The gap down this morning likely started a wave C (or 3), and inside that wave C there will likely be 5 waves. The first wave of that ended this morning at the low and we appear to be in the wave 2 up inside that wave C. The next move down in the close today and likely into tomorrow morning should be the wave 3 inside that C wave.
Yeah, the bottom could go into tomorrow morning I guess Peter (especially since it’s an “eleven” day) but the target isn’t likely going to be 1640/1650 but around 1670 as in this chart. Here’s what I see http://screencast.com/t/rggYWQS7lEe0
I’m looking for around 167 on the SPY today if all goes as planned. Then a rally Thursday and Friday, followed by another even bigger drop all next week.
In your most recent post at 7:03 you say there is going to be an initial drop to “right here” but I have checked and can’t see the pointer or any line drawn. Where do you expect that initial drop, after the peak (possibly Aug 8,9) to go down to please?
At least that low David as wave 3’s or C’s are longer then wave 1’s or A’s. So if wave 1 was from 1709 to 1693 on the SPX then that’s 16 points. If you multiple 16 times 1.786 you get 28 points. So we should drop 28 points from 1699 or around 1671 spx.
Yes, they have something up their sleeve and it’s not good for the sheep I bet. We should have rallied more today with the light volume so they are about to trick us I think. Look at this chart and tell what will happen when the blue rising trendline breaks (inside the 2 black trendlines that make up the channel)?
The gap down this morning likely started a wave C (or 3), and inside that wave C there will likely be 5 waves. The first wave of that ended this morning at the low and we appear to be in the wave 2 up inside that wave C. The next move down in the close today and likely into tomorrow morning should be the wave 3 inside that C wave.
Yeah, the bottom could go into tomorrow morning I guess Peter (especially since it’s an “eleven” day) but the target isn’t likely going to be 1640/1650 but around 1670 as in this chart. Here’s what I see http://screencast.com/t/rggYWQS7lEe0
tomorrow is an 11 day. I assume you’re looking for 1640/50?
Here’s what I see http://screencast.com/t/rggYWQS7lEe0
I’m looking for around 167 on the SPY today if all goes as planned. Then a rally Thursday and Friday, followed by another even bigger drop all next week.
In your most recent post at 7:03 you say there is going to be an initial drop to “right here” but I have checked and can’t see the pointer or any line drawn. Where do you expect that initial drop, after the peak (possibly Aug 8,9) to go down to please?
S&P 500 Analysis After Closing bell: http://niftychartsandpatterns.blogspot.in/2013/08/s-500-analysis-after-closing-bell_7.html
At least that low David as wave 3’s or C’s are longer then wave 1’s or A’s. So if wave 1 was from 1709 to 1693 on the SPX then that’s 16 points. If you multiple 16 times 1.786 you get 28 points. So we should drop 28 points from 1699 or around 1671 spx.
Yes, they have something up their sleeve and it’s not good for the sheep I bet. We should have rallied more today with the light volume so they are about to trick us I think. Look at this chart and tell what will happen when the blue rising trendline breaks (inside the 2 black trendlines that make up the channel)?
http://stockcharts.com/public/1092905/chartbook/254097560;
bankers waiting to screw dip buyers with a sell into any rally but dip buyers didnt show up today