I see pattern matches to the April May highs with the Transports and pattern matches to Jan 2009 highs with Dow,SP,and Nasdaq. And the entire rally since the early July low to today has striking similarity to the Nov 21 '08 to Jan 6 '09 rally although it has rallied in a quicker time frame. I have even seen a striking similarity to the mid October 2010 fractal with the Transports and other indexes. After bouncing from its October 10 2008 low the indices rallied for a few days and then put a top similar to the candle at the June 21st high. There was a drop to a new low in the Naz and Transports but a double bottom in the SP. There was another rally attempt up to the mid October top candle which wasn't exceeded and then the market collapsed into its Nov 21st low. And there weren't any dojis at the second rally high. ——- There were posters over at Danerics rooting for a thrust higher and everyone seems to expect that it will happen. My feeling is bullishness is getting out of hand. I expect the AAII poll that comes out tonight will reflect that bullishness. I will add more positions tomorrow if there is a May 4 type open tomorrow. ie a gap down substantial negative breadth and the euro tumbling. I'll probably pick up some TLT nevertheless unless it gaps below its 50 day average.
August 6 is the one year anniversary of the lunar eclipse following the Saros 136 series solar eclipse of economic destruction which was the most powerful eclipse of this century. This might energize things to the downside. (since we just had another solar eclipse in July and had the first full moon following it last week) Shanghai topped out right around this time last year. August 6,7 is also when the Cardinal Climax reaches its tightest most powerful formation. I expect something big to happen on 08-09-10 just on the basis of the date's numeroligical value (the market did bottom on 07-08-09 last year).
Breadth is too strong. There is very little hope for a reversal today. Just hope it stays about same today. Then there will be some familiarity to the April highs. Transports are repeating their April May high fractal (of course it could be interpreted that there is one more thrust higher). Transports were the last index to top on May 3. Its a pattern also seen at the Jan highs. Decent down day followed by an equal sized up day the next day. It could be argued Dow and Sp are mimicking the Jan 5,6 2009 highs. Larry Pesavento has August 5 as a big down day but of course Jaywiz had a flash crash for this morning.
His dates are 8th to 18th.
I have been seeing the 6th -9th Friday monday.
i wonder???
Interesting video about the spy elliottwaves from BAM Investor…
http://screenr.com/kMO
I see pattern matches to the April May highs with the Transports and pattern matches to Jan 2009 highs with Dow,SP,and Nasdaq. And the entire rally since the early July low to today has striking similarity to the Nov 21 '08 to Jan 6 '09 rally although it has rallied in a quicker time frame. I have even seen a striking similarity to the mid October 2010 fractal with the Transports and other indexes. After bouncing from its October 10 2008 low the indices rallied for a few days and then put a top similar to the candle at the June 21st high. There was a drop to a new low in the Naz and Transports but a double bottom in the SP. There was another rally attempt up to the mid October top candle which wasn't exceeded and then the market collapsed into its Nov 21st low. And there weren't any dojis at the second rally high.
——-
There were posters over at Danerics rooting for a thrust higher and everyone seems to expect that it will happen. My feeling is bullishness is getting out of hand. I expect the AAII poll that comes out tonight will reflect that bullishness. I will add more positions tomorrow if there is a May 4 type open tomorrow. ie a gap down substantial negative breadth and the euro tumbling. I'll probably pick up some TLT nevertheless unless it gaps below its 50 day average.
August 6 is the one year anniversary of the lunar eclipse following the Saros 136 series solar eclipse of economic destruction which was the most powerful eclipse of this century. This might energize things to the downside. (since we just had another solar eclipse in July and had the first full moon following it last week) Shanghai topped out right around this time last year. August 6,7 is also when the Cardinal Climax reaches its tightest most powerful formation. I expect something big to happen on 08-09-10 just on the basis of the date's numeroligical value (the market did bottom on 07-08-09 last year).
No new post gang, as not much changed… but I did put up another video for you. Refresh the page to see it.
Patrick Hughes has the turn on the 6th
Remember gang that everyone is looking for 1131, so an intraday stop sweep above that level is too be expected… if we hit that target.
We should get a pop into the close today (maybe that 114.00 target?).
Breadth is too strong. There is very little hope for a reversal today. Just hope it stays about same today. Then there will be some familiarity to the April highs. Transports are repeating their April May high fractal (of course it could be interpreted that there is one more thrust higher). Transports were the last index to top on May 3.
Its a pattern also seen at the Jan highs. Decent down day followed by an equal sized up day the next day. It could be argued Dow and Sp are mimicking the Jan 5,6 2009 highs.
Larry Pesavento has August 5 as a big down day but of course Jaywiz had a flash crash for this morning.
YGM