Looking at the charts I see this as a B wave down with this mornings rally to be the A wave up. This will likely be the last chance for the bears to exit all shorts before a C wave up takes place tomorrow. I do NOT see this as the start of a 5th wave down with this mornings move up being the 4th wave up and yesterday being the wave 3 down.
I think the selling is over for this week. This is option expiration week and they are bullish some 80% of the time. Considering that the market makers squeezed out all the “call holders” yesterday so they wouldn’t have too pay them I’d guess they will squeeze out all the recent “put holders” the rest of the week. Remember, these market makers are professional thieves and make a living stealing from the sheep… so expect this rally to go higher then you might believe.
Let’s keep an eye on that stock and all the gold stocks Amy as after the banksters loose control on manipulating the metal prices down we should see all these stocks go higher with gold and silver. But in between now and then it could be a rough ride for a lot of junior gold stocks.
If I had to guess I’d say we have started the 100 point or so drop as I posted on the chart. Since I’m still expecting one more rally back up to the 1610-1630 area it’s now looking like it will happen in late May as originally planned.
So for now the 1597 spx top is likely it for awhile. The bottom here is probably around 1500 spx after some type of bounce tomorrow or Wednesday. It’s likely a wave 4 up with today being the wave 3 down. Then the wave 5 down should end around 1500 next week.
So while I got short to early last week (1581 area) and exited too quickly it’s looking like the forecast was pretty accurate. It’s just that I didn’t trade it accurately. Even topped on the 11th (an “eleven” day) just like I thought it would. Sucks that I failed to trade it successfully.
Nice call!!!
Looking at the charts I see this as a B wave down with this mornings rally to be the A wave up. This will likely be the last chance for the bears to exit all shorts before a C wave up takes place tomorrow. I do NOT see this as the start of a 5th wave down with this mornings move up being the 4th wave up and yesterday being the wave 3 down.
I think the selling is over for this week. This is option expiration week and they are bullish some 80% of the time. Considering that the market makers squeezed out all the “call holders” yesterday so they wouldn’t have too pay them I’d guess they will squeeze out all the recent “put holders” the rest of the week. Remember, these market makers are professional thieves and make a living stealing from the sheep… so expect this rally to go higher then you might believe.
Gold resistance levels for the bounce: http://niftychartsandpatterns.blogspot.in/2013/04/gold-resistance-levels-for-bounce.html
ES Charts: http://niftychartsandpatterns.blogspot.in/2013/04/es-chart-analysis_16.html
S&P 500 Analysis after closing bell: http://niftychartsandpatterns.blogspot.in/2013/04/s-500-analysis-after-closing-bell_16.html
Let’s keep an eye on that stock and all the gold stocks Amy as after the banksters loose control on manipulating the metal prices down we should see all these stocks go higher with gold and silver. But in between now and then it could be a rough ride for a lot of junior gold stocks.
Looks like the banksters are pulling out all the stops to drive the price down in silver and gold before it explodes upwards to the moon! http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/15_Maguire_-_LBMA_Default_Triggered_Gold_%26_Silver_Takedown.html
If I had to guess I’d say we have started the 100 point or so drop as I posted on the chart. Since I’m still expecting one more rally back up to the 1610-1630 area it’s now looking like it will happen in late May as originally planned.
So for now the 1597 spx top is likely it for awhile. The bottom here is probably around 1500 spx after some type of bounce tomorrow or Wednesday. It’s likely a wave 4 up with today being the wave 3 down. Then the wave 5 down should end around 1500 next week.
So while I got short to early last week (1581 area) and exited too quickly it’s looking like the forecast was pretty accurate. It’s just that I didn’t trade it accurately. Even topped on the 11th (an “eleven” day) just like I thought it would. Sucks that I failed to trade it successfully.
APPLE Chart update: http://niftychartsandpatterns.blogspot.in/2013/04/apple-head-and-shoulders-pattern.html
Long from spy156.67 is the trade, hard for spy to settle under 157.8 area for the week