Friday was 115 trading days from the 11-16 low. The 115 number has been recurring during the past year. Off the 4-12 high last year, there was a 43 td decline followed by a 72 td rally…..43+72===115…..The rally into the 9-14 high was followed by another 43 td decline so off the 4-2 high, there was 115 td high-high and off the 6-04 low there was a 115 td low to low.
72 is also a fib .62 of 115….. So a lot of evidence that Friday could be the high…..It was also 33 weeks from the 9-14 high and rallies during this bull phase have occurred in 33 and 11 weekly increments.
This two day pop is similar to the final two day pop into 9-14 with that day seeing an exhaustive gap up with 700+new highs. Friday saw a large gap up with 800+ new highs. And then a slide during the rest of the session. On the 5 minute chart that slide exceeded anything seen during this last 5 wave up off the low on 5-1 so I am no so sure we will be seeing a final mini 5th wave type doji bar.
More divergences seen on $bpnya and %off stocks above the $nya’s 50 day average. (Lower highs to new $nya highs).
Industrial commodities were making new multi-month lows during the week indication global recession although they bounced 5% on Friday. Meanwhile, industrial commodity exporter Australia was seeing new highs in its stock indices even with its manufacturing PMI back down at deep recession levels (May 2009 levels). All showing a market totally out of whack.
You are welcome Seawind… and do have a nice weekend. It’s currently rainy here in Jacksonville but at least it’s not cold on top of that. Get ready for next week as there is money to be made.
Red, off topic but what’s the charting software you are running?
APPLE Chart update: http://niftychartsandpatterns.blogspot.in/2013/05/apple-chart-update_7.html
New post… http://reddragonleo.com/2013/05/06/we-are-just-weeks-away-from-the-start-of-a-200-or-more-point-drop-in-the-spx/#disqus_thread
FACEBOOK Dark Cloud cover pattern: http://niftychartsandpatterns.blogspot.in/2013/05/facebook-dark-cloud-cover-pattern.html
ES Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/05/es-bullish-patterns-and-resistance-line.html
Happy Double 5 Day!!!!
Friday was 115 trading days from the 11-16 low. The 115 number has been recurring during the past year. Off the 4-12 high last year, there was a 43 td decline followed by a 72 td rally…..43+72===115…..The rally into the 9-14 high was followed by another 43 td decline so off the 4-2 high, there was 115 td high-high and off the 6-04 low there was a 115 td low to low.
72 is also a fib .62 of 115….. So a lot of evidence that Friday could be the high…..It was also 33 weeks from the 9-14 high and rallies during this bull phase have occurred in 33 and 11 weekly increments.
This two day pop is similar to the final two day pop into 9-14 with that day seeing an exhaustive gap up with 700+new highs. Friday saw a large gap up with 800+ new highs. And then a slide during the rest of the session. On the 5 minute chart that slide exceeded anything seen during this last 5 wave up off the low on 5-1 so I am no so sure we will be seeing a final mini 5th wave type doji bar.
More divergences seen on $bpnya and %off stocks above the $nya’s 50 day average. (Lower highs to new $nya highs).
Industrial commodities were making new multi-month lows during the week indication global recession although they bounced 5% on Friday. Meanwhile, industrial commodity exporter Australia was seeing new highs in its stock indices even with its manufacturing PMI back down at deep recession levels (May 2009 levels). All showing a market totally out of whack.
LINKEDIN Weekend update: http://niftychartsandpatterns.blogspot.in/2013/05/linkedin-corporation-weekend-update.html
S&P 500 Analysis after closing bell: http://niftychartsandpatterns.blogspot.in/2013/05/s-500-analysis-after-closing-bell.html
You are welcome Seawind… and do have a nice weekend. It’s currently rainy here in Jacksonville but at least it’s not cold on top of that. Get ready for next week as there is money to be made.
Thanks Mr. Red……have a great weekend one and all! Finally some nice weather here!
Very interesting day!