That's exactly what they want you to think… that the bull is back. Don't believe it! All indicators are pointing down. This is headed to the low 900's within the next couple of months.
Yes Michigan… I agree. EW is really hard to predict before the move happens, but easy after it already has. A person could look at this move, and think that the bottom is in, and it's back to rallying again.
I don't think so… everything is rolling over now. This is only the start of a larger move down. This move will fail and trap a lot of bulls long… thinking that Monday's are always bullish! What if we crash Monday afternoon? That would surprise a lot of bulls…
It seemed today was more then Short Cov – looked like buying came in pretty big. Could it set up a possible 50% or 62% retrace of entire move Spy 110-112?
Red, thanks for your insights (and terrific pictures!!!). I think today's sharp bounce was a trap for bulls. Some market observers felt that late day bounce was a short covering rally. I tend to think too many people following EW and moving markets up and down in anticipation of different waves.
We've started a larger wave 3 down, that should have 5 smaller waves in it. The smaller wave 1 was from about 1105 to 1044 today. Smaller wave 2 up shouldn't go past 1080 on Monday, and then a smaller wave 3 down inside of a larger wave 3 is coming next. I'd get back short Monday on the bounce up. We're not done with the selling yet moon.
1063 was a big event closing above – seems like we have reach a short term bottom. We will see exited my shorts today – will watch. Hope your right red as I have no dog in fight right now. Did not wish to be a pig when down was down 130 or so points I bailed. A good 2 days have a good weeked
I waited all day for that bounce and didn't think it was coming. So, I got in at a lower price then it closed at, but I'll still be ok. I can't see anymore then 1080 tops on Monday, and then more selling. Hold on tight girl… it's the pop before the drop!
The daily's, weekly's, and monthly's are all rolling to the downside now Monica. I'm not looking for any serious bounce until we hit the 200ma (daily chart) around 1020-1030 spx.
Don't be fooled about Monday, it's not going to be bullish like it has for the last several months now. Times are changing.
Low 900s yes, but probably need to wait until summer. my oppinion.
That's exactly what they want you to think… that the bull is back. Don't believe it! All indicators are pointing down. This is headed to the low 900's within the next couple of months.
Yes Michigan… I agree. EW is really hard to predict before the move happens, but easy after it already has. A person could look at this move, and think that the bottom is in, and it's back to rallying again.
I don't think so… everything is rolling over now. This is only the start of a larger move down. This move will fail and trap a lot of bulls long… thinking that Monday's are always bullish! What if we crash Monday afternoon? That would surprise a lot of bulls…
Red
It seemed today was more then Short Cov – looked like buying came in pretty big. Could it set up a possible 50% or 62% retrace of entire move Spy 110-112?
Perhaps Monday tells the tale
thanks for your insight and blog
Red, thanks for your insights (and terrific pictures!!!).
I think today's sharp bounce was a trap for bulls. Some market observers felt that late day bounce was a short covering rally. I tend to think too many people following EW and moving markets up and down in anticipation of different waves.
We've started a larger wave 3 down, that should have 5 smaller waves in it. The smaller wave 1 was from about 1105 to 1044 today. Smaller wave 2 up shouldn't go past 1080 on Monday, and then a smaller wave 3 down inside of a larger wave 3 is coming next. I'd get back short Monday on the bounce up. We're not done with the selling yet moon.
1063 was a big event closing above – seems like we have reach a short term bottom. We will see exited my shorts today – will watch. Hope your right red as I have no dog in fight right now. Did not wish to be a pig when down was down 130 or so points I bailed.
A good 2 days have a good weeked
I waited all day for that bounce and didn't think it was coming. So, I got in at a lower price then it closed at, but I'll still be ok. I can't see anymore then 1080 tops on Monday, and then more selling. Hold on tight girl… it's the pop before the drop!
Thanks Red – still holding even though my tail is in between my legs!
The daily's, weekly's, and monthly's are all rolling to the downside now Monica. I'm not looking for any serious bounce until we hit the 200ma (daily chart) around 1020-1030 spx.
Don't be fooled about Monday, it's not going to be bullish like it has for the last several months now. Times are changing.