Well gang, we had our move higher this morning from the bull flag formed yesterday. Now the market has put in a nice long topping tail on the 4h, 2h, and 60 minute charts on both the ES Futures and the SPX Cash. I’d say we’ll go down from here to put in our “B” wave down.
While a common trick the gangsters do is still possible (run it up one more time into the close), tomorrow we should see this market sell off some. I really don’t think they’ll run it up into the close today as every short term chart seems way too overbought right now (but it’s still possible).
Regardless of if they do or don’t try to make another squeeze move up, I think the risk is of staying long here is high and the risk of being short is low. I could easily see them sell off to 1290-1300 for this “B” wave down (maybe more). You’ll then notice that it will make an “inverted head and shoulders” pattern when complete and support my theory that we’ll have a “C” wave up.
While our latest FP target is 135.71 on the SPY, which is about 1357.10 on the SPX or ES, I think we’ll go higher then that before ending the rally up. My guess is that we’ll hit the downward sloping trendline around 1387 currently, but I think it will be much lower by the time we hit it. Probably in the 1370 area where the horizontal trendline will intersect with it making a necktie of resistance.
So, if you’ll not already short I think you’ll be safe for 20+ points down from here. 🙂
It seems this is the first time Drake has had some real action from his previous talks. I’m not going to even commit on this.You can decide for yourself. I have mixed feelings about Drake.
I haven’t had a chance to listen to it, or read it. What are they saying now? Summarize it for me.
What do you think about all this new stuff from Drake and others?
Yes, very boring. They are just putting in a bear flag right now, which I think will play out into the close today.
Boring day today in the markets…
Has Stew Webb ever been right? And RD keep up the great stuff.
Well gang, we had our move higher this morning from the bull flag formed yesterday. Now the market has put in a nice long topping tail on the 4h, 2h, and 60 minute charts on both the ES Futures and the SPX Cash. I’d say we’ll go down from here to put in our “B” wave down.
While a common trick the gangsters do is still possible (run it up one more time into the close), tomorrow we should see this market sell off some. I really don’t think they’ll run it up into the close today as every short term chart seems way too overbought right now (but it’s still possible).
Regardless of if they do or don’t try to make another squeeze move up, I think the risk is of staying long here is high and the risk of being short is low. I could easily see them sell off to 1290-1300 for this “B” wave down (maybe more). You’ll then notice that it will make an “inverted head and shoulders” pattern when complete and support my theory that we’ll have a “C” wave up.
While our latest FP target is 135.71 on the SPY, which is about 1357.10 on the SPX or ES, I think we’ll go higher then that before ending the rally up. My guess is that we’ll hit the downward sloping trendline around 1387 currently, but I think it will be much lower by the time we hit it. Probably in the 1370 area where the horizontal trendline will intersect with it making a necktie of resistance.
So, if you’ll not already short I think you’ll be safe for 20+ points down from here. 🙂
Gold chart analysis: http://niftychartsandpatterns.blogspot.in/2012/06/gold-chart-analysis_07.html
EURUSD Trend update:
http://niftychartsandpatterns.blogspot.in/2012/06/eurusd-trend-update.html
Looks like a New White Hats Report came out. Lots of stuff hitting the internet in the past 2 days it seems.
http://tdarkcabal.blogspot.com/
It seems this is the first time Drake has had some real action from his previous talks. I’m not going to even commit on this.You can decide for yourself. I have mixed feelings about Drake.
http://kauilapele.wordpress.com/2012/06/06/drake-6-6-12-on-global-voice-radio-video-from-tywk/