Wow! What’s the odd’s of the market makers closing below 158 SPY this week with 148,000 Calls and only 4,000 Puts? I’d say 99% chance we’ll close below 1580 SPX by Friday the 5th. Nice catch Peter… 🙂
I’m looking for a nice solid white candle up day to take out the 1576.09 spx prior high, which could be tomorrow as you pointed out Peter? An overnight rally that gaps up at the open tomorrow (over that level) would do the most damage to the bears mentally.
Then chop sideways all day putting in a bull flag at the close (similar to 02/27/2013), with then one final higher high on Thursday (like 02/28/2013) followed by a sell off on Friday (maybe like 02/20/2013) is what I’m looking for. That should start the first smaller wave 1 down that I think will be 25-40 points and last 2-3 days long.
On the shorter term (like the 60 minute chart) I believe we are still in some kind of 5th wave up… probably called a minute wave 5th by EW people. Doesn’t matter the label as it’s likely the final wave up inside intermediate wave 3 up, which started last December at 1343… and from the looks of things we could hit it today or early tomorrow?
Gang I am still not short because 1576.09 spx hasn’t been taken out yet. The April 1st call is just because it’s another ritual “eleven” date and that 30% to 40% of important tops seem to be on ritual dates. There is another ritual “eleven” date on the 10th, but they don’t have to top on one. The important thing to remember here is that the all time high is like a magnet for the bulls and I just don’t think they will stop until they hit it. I’m waiting on that, and it doesn’t matter if it’s a ritual “eleven” date or just some random day… focus on the target, which is a slight pierce of that high.
Was thinking that unless it was an insider himself? I mean that’s a pretty hefty bet for a weekly position….
Wow! What’s the odd’s of the market makers closing below 158 SPY this week with 148,000 Calls and only 4,000 Puts? I’d say 99% chance we’ll close below 1580 SPX by Friday the 5th. Nice catch Peter… 🙂
Look at the volume on the 158 weekly calls Red
I’m looking for a nice solid white candle up day to take out the 1576.09 spx prior high, which could be tomorrow as you pointed out Peter? An overnight rally that gaps up at the open tomorrow (over that level) would do the most damage to the bears mentally.
Then chop sideways all day putting in a bull flag at the close (similar to 02/27/2013), with then one final higher high on Thursday (like 02/28/2013) followed by a sell off on Friday (maybe like 02/20/2013) is what I’m looking for. That should start the first smaller wave 1 down that I think will be 25-40 points and last 2-3 days long.
Big POMO day tomorrow. I see possible top
ES Charts: http://niftychartsandpatterns.blogspot.in/2013/04/es-chart-analysis.html
On the shorter term (like the 60 minute chart) I believe we are still in some kind of 5th wave up… probably called a minute wave 5th by EW people. Doesn’t matter the label as it’s likely the final wave up inside intermediate wave 3 up, which started last December at 1343… and from the looks of things we could hit it today or early tomorrow?
APPLE Chart update: http://niftychartsandpatterns.blogspot.in/2013/04/apple-chart-update.html
Gang I am still not short because 1576.09 spx hasn’t been taken out yet. The April 1st call is just because it’s another ritual “eleven” date and that 30% to 40% of important tops seem to be on ritual dates. There is another ritual “eleven” date on the 10th, but they don’t have to top on one. The important thing to remember here is that the all time high is like a magnet for the bulls and I just don’t think they will stop until they hit it. I’m waiting on that, and it doesn’t matter if it’s a ritual “eleven” date or just some random day… focus on the target, which is a slight pierce of that high.
I don’t think this is the start of the dip