Hi REd, Prior to the October debacle we still have the potential for a 3 wave ABC rebound off what should be a LOW at the 1015 to 1010 area as you mentioned also. That 3 wave rally should carry to OCT 13th at 2;32 pm when it should duplicate the SPT 32rd drop off, and this time it will be NASTY for BULLS and set up emergency actions again by the FED and treasury Jay
HI Red, great commentary Suggest you stay int he near term as far as Elliott wave predicting next month or 2 never works out. We both have NEXT week as UP a couple days, and the 7th is an 8day high making the 8th an 8day TURN Full moon kept the mkt from reaching its LOWER wave 5 goal Friday, but I have some indications from the power index for Monday. A Monday low at 1015/1010 would setup a great 2 day REBOUND. Jay
HI Red, great commentary Suggest you stay int he near term as far as Elliott wave predicting next month or 2 never works out. We both have NEXT week as UP a couple days, and the 7th is an 8day high making the 8th an 8day TURN Full moon kept the mkt from reaching its LOWER wave 5 goal Friday, but I have some indications from the power index for Monday. A Monday low at 1015/1010 would setup a great 2 day REBOUND. Jay
I'm think 1040, but I wouldn't rule out 1050, at most 1060. The 1040 area was major support along with the 1060 area. The 1050 area was good support, but not major. Now they are all resistance.
We have to see what Tuesday brings? If it makes it to 1040 on Tuesday, then look for 1050 on Wednesday (and maybe 1060?).
As you can see, she has about 1060 as the top of the channel, but I'm not sure if we'll make it. I'm just going to wait for Wednesday, (or at least 2 up days), as I believe that will be the high.
Alexander Grant has Wednesday as the high, and several others do too. I'm just going to wait… (believe me, that's hard to do!)
I'm just excite today as I almost 100% positive that P2 ended, and we are now in P3. Whoa! Reality finally sets in!
Maybe another flat day on Monday, then a rally up Tuesday and Wednesday. After that… it's down we go! I'm not taking any long positions, as I got out of mine today with a loss.
Basically, I gave back the profits I made from my short on Thursday at 1060. I got out at 1043, and waited till the end of the day to go long (1031).
I sold today at 1025. So, I gave back that profit. I failed to follow my own forcast. Taking the emotions out of trading is the hardest thing!
The rally back up should be weak. Maybe back up to 1040? I think 1060 will be tough to get back too, but I'd love to see it. The higher it goes back up, the better the fall will be.
I'm think 1040, but I wouldn't rule out 1050, at most 1060. The 1040 area was major support along with the 1060 area. The 1050 area was good support, but not major. Now they are all resistance.
We have to see what Tuesday brings? If it makes it to 1040 on Tuesday, then look for 1050 on Wednesday (and maybe 1060?).
As you can see, she has about 1060 as the top of the channel, but I'm not sure if we'll make it. I'm just going to wait for Wednesday, (or at least 2 up days), as I believe that will be the high.
Alexander Grant has Wednesday as the high, and several others do too. I'm just going to wait… (believe me, that's hard to do!)
I'm just excite today as I almost 100% positive that P2 ended, and we are now in P3. Whoa! Reality finally sets in!
Hi REd,
Prior to the October debacle we still have the potential for a 3 wave ABC rebound off what should be a LOW at the 1015 to 1010 area as you mentioned also.
That 3 wave rally should carry to OCT 13th at 2;32 pm when it should duplicate the SPT 32rd drop off, and this time it will be NASTY for BULLS and set up emergency actions again by the FED and treasury
Jay
HI Red,
great commentary
Suggest you stay int he near term as far as Elliott wave
predicting next month or 2 never works out.
We both have NEXT week as UP a couple days, and the 7th is an 8day high making the 8th an 8day TURN
Full moon kept the mkt from reaching its LOWER wave 5 goal Friday, but I have some indications from the power index for Monday.
A Monday low at 1015/1010 would setup a great 2 day REBOUND.
Jay
HI Red,
great commentary
Suggest you stay int he near term as far as Elliott wave
predicting next month or 2 never works out.
We both have NEXT week as UP a couple days, and the 7th is an 8day high making the 8th an 8day TURN
Full moon kept the mkt from reaching its LOWER wave 5 goal Friday, but I have some indications from the power index for Monday.
A Monday low at 1015/1010 would setup a great 2 day REBOUND.
Jay
Yeah rrman…
I'm think 1040, but I wouldn't rule out 1050, at most 1060. The 1040 area was major support along with the 1060 area. The 1050 area was good support, but not major. Now they are all resistance.
We have to see what Tuesday brings? If it makes it to 1040 on Tuesday, then look for 1050 on Wednesday (and maybe 1060?).
Fujisan posted a nice chart of a channel today. Here's the link… http://content.screencast.com/users/Fuji-san/fo…
As you can see, she has about 1060 as the top of the channel, but I'm not sure if we'll make it. I'm just going to wait for Wednesday, (or at least 2 up days), as I believe that will be the high.
Alexander Grant has Wednesday as the high, and several others do too. I'm just going to wait… (believe me, that's hard to do!)
I'm just excite today as I almost 100% positive that P2 ended, and we are now in P3. Whoa! Reality finally sets in!
1060 would mess some bears up and would get longs back in if its trying to shake eveyone out before the drop that would work
so 1040 would be the channel top and I would think that would be a good short and hold on for a while level….what do you guys think..
You're right Jay. I think 1080 was the top of P2. We should get a rally back up on Tuesday and Wednesday of next week, but after that it's down we go!
Maybe another flat day on Monday, then a rally up Tuesday and Wednesday. After that… it's down we go! I'm not taking any long positions, as I got out of mine today with a loss.
Basically, I gave back the profits I made from my short on Thursday at 1060. I got out at 1043, and waited till the end of the day to go long (1031).
I sold today at 1025. So, I gave back that profit. I failed to follow my own forcast. Taking the emotions out of trading is the hardest thing!
The rally back up should be weak. Maybe back up to 1040? I think 1060 will be tough to get back too, but I'd love to see it. The higher it goes back up, the better the fall will be.
Yeah rrman…
I'm think 1040, but I wouldn't rule out 1050, at most 1060. The 1040 area was major support along with the 1060 area. The 1050 area was good support, but not major. Now they are all resistance.
We have to see what Tuesday brings? If it makes it to 1040 on Tuesday, then look for 1050 on Wednesday (and maybe 1060?).
Fujisan posted a nice chart of a channel today. Here's the link… http://content.screencast.com/users/Fuji-san/fo…
As you can see, she has about 1060 as the top of the channel, but I'm not sure if we'll make it. I'm just going to wait for Wednesday, (or at least 2 up days), as I believe that will be the high.
Alexander Grant has Wednesday as the high, and several others do too. I'm just going to wait… (believe me, that's hard to do!)
I'm just excite today as I almost 100% positive that P2 ended, and we are now in P3. Whoa! Reality finally sets in!
1060 would mess some bears up and would get longs back in if its trying to shake eveyone out before the drop that would work