$nysi is very close to breaking below its 50 day average although still near its multimonth highs. I’ve noticed piercings of the 50 day average tend to be bad for the market.
Worst case scenario for the bears is the market rallies for another 4-5 trading days, then it would have equality to the 21 trading day rally of wave 1 rally off the November 16 low. But today is also 21 days off the February 20 high.
Man, one needs an industrial strength browser just to READ the comments on this site.
On March 6th, 2009 the low was 666 SPX. Will the high this year be 1666 SPX?
Will it happen on another eleven day… like April 1st, 2013? Will the wave 2 high also top on May 22nd, 2013 (a double “eleven” day) and then the wave 3 down start… again, with a Legatus meeting happening at the same time (May 23rd-25th, 2013).
May certainly looks right, and hopefully it is, but I still think we have a bit more upside left for now. You could assume that the midday fluctuation, from cyprus, could’ve been a squeeze, but I’d think many took a short at the close. Still think there will be one more push up for now.
Gang I think we are in an ABC move down with this being the C wave (on the ES only, as the SPX looks to be in an A wave down). If it takes out the previous low from yesterday it should stop around 1520 ES where there is good support at. It could however just barely go below the previously low by a hair an look more like a double bottom.
After it is done I believe we’ll turn back up and go for the all time high of 1574 spx. The only thing that concerns me on whether or not it will stop at 1520 and then turn back up is the fact that we already have a clear 5 wave up pattern from the 1350 low.
So from and EW point of view the top is in now. Meaning that the entire 5 wave pattern up from that 1350 low to the 1560 high (rounded off) could be some type of larger wave 3 up, which means will have a wave 4 down before a final 5th wave up to complete the entire move and put in a new all time high.
If this count is correct then then this wave 4 down could go to the 1450 area before finding some good support. That could take a couple of weeks to happen and if it does then it will setup the market for one final 5th wave up into late May for that new all time high. Perfect!
$nysi is very close to breaking below its 50 day average although still near its multimonth highs. I’ve noticed piercings of the 50 day average tend to be bad for the market.
Worst case scenario for the bears is the market rallies for another 4-5 trading days, then it would have equality to the 21 trading day rally of wave 1 rally off the November 16 low. But today is also 21 days off the February 20 high.
Man, one needs an industrial strength browser just to READ the comments on this site.
On March 6th, 2009 the low was 666 SPX. Will the high this year be 1666 SPX?
Will it happen on another eleven day… like April 1st, 2013? Will the wave 2 high also top on May 22nd, 2013 (a double “eleven” day) and then the wave 3 down start… again, with a Legatus meeting happening at the same time (May 23rd-25th, 2013).
On August 25th, 1987 (the top that year before the crash) the SPX had an intraday low of 333.33
Last year we topped for the wave 2 up on May 1st, 2012… which is an “eleven” day (0+5+0+1+2+0+1+2=11)
Last year we topped on April 2nd, 2012… which is an “eleven” day (0+4+0+2+2+0+1+2=11)
The first week of April for the final top is what I’m thinking Peter…
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May certainly looks right, and hopefully it is, but I still think we have a bit more upside left for now. You could assume that the midday fluctuation, from cyprus, could’ve been a squeeze, but I’d think many took a short at the close. Still think there will be one more push up for now.
Gang I think we are in an ABC move down with this being the C wave (on the ES only, as the SPX looks to be in an A wave down). If it takes out the previous low from yesterday it should stop around 1520 ES where there is good support at. It could however just barely go below the previously low by a hair an look more like a double bottom.
After it is done I believe we’ll turn back up and go for the all time high of 1574 spx. The only thing that concerns me on whether or not it will stop at 1520 and then turn back up is the fact that we already have a clear 5 wave up pattern from the 1350 low.
So from and EW point of view the top is in now. Meaning that the entire 5 wave pattern up from that 1350 low to the 1560 high (rounded off) could be some type of larger wave 3 up, which means will have a wave 4 down before a final 5th wave up to complete the entire move and put in a new all time high.
If this count is correct then then this wave 4 down could go to the 1450 area before finding some good support. That could take a couple of weeks to happen and if it does then it will setup the market for one final 5th wave up into late May for that new all time high. Perfect!
APPLE Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/03/apple-chart-analysis_19.html