What I see here happening is the market trying to make an inverted head and shoulders pattern. The head was yesterday’s low at 1682 SPX and the left shoulder was either the 1683 low, 1686 low or the 1684 low from 2-6 days ago. The charts aren’t all aligned bullish yet but if they go down and make the right shoulder they should be then getting close to a rally starting.
However, I’m not sure if they will breakthrough the 1700 SPX level this week as it looks to be tough resistance the first hit. So possibly we dip down today and tomorrow to complete the right shoulder and then rally back up some on Friday. Then next week we should see the breakout and the run for a new high.
Actually, I was off on the Pi cycle. 9420 days was August 3 right after the August 2nd high. So it worked perfectly. A completion of 3 revolutions of the circle or 720 degrees. Right after the 1110 th trading day off the 3-6-9 low (333+777) and 28 trading days off the June low. In lesser grand rituals of the past, 28 tds off the high always marked the lower high so I guess they had to find another use for it in this episode to keep everyone confused.
ES Futures and SPX update… http://screencast.com/t/aWKtiBAjURq8
What I see here happening is the market trying to make an inverted head and shoulders pattern. The head was yesterday’s low at 1682 SPX and the left shoulder was either the 1683 low, 1686 low or the 1684 low from 2-6 days ago. The charts aren’t all aligned bullish yet but if they go down and make the right shoulder they should be then getting close to a rally starting.
However, I’m not sure if they will breakthrough the 1700 SPX level this week as it looks to be tough resistance the first hit. So possibly we dip down today and tomorrow to complete the right shoulder and then rally back up some on Friday. Then next week we should see the breakout and the run for a new high.
Try using Jing by Techsmith. You then be able to upload it screencast.com and get a link to post of the graph.
APPLE Support and Resistance levels: http://niftychartsandpatterns.blogspot.in/2013/08/apple-support-and-resistance-levels_14.html
Sorry my graph would not come on.
ES Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/08/es-range-and-support-levels.html
Actually, I was off on the Pi cycle. 9420 days was August 3 right after the August 2nd high. So it worked perfectly. A completion of 3 revolutions of the circle or 720 degrees. Right after the 1110 th trading day off the 3-6-9 low (333+777) and 28 trading days off the June low. In lesser grand rituals of the past, 28 tds off the high always marked the lower high so I guess they had to find another use for it in this episode to keep everyone confused.
ES Futures chart update… http://screencast.com/t/Ol4Wws0H
SPX update… http://screencast.com/t/9YfgBOqF
Silver Update: http://niftychartsandpatterns.blogspot.in/2013/08/silver-chart-update_13.html