Heres a FRACTAL CHART from Fred Whilhelmus shows SPX911 exactly where we are right now
Now thats a memorable NUMBER
Chief may have it darn close-
expect a possible 855 low, then 1010 high
his best warnings are
SNORT and Yawn - IMO< and others -to be read inverted
Snort means we should get short , and
Yawn means its time to get long
As of May6th OPEN its a SNORT
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IMO< 855 seem as good as any level by Mon and or Tues -May11th & 12th
IMO< HIGH by June 3rd to 8th , to at least spx 940 or 970
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If I remember from My Joe Granville days,
His CLX shows the strength or weakness of the dow 30 stocks
a plus # means strength or how many dow 30 stocks are up verses down
similar to OBV but based on price, not volume
a minus # is of course weakness
and the higher or lower = the magnitude of above
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My propensity index and power indexes are locked in place till
May7th for example --- Up and DOWN today
May5th Bradley hit a high +30dow pts in the AM, then gave back
May7th Next Bradley, hmmm , sandwiched close together like April16/18
April 20 was off 300 pts
IN this case we would NOW look for a decline to follow May7th into May11th -12th
May11th power index + astro agree, thus
showing a potential for more severe decline such as April20
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OK Jay, Stop beating around the bush
heres ASTRO timing for May & June
May5th-7th BRADLEY highs
May11-12 LOW
May19th high
May22 low
June3rd = Bradley -MAJOR HIGH
June 14th & 18th Bradley = MAJOR LOW & CATAPULT to spx 1100 -
June & July = summer rally with good astro
August astro doesnt look very good - could get rough
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Back to this week for a moment
PC ratios were very bearish at close yesterday
Jaywiz index = .10 - also very bearish
Futures turned up at 8;30am as did MY ACTIVITY index as of 9am
repeat - power & propensity index show moderate rise today,
then retreat later
Tomrrow shows retreat early, moderate rise, and another late day retreat
SAME possible for Friday
in other words any attempt to make higher highs should be met with selling,
thus we get the resolution SELL OFF on May11th and 12th to spx 850 area -
some call it CHURNING
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Monday is an 8 day LOW
Making Tuesday an 8 Day TURN
May7th -Mercury Retrograde usually takes a couple days before its
effect is seen in stock prices
Merc Direct has a more immediate effect on May31st,
thus the early June spurt accompanied with other pos astro & full moon until June8th.
More Later
Jay
2 comments:
Jay will the June 14 to 18 LOW , be lower than the 855 May low of 11-14. tia.
probably
DO the MATH
a retreat from say spx 966 after a gain of 300 pts
fibo 38.2% to 62% = 120 to 150
thats 846 to 816 - those are both levels we have discussed b4 as previous supports on the way up.
Chief is looking for 855 and he's a pretty good technician even if he snorts at the wrong time.
And IMO, ITS this COMING Monday.
If the SPX stops right here, that would be a loss of 65 pts or dow 500 back to 8000
Its possible we are topping a 3rd wave within a 5 wave sequence still unfolding till late May or early June as described in the posting.
((Yes, I know all this BEARISH talk gets redundant becuase we are suffering from our errant ways)).
ok now, back to biz.
THAT means wave 4 is coming up VERY SOON if not starting later
today. Some of my STUDIES indicates such is possible today, but MORE likely TOmrrow & Monday
Since April was a 2nd wave triangle a,b,c,d,e: we would expect the 4th to be totally different.
And if it takes place in just 2 or 3 days coming up as described above, we should see the results
by Monday
{{Keep in mind , it seems that wave 2 and 4 have switched as more often a wave 2 is sharp and short and a wave 4 is extended such as April was, but nevertheless we can see it on our charts.}}
One of my studies suggests that any SHORTS should be covered on Monday's close
or Tuesday's open but that might be pushing our luck.
Futures indicate a higher open
to spx 926
More Later
Jay
8:30am
Jay
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