I do not know whats going on with the web site here. I posted a comment for Monday morning. Can anyone see it. It is not showing up for me on this site.
Yes, I agree… there should be a continuation of this move down on Monday morning. The question will be… is it just the end of a “B” wave down, or more? That I can’t answer as we could have another wave up, or not? Just don’t know at this point as the charts are very bearish. The wave up (if we have it) would simply be to fool the bears and go against the charts, as they clearly indicate more selling is coming.
We may have seen the high for this rally today? While they “usually” put in an important top on a ritual “eleven” day (next Tuesday is one, and it’s election day) that’s not always the case. Looks like some fear setting in before the election game show airs.
But, from a purely technical point of view, the move down today could have be a “B” wave with an “A” up from the bottom last week that ended at the gap open high today. So, if they are going to fool the bears like they always do then a “C” wave up next Monday/Tuesday would certainly do the trick.
If this happens then the place to short should be the downward sloping trendline connecting the 10/5 high of 1470.96 SPX with the 10/18 high of 1464.02 and trailing down lower as each day goes by. My best guess is that it will be about 1453 by Tuesday and should definitely stop the bulls.
New lows for Monday morning Tim.
close da short at spy138.35 for now, next fri closing estimate is -5spx from this week
Their must be some Diqus problems this week on your web site. I have sent some very timely information, but yet it does not show.
I do not know whats going on with the web site here. I posted a comment for Monday morning. Can anyone see it. It is not showing up for me on this site.
Watch for new lows Monday morning !!
Yes, I agree… there should be a continuation of this move down on Monday morning. The question will be… is it just the end of a “B” wave down, or more? That I can’t answer as we could have another wave up, or not? Just don’t know at this point as the charts are very bearish. The wave up (if we have it) would simply be to fool the bears and go against the charts, as they clearly indicate more selling is coming.
SPY Analysis after closing bell: http://niftychartsandpatterns.blogspot.in/2012/11/spy-analysis-after-closing-bell.html
I would look for new lows Monday morning.
All the best every one.
We may have seen the high for this rally today? While they “usually” put in an important top on a ritual “eleven” day (next Tuesday is one, and it’s election day) that’s not always the case. Looks like some fear setting in before the election game show airs.
But, from a purely technical point of view, the move down today could have be a “B” wave with an “A” up from the bottom last week that ended at the gap open high today. So, if they are going to fool the bears like they always do then a “C” wave up next Monday/Tuesday would certainly do the trick.
If this happens then the place to short should be the downward sloping trendline connecting the 10/5 high of 1470.96 SPX with the 10/18 high of 1464.02 and trailing down lower as each day goes by. My best guess is that it will be about 1453 by Tuesday and should definitely stop the bulls.
reminds me of, ” There weren’t any animals harmed in the filming of this motion picture!”