From the looks of things they appear to be going straight up without an “obvious” ABC pattern. So possibly this whole move will end tomorrow with some final gap up move to close all the gaps on the ES, SPX, SPY, etc… and then start the 5th wave down into next week. I’m waiting right now to short and I think I’ll wait until tomorrow morning as that should be the end of this wave 4 up.
We’ve hit gap window now and look like they want to go higher to possibly hit gap fill at 162.53 SPY, but we’re hitting resistance from the downward sloping trendline on the SPX and the ES. However, it’s broke through that trendline on the SPY so I’m not sure what the plan here is? Do we stop at the trendline of resistance and gap window or breakthrough the trendlines on the SPX and ES to allow the SPY to fill the gap?
Remember the old saying about “initial claims” day, which is that the market tends to do the opposite into the afternoon and close of what happens at the open. Meaning that if we gap down on initial claims data then the market usually floats back up the rest of the day. And if we gap up the market tends to fall back down the rest of the day.
Considering how close we are to the falling trendline that is currently coming in around 1610 on the ES and about 1614 on the SPX I tend to think we’ll rally up to those targets by noon or so and then rollover the rest the day and into Friday morning. I could see a move back to 1580 area for this B wave before it finds decent support.
Mercury turns station direct tomorrow just before the New York open.
Another whipsaw in the component of a certain little indicator putting the eventual denouement off……………. when the negative levels of the last few weeks should be exceeded. (Firepower for 2 big down days at least)
looks good. 1620-22 top and then down
From the looks of things they appear to be going straight up without an “obvious” ABC pattern. So possibly this whole move will end tomorrow with some final gap up move to close all the gaps on the ES, SPX, SPY, etc… and then start the 5th wave down into next week. I’m waiting right now to short and I think I’ll wait until tomorrow morning as that should be the end of this wave 4 up.
we could even head much lower to 1540-50 area
We’ve hit gap window now and look like they want to go higher to possibly hit gap fill at 162.53 SPY, but we’re hitting resistance from the downward sloping trendline on the SPX and the ES. However, it’s broke through that trendline on the SPY so I’m not sure what the plan here is? Do we stop at the trendline of resistance and gap window or breakthrough the trendlines on the SPX and ES to allow the SPY to fill the gap?
Remember the old saying about “initial claims” day, which is that the market tends to do the opposite into the afternoon and close of what happens at the open. Meaning that if we gap down on initial claims data then the market usually floats back up the rest of the day. And if we gap up the market tends to fall back down the rest of the day.
Considering how close we are to the falling trendline that is currently coming in around 1610 on the ES and about 1614 on the SPX I tend to think we’ll rally up to those targets by noon or so and then rollover the rest the day and into Friday morning. I could see a move back to 1580 area for this B wave before it finds decent support.
APPLE Support levels: http://niftychartsandpatterns.blogspot.in/2013/06/apple-support-levels_26.html
A very interesting interview about reptilians from the view of a half-reptilian rothschild woman…. http://www.youtube.com/watch?v=z4Vij4LsVO4
A good place to short is probably around 1612 area on the ES (and falling) as seen in this possible wave count… http://screencast.com/t/qSSEO0bQkAg
ES Charts: http://niftychartsandpatterns.blogspot.in/2013/06/es-resistance-levels_26.html
Mercury turns station direct tomorrow just before the New York open.
Another whipsaw in the component of a certain little indicator putting the eventual denouement off……………. when the negative levels of the last few weeks should be exceeded. (Firepower for 2 big down days at least)
Tomorrow is another 26 day…..