Cant get away from those FULL MOONS
they seem to catch me at the wrong end of things
Got some splainin to do Lucy
It would appear that 666.67 on march 5th was the near term LOW
a contracting triangle formed from Nov 21st to Feb 6th and the
outcome was the drop to March 6th - i'll see if I can put up a chart of it
spx lost 208 pts from Jan 28 at 874 to March 9th in 21 trade days, but you already knew that
Any rebound NOW would fit in with FIBO, & today was a gain of 21%
the NEXT high should = 34% = 70 pts and get back up near the 790 level
that could come on the 12th & 13th- mostly the 13th.
Today was typical of an "A" wave
thus we should see the next wave "B" tomrrow and maybe part of the 12th
BUT the 13th can and probably will match or exceed today's performance
IVE BEEN warning about a rally for a week now, but I got caught short by one day
Expect the 11th to take away in the "B" wave at least 150 DOW to maybe 200 pts intraday
that would equate to about 20 spx just under 700 as support
The NEXT high is STILL Friday March 13th,
BTW, how often do we get 2 months in a row with a Friday 13th
From there, the NEXT possible LOW is setup for the 18th
remembere i wrote to expect a 2000 pt dow rally off the LOW
which is now set at 6550 + 2000 = 8550
and that could be seen by options expiration or as part
of a rally to the 23rd at that level.
More Later
Jay
1 comment:
I bought Ciitibank on monday at 1.00 and am holding. So I am happy.
I also bought spx calls spzcg on Monday and sold today at a good profit. I expected some selling tomorrow and will be looking to rebuy the same calls. Keep up the good work.
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