I said in my video that I'm bullish into early next week, but these charts looks horrible right now. I'm not sure we will get any move up at this point. Very bearish right now.
Very bearish close. $rut and Nasdaq close on the lows of the day. All the averages that were below the 50day were repelled by it again today. 10day average is turning down and soon will drop below 20day. Yesterday's gap seems formidable resistance. Today was the day to reverse with all of the reversal bars from yesterday. Oil and Euro look to be in utter freefall with both putting in a pause day today. The last two days action could be wave 2 within little iii of 1 of 3. 1 and 2 could have have already occurred earlier in the week.
Looking at two possible scenarios. We pop to 1100 on Mon. and Tues., or we go straight down from here to start the 3rd wave Thru about next Thursday. History says the former, but seasonality says the latter. Either way good risk/reward here for bears since the 3rd wave could go to 980.
Yeah… I'm not so sure on how far we are going to rally back up for this wave 2 at this point. It's looking very bearish right now. But, Monday's are usually up, and we need some retracement before wave 3 down starts. So, I'm still bullish into early next week.
Agreed Geccko…
I said in my video that I'm bullish into early next week, but these charts looks horrible right now. I'm not sure we will get any move up at this point. Very bearish right now.
what would happen to the market if The Iranian power plant got bombed over the weekend??
Very bearish close. $rut and Nasdaq close on the lows of the day. All the averages that were below the 50day were repelled by it again today. 10day average is turning down and soon will drop below 20day. Yesterday's gap seems formidable resistance. Today was the day to reverse with all of the reversal bars from yesterday. Oil and Euro look to be in utter freefall with both putting in a pause day today.
The last two days action could be wave 2 within little iii of 1 of 3. 1 and 2 could have have already occurred earlier in the week.
It looks really ugly, but it's too bearish right now. They need to rally up to shake out the weak bears… then crash.
Looking at two possible scenarios. We pop to 1100 on Mon. and Tues., or we go straight down from here to start the 3rd wave Thru about next Thursday. History says the former, but seasonality says the latter. Either way good risk/reward here for bears since the 3rd wave could go to 980.
Thanks, and I agree… up early next week. (YGM back)
YGM
Yeah… I'm not so sure on how far we are going to rally back up for this wave 2 at this point. It's looking very bearish right now. But, Monday's are usually up, and we need some retracement before wave 3 down starts. So, I'm still bullish into early next week.
It's very slo-mo right now. It might have to wait for Monday. Another pause day today??? Two May 5ths.
Mr. TopStep…
http://www.youtube.com/watch?v=OJoSZIJtXVs