Although I think we are going down for awhile the possibility is still there that they turn it back up and peak on the ritual “eleven” day next Monday the 27th. My thoughts are that we go down to the 1370 support zone (SPX), then bounce back up to the 1400-1405 zone on the 27th. Then tank!
The gangsters “could” make another run higher to fake out the people that got short earlier today. But, it’s looking more and more like today could put in an important top… especially if it closes out with a topping tail candle on the daily chart.
Still, the best time to take a position is the last hour of the day (and the first hour too). So, for those not short, I think they’ll push one more time before the close. Probably not as high as earlier this morning thou…
I am a little worried about everyone else thinking that there is a big move down coming… especially main stream media. But, even those fools get one right from time to time. The “double top” alone says that a short should be taken. The question is… for how long?
Will it only sell off for a few days and then turn back up into the 27th (the next ritual “eleven” day), or will this really be the start of something more? Remember, any FP is only a signal that the gangsters are going to take the market to that level. It’s commonly a “turning point” but not always.
In this case I do think we are going to sell off now that we’ve hit the FP (and pierced through it slightly… also common). But the possibility still exists that they will only go down for a few days and then turn it back up and peak on the 27th.
I say that because of how many times a significant high has been put in on ritual “eleven” days… and the fact that they rarely go straight down from any important resistance level without running back up to scare the bears out of their shorts.
The bears were given 3 weeks to get short… that’s way too long. Of course the pro’s were waiting for the double top at the 1426 high from 2008 to get short… and they should be short as of today.
While I still think people should be getting a small short position today I wouldn’t be surprised if they don’t turn back up and come close to hitting this area again the 27th. That’s why I say “small” short position. This is not me forecasting this based on the charts but pure 100% “gut instinct”.
ES Futures is breaking down from support…
http://screencast.com/t/lgSfXKGx
ES Chart update:
http://niftychartsandpatterns.blogspot.in/2012/08/es-chart-analysis_22.html
Yes, but it’s common for the broken trendline (the lower part of the wedge) to be backtested before falling hard.
Dec 3, 2012 equals 1+2+0+3+2+0+1+2=11… LOL! Those planets and pyramids should have plenty of power… for whatever?
Dont forget the big bearish wedge that has formed on the SPX. This in theory will break hard to the downside..
Although I think we are going down for awhile the possibility is still there that they turn it back up and peak on the ritual “eleven” day next Monday the 27th. My thoughts are that we go down to the 1370 support zone (SPX), then bounce back up to the 1400-1405 zone on the 27th. Then tank!
yep even bob the bear janjuah just said it…so what we transform to buuls when that time comes?…ive been so long a bear i dnt feel confortable..
The gangsters “could” make another run higher to fake out the people that got short earlier today. But, it’s looking more and more like today could put in an important top… especially if it closes out with a topping tail candle on the daily chart.
Still, the best time to take a position is the last hour of the day (and the first hour too). So, for those not short, I think they’ll push one more time before the close. Probably not as high as earlier this morning thou…
I am a little worried about everyone else thinking that there is a big move down coming… especially main stream media. But, even those fools get one right from time to time. The “double top” alone says that a short should be taken. The question is… for how long?
Will it only sell off for a few days and then turn back up into the 27th (the next ritual “eleven” day), or will this really be the start of something more? Remember, any FP is only a signal that the gangsters are going to take the market to that level. It’s commonly a “turning point” but not always.
In this case I do think we are going to sell off now that we’ve hit the FP (and pierced through it slightly… also common). But the possibility still exists that they will only go down for a few days and then turn it back up and peak on the 27th.
I say that because of how many times a significant high has been put in on ritual “eleven” days… and the fact that they rarely go straight down from any important resistance level without running back up to scare the bears out of their shorts.
The bears were given 3 weeks to get short… that’s way too long. Of course the pro’s were waiting for the double top at the 1426 high from 2008 to get short… and they should be short as of today.
While I still think people should be getting a small short position today I wouldn’t be surprised if they don’t turn back up and come close to hitting this area again the 27th. That’s why I say “small” short position. This is not me forecasting this based on the charts but pure 100% “gut instinct”.
Crude oil at golden ratio:
http://niftychartsandpatterns.blogspot.in/2012/08/crude-oil-at-golden-ratio.html
Yeah… that has me worried too BH.