Well gang… there’s your “C” wave up! More powerful then I expected though, but if my thinking is aligned with the gangsters then well rally more on Thursday and have one final pop in Friday… followed by some selling to allow for some sort of topping tail to happen on the daily charts.
This would then allow them to gap it down next Tuesday the 29th, without the usual boring “first day of the week” light volume chop. No, this time I expect the traders to get slapped in the face quickly before they get their morning coffee.
A nice gap down on Tuesday will surprise most everyone, but it needs to be setup properly on Friday. It’s important to “not close” at the highs on Friday. There needs to be some type of selling to get everything rolling over first.
Then they (the gangsters) can release their bad news over the 3 day weekend and open up the market Tuesday in the RED! LOL… I love this evil plan (mainly cause I like to see the market RED… I wonder why?).
LOL… and supposedly the underwriters were/still are buying FB heavily at $38 to keep it up and will stop supporting it this Tuesday the 29th. True value for this company is probably in the $5-$10 range.
Intraday reversal of a reversal. I would be disappointed if the SP doesn’t close on the low of the day and preferably below its 200 day average. Waste of good negative breadth although a few moments ago it wasn’t so negative.
Well we didn’t gap up to the moon as Mr. Astro energy predicted, on its way to SP 1370 by May 28th (which is Memorial Day) . Are any gurus bearish at the moment???
Sounds like the operators financial newsletters/gurus oversight bureau has issued a memorandum to all the gurus.
Prechter though is allowed to bearish although I am not too sure if he is or not. There seems to be news blackout regarding where he stands. It used to be disseminated so easily over at Daneric’s during golden bear squeeze days of 2009.
From the looks of the charts I believe the “B” wave down is now over with and we are starting the “C” wave. However, it might not be a very strong C wave as the overall market is still very bearish with the weekly and monthly charts putting a lot of downward pressure on the market.
I’m thinking that we close the week out with “doji” type candle, which would allow for next week to be very bearish… especially on Tuesday the 29th. As for this C wave, I could still see that 1338 spx level being hit, but not much farther. Even that’s a strecth as we could just make a double top from yesterday.
All in all, it looks like a lot of chop for the whole week. Great for day traders of course, but I’m looking for more then a one day move. That FP on the dollar of 86.47 is still the likely target before the market bottoms. There is also the 1267 spx FP too, which could line up witht the dollar FP?
Today will probably close down, but I could see a rally into the last hour or so… erasing a lot of this move down. I don’t think it has enough juice to rally up and close positive, but I could see it putting in a nice bottoming tail. Then if the charts line up we could rally up nicely tomorrow. Depends on how we close of course.
Regardless, this is just all one big bear flag on the weekly chart… which again, I think will play out next week.
Nice catch Roilion…
http://screencast.com/t/Wiq95QmGklJ
Down Jones close down the mark of the beast today.
Market closed
DJIA
12,496.15
Change-6.66 -0.05%Volume 152.16mMay 23, 2012, 4:05 p.m.
I think you are correct Red. And it’s a good plan with price action confirming 🙂
Well gang… there’s your “C” wave up! More powerful then I expected though, but if my thinking is aligned with the gangsters then well rally more on Thursday and have one final pop in Friday… followed by some selling to allow for some sort of topping tail to happen on the daily charts.
This would then allow them to gap it down next Tuesday the 29th, without the usual boring “first day of the week” light volume chop. No, this time I expect the traders to get slapped in the face quickly before they get their morning coffee.
A nice gap down on Tuesday will surprise most everyone, but it needs to be setup properly on Friday. It’s important to “not close” at the highs on Friday. There needs to be some type of selling to get everything rolling over first.
Then they (the gangsters) can release their bad news over the 3 day weekend and open up the market Tuesday in the RED! LOL… I love this evil plan (mainly cause I like to see the market RED… I wonder why?).
LOL… and supposedly the underwriters were/still are buying FB heavily at $38 to keep it up and will stop supporting it this Tuesday the 29th. True value for this company is probably in the $5-$10 range.
http://finance.yahoo.com/blogs/breakout/fury-over-facebook-ipo-grows-lawsuits-mount-150039330.html
Intraday reversal of a reversal. I would be disappointed if the SP doesn’t close on the low of the day and preferably below its 200 day average. Waste of good negative breadth although a few moments ago it wasn’t so negative.
Well we didn’t gap up to the moon as Mr. Astro energy predicted, on its way to SP 1370 by May 28th (which is Memorial Day) . Are any gurus bearish at the moment???
Sounds like the operators financial newsletters/gurus oversight bureau has issued a memorandum to all the gurus.
Prechter though is allowed to bearish although I am not too sure if he is or not. There seems to be news blackout regarding where he stands. It used to be disseminated so easily over at Daneric’s during golden bear squeeze days of 2009.
From the looks of the charts I believe the “B” wave down is now over with and we are starting the “C” wave. However, it might not be a very strong C wave as the overall market is still very bearish with the weekly and monthly charts putting a lot of downward pressure on the market.
I’m thinking that we close the week out with “doji” type candle, which would allow for next week to be very bearish… especially on Tuesday the 29th. As for this C wave, I could still see that 1338 spx level being hit, but not much farther. Even that’s a strecth as we could just make a double top from yesterday.
All in all, it looks like a lot of chop for the whole week. Great for day traders of course, but I’m looking for more then a one day move. That FP on the dollar of 86.47 is still the likely target before the market bottoms. There is also the 1267 spx FP too, which could line up witht the dollar FP?
Today will probably close down, but I could see a rally into the last hour or so… erasing a lot of this move down. I don’t think it has enough juice to rally up and close positive, but I could see it putting in a nice bottoming tail. Then if the charts line up we could rally up nicely tomorrow. Depends on how we close of course.
Regardless, this is just all one big bear flag on the weekly chart… which again, I think will play out next week.
Apple in a channel:
http://niftychartsandpatterns.blogspot.in/2012/05/apple-in-channel.html
Crude oil weekly trend line:
http://niftychartsandpatterns.blogspot.in/2012/05/crude-oil-weekly-trend-line.html