle should kick in.
We haven’t gotten the washout I’ve been expecting and certain indicators are still muddling back and forth in negative territory but not really oversold yet. A certain component of a certain indicator reversed back down today while the indicator finally dropped below its 50 day average. The Nasdaq version is actually even more negative in both indicators.
There’s a lot going on overseas overnight tonight (actually early morning) and it is 3 years 9 months from a certain event.(1372 days) 31 weeks from July 4 as well. And the final washout from a certain analog to a certain historical epoch did occur on the Thursday Friday of the first week of the new month.
I’ve been reading some recaps of Tom DeMark’s remarks today and he is incorrect on his trading day count. Today is 24 TDs. He seems to be indicating that a decline over the next two days would bring on the watershed event. I disagree. I see next week as super bullish as the new Fed chairman will be conducting some important speeches in D.C. which should be greeted by the standard meltups in the markets.
SPY Weekend update: http://niftychartsandpatterns.blogspot.in/2014/02/spy-weekend-update.html
IWM Weekend update: http://niftychartsandpatterns.blogspot.in/2014/02/iwm-weekend-update_8.html
Based on today’s strong move up this could easily continue into Tuesday the 11th of next week. While we should pull back slightly on Monday I wouldn’t expect much on the downside that day. Then back up again into Tuesday seems likely.
From there we’ll have to re-evaluate everything to see if Legatus was a bottom (it started on the 6th) or a top (as we are in the middle of it now)? The charts look very bullish on the short term and move upside seems likely early next week. Only some unknown shock could take the market down hard on Monday, and I have no way of seeing what that is?
The charts look very bullish right now, so shorting is going against the grain.
Considering how high we have went today I’ll be looking to go short over the weekend. We have completed a 5 wave pattern up from the 1737 low and could just be in the first A wave of a larger ABC pattern inside wave 2 up.
This would imply that we drop Monday into a B wave down that puts in a higher low (maybe 1750-1760?) and then rally back up to 1800-1810 for the final C wave inside a larger wave 2 up.
However, if that’s not the pattern and then it’s possible we have completed the larger wave 2 up with just 5 smaller waves inside it, instead of an ABC pattern.
Therefore, picking a spot sometime today to short seems wise as we have high odds of either a higher low happening on Monday from a B wave down, or a break of the current low and the start of the crash wave 3 down. Either way if you are short you can catch a nice move down.
If it’s just a B wave down then you can exit the short sometime Monday and even go long the C wave up too? Then short again from a higher level for the start of the larger wave 3 down. And of course if this is all we get on the upside then the move down next week should be really ugly as will likely be the start of the larger wave 3 down.
ES chart update: http://niftychartsandpatterns.blogspot.in/2014/02/s-500-futures-chart-analysis.html
It’s James Deen’s 28th birthday tomorrow, star of the Canyons, my 2nd or 3rd best film of the year. Lindsay Lohan is 27 years 7months5days old tomorrow.
My top film of the year: Rush followed by The Canyons and Hunger Games.
Rush: The German Grand Prix of August 1, 1976 depicted in the film was 13,703 days ago tomorrow.
I think we are going to tag that 1775-1780 spx area tomorrow and the drop on Monday… but I think it will only be a B wave down with today’s move starting the A wave up. Then probably a C wave up on Tuesday to complete the entire wave 2 up. Could hit 1800-1810 area on the 11th-12th before rolling back down again.
I still think there needs to be a final washout. Trading day wise the market was due for a bottom at 23 tds but the correction was really too shallow at just under -6% to really be a bottom. Yellen doesn’t speak until Tuesday so there is room for 2 days down.
I am getting some contra trollish indications that there will be a decline tomorrow. I guess DeMark is the new Prechter. Throw him on to CNBC (and explain the double ninen analog) just prior to juicing the markets. Well the analog comparison is toast so the operators can now open the trap door.
It is 2-7 tomorrow and guess what happened on this date 85 years ago???
I’m going to move my target for a low to Friday. This is about where the 377 year cycle should kick in.
We haven’t gotten the washout I’ve been expecting and certain indicators are still muddling back and forth in negative territory but not really oversold yet. A certain component of a certain indicator reversed back down today while the indicator finally dropped below its 50 day average. The Nasdaq version is actually even more negative in both indicators.
There’s a lot going on overseas overnight tonight (actually early morning) and it is 3 years 9 months from a certain event.(1372 days) 31 weeks from July 4 as well. And the final washout from a certain analog to a certain historical epoch did occur on the Thursday Friday of the first week of the new month.
I’ve been reading some recaps of Tom DeMark’s remarks today and he is incorrect on his trading day count. Today is 24 TDs. He seems to be indicating that a decline over the next two days would bring on the watershed event. I disagree. I see next week as super bullish as the new Fed chairman will be conducting some important speeches in D.C. which should be greeted by the standard meltups in the markets.