I’m not an EW person but today looks like an ABC wave 4 up, with yesterday being a large wave 3 down. This implies a 5th wave down should happen tomorrow. But again, I’m not a pro in EW counts.
If this happens then expect the “unexpected miracle” (this happens a lot in WallStreet World) like some Greece deal to spark a big short squeeze. In fact I wouldn’t be surprised if we didn’t rally up to put in a new all time high of 10-15 points over 2134 SPX by Monday of next week.
I’m NOT saying that’s going to happen but it won’t surprise me. If it happens I’ll be the only bear left around that will STILL be expecting a 3 week drop that will scare the horns off all the bulls and feed the bears for many months.
I’m thinking that we could “possibly” have one more move down Wednesday and then up into Thursday to complete either then or Monday? If Monday i don’t think it will rally much higher then Thursday’s high. If we bottom today then I see Thursday as a more likely high day. Basically I think we are going up to 2 strong days and one pause day at the end of the rally.
I’m not expecting any obvious setup to show up today. After yesterday’s beautiful bear day we should have some kind of bounce, but it should be choppy. Early up moves will likely be met with some trapped bulls selling. So we could go back down some as easy as going up.
Today is a day to just set on the sidelines and let the late to the party bears and trapped bulls fight it out. Once done though we should see a move up into Thursday. How high is unknown but if they get something positive out of Greece about a deal then I’d expect a powerful short squeeze.
Personally I’d love to see them fake out the bulls and scream this pig up one more time to make a new high where they take out all the bears and get the bull bus fully loaded. Then drop the ball over the weekend again with the Greece deal and start the 3 week down move next Monday with all bulls trapped and no escape.
Possibly one more flush down tomorrow and then a rally into Thursday I think. So I’ll be shorting this Thursday for 2-3 weeks if it works out like this?
Looking like the set up is short for 2 weeks then I believe FOMC bounce. Distribution has been ocurring all year, so who’s gonna buy at these levels? Although all are waiting (impatiently) for a bounce, we should be sitting out til massive selling occurs for better entry point and odds. GL
Blew right through that premarket low… LOL. Not a good time to be a bull I think! I will NOT be going long into Thursday but will just wait it out until then before looking for a 3 week short.
I’m not an EW person but today looks like an ABC wave 4 up, with yesterday being a large wave 3 down. This implies a 5th wave down should happen tomorrow. But again, I’m not a pro in EW counts.
If this happens then expect the “unexpected miracle” (this happens a lot in WallStreet World) like some Greece deal to spark a big short squeeze. In fact I wouldn’t be surprised if we didn’t rally up to put in a new all time high of 10-15 points over 2134 SPX by Monday of next week.
I’m NOT saying that’s going to happen but it won’t surprise me. If it happens I’ll be the only bear left around that will STILL be expecting a 3 week drop that will scare the horns off all the bulls and feed the bears for many months.
I’m thinking that we could “possibly” have one more move down Wednesday and then up into Thursday to complete either then or Monday? If Monday i don’t think it will rally much higher then Thursday’s high. If we bottom today then I see Thursday as a more likely high day. Basically I think we are going up to 2 strong days and one pause day at the end of the rally.
looking to trim 1/2 my VXX….reload Thursday
I’m not expecting any obvious setup to show up today. After yesterday’s beautiful bear day we should have some kind of bounce, but it should be choppy. Early up moves will likely be met with some trapped bulls selling. So we could go back down some as easy as going up.
Today is a day to just set on the sidelines and let the late to the party bears and trapped bulls fight it out. Once done though we should see a move up into Thursday. How high is unknown but if they get something positive out of Greece about a deal then I’d expect a powerful short squeeze.
Personally I’d love to see them fake out the bulls and scream this pig up one more time to make a new high where they take out all the bears and get the bull bus fully loaded. Then drop the ball over the weekend again with the Greece deal and start the 3 week down move next Monday with all bulls trapped and no escape.
Nice chart: http://charts.stocktwits.com/production/original_38984179.png?1435614944
Possibly one more flush down tomorrow and then a rally into Thursday I think. So I’ll be shorting this Thursday for 2-3 weeks if it works out like this?
Looking like the set up is short for 2 weeks then I believe FOMC bounce. Distribution has been ocurring all year, so who’s gonna buy at these levels? Although all are waiting (impatiently) for a bounce, we should be sitting out til massive selling occurs for better entry point and odds. GL
SPX 4 hour chart: http://screencast.com/t/DOC0QwOxtpy
SPX 60 minute chart: http://screencast.com/t/qW7BHTwgNZ5
Blew right through that premarket low… LOL. Not a good time to be a bull I think! I will NOT be going long into Thursday but will just wait it out until then before looking for a 3 week short.
The premarket low today of 206.81 SPY should be tested today (or Tuesday morning?) and then I think we’ll see a bounce into Thursday.