LOOKS LIKE A BACK KISS Filling the GAP from LAST weekNow that wave "A" is really complete, we should see a deeper drop in wave "B"
and MY target is STILL Friday at 2pm
ONE DAY LATE - thats going to be my new mantra
and for some one who understands the psych of aspects this is becoming un excusable
Dont worry, Ive been beating myself up without your help
high Energy dissipates after 10:23 am
Couple of details
CNBC keeps on telling us that the consensus says they are expecting a decline,
BUT Then they turn it around to say the mkt wont accomodate
which really means they think the rally will continue
TICK closed on a HIGH + 1059 = bearish
VOLUME yesterday 1.4 bil = bearish
CBOE pc ratio = 78 = bearish
SPDR = 1.42 = neutral
oex pc ratio = 1.13 = neutral
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Prop indx drops at open, but doesnt give up much later
for tomrrow, it also wants to hold its own and not give up much either
power index agrees , but gives it up on Ths & Fri
midnite hige tide tonight
New moon this wkend
Dollar and stocks seem inverted, which means that gold & stocks should track,
other than yesterday, it doesnt seem to be working - YET.
Moon 0Uranus at noon today
258bars at 10;30
30b @ 1pm
60b@ 3;30
more later
Jay
5 comments:
Do you have a price target for Friday??
Jay,
THANKS for your work.
Movado,
I think SPX 866 is what Jay mentioned but i might be wrong if its been updated since.
Thanks Waterfall.
Activity index did rise to 200 yesterday, but has now dropped off and is fluctuating between 33 & 66
the POWER index today doesnt want to give up its treasures, but rolls over & heads lower the next 2 days.
Natural energy pictures a deep cut this week, and of course theres only till friday where that can occur.
using a fibo math model, we should see spx 870
930-666= 264 pts
264 X 23.6 = 64
930-64= 866
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38.2% = 100pts = 830
possible, but not likely
However, "B" waves can be extreme
would be nice for bears and would get sentiment negative enuf to get the next rally.
Still depends on whether or not, May8th was the TOP of the "A" wave
If so, then a sharper drop could be out there this week.
Im under the impression we have begun a deeper decline into June17th in a 3 stage process
Actually it would be more complex such as abc X abc
given that
the "A" wave peak hit spx 930
Its possible we have already seen a & b
"a" would be spx at 883
"b" would have be today so far at spx 915
THUS "c" is dead ahead, and "c"
can be nasty
The X wave can be very powerful NExt week into June3rd
then of course we get th enxt abc series into June17th.
SO, once again, the NEXT best BUYING opp should come on Friday at 2pm.
more later
Jay
Jay,
With all due respect, the market has
been trending up all day. Doesn't this change your outlook. Maybe May 22 is a high??? Thanks
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