Ibo's Latest chart of EW
Lots of COMMENTS today which has been noted b4,
= an UP market and we are getting just that , now + 63pts Dow
ITS NOW NOON :30, and the ACTIVITY INDEX has just JUMPED UP
from the 100 to the 266 level = an up mkt this afternoon
I have to admit that SOMETIMES the POWER INDEX is NOT easy to read,
and sometimes I DO misread it- ITS NOT the INDEX that is in error- ITS ME
same thing goes for ASTRO events
having said that , a FRESH look at the POWER INDEX TODAY
shows a PEAK AT TODAYS CLOSE - ITS A VERY CLEAR READING
FLUX indicator also shows an UP DAY.
IN ADDITION to that we HAVE a 90 bar cycle LOW due at EITHER 4pm or OPEN Fri.
Now, the POWER INDEX shows a HIGH at the end of day today, & it also shows a drop at open:
I am going out on a limb to say the OPEN tomrrow should be DOWN.
I will be BUYING DJX PUTS at CLOSE today.
One Caveat however, Keep some powder dry because both the
power & propensity indexes are showing recovery intraday Friday
THUS there is still potential to recover some & rebound intraday Friday,
offering another SELLING OPP mid day
SO, IF selling at close today, I will hold same cash back for Friday late also
Ive already bot some GLD puts - did WELL with last position,
and now gold is vulnerable again to a decline
GLD pc ratio yesterday was 22- waiting to see it tonight,
and might add more tomrrow if a lower ratio
ps;
Please dont fight among the commentators
& please offer constructive comments only
thanks
Summary thru June
May8th possible TOP of wave "A" as above chart shows
May20-22 low - sorry Tim
May 29th high
june1st dip
June 3rd-8th high
June17th MAJOR LOW maybe WAVE"B"
June 29 high
JULY looks like a true roller coaster- huge volatility
more later
Jay
6 comments:
Jay, Thanks for your comments.
Do you know if Tim still has May 22nd as the top?
Tim, would love to hear your comments.
Thanks to you both.
Dear Jay
First of all thank you for your work.
Now, looking at what happened at the end of the day, do you still espect a lower open tomorrow?
Thank you!
Mihaela
Its possible that 90 bars may have hit already but we'll see in the AM
high at 2;45pm
spx 898 high - See flash on twitter
http://twitter.com/FlashFushion
seems to be able to nail spx levels
He is one of our followers
Jay
After a review of today's data, I am STILL on track for a quick dive at the open
the power index did drop off from 600 to 550, but again its right on the dividing line so its hard to tell if it was going to happen today or tomrrow
BUT there is another reading clearly at tomrrows open at 450, so I am quite confident we will see a lower open of at least 100 points.
But tomrrow should offer a MID DAY rebound as I also posted b4.
AND a LATE day sell off probably after 3pm
Next week's schedule of events
18th is a down day
19th rebounds= up/dn/up
20th is DOWN
21st is up
22nd is down
My game plan is to sell my puts on close of 18th
Buy them back on close of 19th
Sell those on close of 20th
THEN take a day off to play golf and get some sun & pool time
On the 22nd at close, I expect to buy calls since the 25th is a holiday and the 26th has some very positive readings
thanks for the comments
it takes a good hour or more to write all the info I offer in my posts, as I have to refer to many aspects of market forecasting
I do check and recheck as well as spell check
more later
Jay
Hi Waterfall, I just posted some new info in yesterday's comments
before I saw your question here.
The May 22 high if off, it has moved out to early June. This week's drop changed things quite a bit.
Also please sign up for the free week I'll be all over this NDX low until we nail it, its a problem in the short term cycles. It might be mid week now and then start up to early June.
Tomorrow could be important, I'll update the 130 min study at the close tomorrow because I think that is the key, the NDX short cycles.
Tim,
Thanks very much for your response and the comments.
I will sign up today.
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