Here is my post just before you started the new chain:
Jay:
The ending diagonal fifth scenario was dead once we went above 961 by too much and for too long.
So, what does the EWI count look like now. There are two scenarios, depending on how one reads the elusive shallow (iv)
If (iv) ended at 943.22, then we did a iii of (v) today, aftermarket is iv of (v) and we have a v of (v) ending tomorrow just over 979.42 hi of today to end A up and start B down.
However, it is now possible to count a more extended (iv), which ended at 951.87 low late Wednesday 22nd. In that case, the move from there to today's hi 979.42 was all of (v). In which case we are done with A.
Shows two targets for A top . Around 890 under the first scenario; and already done under the second scenario.
I prefer the second scenario, because the after market has a five wave drop.
The two scenarios are not too different with one day difference in top. I prefer the second count, only because the after hour drop has created a five way down.
The real question is how deep a retrace to expect. Too early to tell. Under the second scenario, here are the retracement levels:
So the likely retrace is 937.36 to 911.38 range. With 950 ish resistent becoming support now, a even shallower retrace can not be ruled out. The waves down will give us a clue to the downside target. Let us hope they are clearer than the reading on (iv) on way up. !!
7/23 -- A friend of mine with many years in the business went to an asset allocation of 100% long today, saying it was fruitless to fight the tape. I think that epitomizes the money management mindset here. The fundamental folks are jumping in because they see green shoots in the economic indicators. The technical folks jumped in due to what they see as a breakout above the moving average and prior highs, and the portfolio managers have to throw in the towel on waiting for a pullback since there hasn't been one.
Hey Jay, great photo. Looks like the rest and time with the family was really rewarding. I did wait for your HOD at 3:00 yesterday to finish my short buys. This wave down will probably have many on the edge of their seats but with your forecasting and Ravi's wave structuring we should find the ideal time to go long again. Craig
STREET APPLAUDS dow 9000 NEWS PAPERS PRINT dow 9000 Money MANAGERS bullish OEX pc ratio =.67 very BEARISH CBOE pc ratio = 87 ditto ___________________________ thanks Ravi I vote for door # 2 DOWN in wave "B" How low is low as you show has several levels
Thats WHY I USE TIME, thre are NO levels PIVOT low should occur on the 29th at 10;30am BUT heres what I MEANT about the READING and I cannot stress this any more except to repeat it often
For JULY 29th DONT BELIEVE the CROWD DONT BE GULLIBLE Dont get sucked in Good news is NOT so good
THIS IS THE SAME reading I got for JULY23rd AT OPPOSITE ends of teh SPECTRUN
This DECLINE coming now APPEARS will be of very short duration and the REAL 5th wave of "A" to follow from july29 to August 10th
REFER again to CHANAKYA's chart
Today's futures are LOWEr to open 258bar at 1:30, and that could be an important low for today as it matches with moon 90 MArs @ 1;45, which is DEFINITELY a negative aspect.
Midnite high tide on Sunday has already had its effect yesterday there is a harmonic cluster of hard aspects TOMRROW which should effect trading today, and the PROPENS index has dropped from 3015 to 2990 POWER Index does also confirm with drop from 500 to 400
STREET elated with dow 9000 Even Warren Buffet would rather own stocks over bonds -HAHA, the joke on him
Ive often thought about setting up a class room for young people to teach them about REAL $$ and not just parent allowances, but Buffet beat me to it.[ggg]
SPX 920 to 930 was a critical high on 7/1 and should be a magnet for the next low
that makes the 924 level & 50% retrace a good candidate level
TIMING on JULY28th with oeverlfow on the AM of the 29th to maybe 911 intraday at 10;30, and possibly near the close that day as per the readings in previous comment
Keep this in the back of your mind for now, THE REAL TOP will NOT OCCUR till OCTOBER 10th, 2009
CNBC commentator says its OK to take some $$ off the table with the futures off at open and its now 9:15am THEY HAVE NO IDEA !!!!!!!!
jay,according to delta october the 10th would be stretching the mtd point too far, september would historically speaking be as late as possible for the high.not saying it cant happen,but very low odds imo.regards danny
EUR-USD slightly up. Whats funny is is was dn yesterday so i would of that Equities would be dn... Strangle coloration. It map 1:1 sometimes... Today EUR-USD up so lets see. Following the NASDAQ HQU on the TSX that I follow next Res is $13 so it seems tech is leading the bull run. Hence Im a bit on the fence with a decline into next week if HQU/QQQQ keeps running up.... I need a test back to 965, if that breaks will hit 920-930 for sure to swing trade this thing. Watching OIL....
Jay/ravi, you say the TOP is OCT 14th give or take, My data along with some reviews say major change in trend to the downside is MID SEPT which also corresponds to OIL basing. Whats your thoughts about this versus your trend call??
I wanted to add that my proprietary oscillator finally hit the top of it's range TODAY after 13 days for the TSX. I now fully expect a correction to ensue at any hour now. Goodluck to all. This should corralate with Jay's work.
I have started buying shorts today and will continue first thing Monday morning regardless of gapup or gapdown. I believe Jay is already 80 -90% short.
tt; You need to give us an Explanation it sounds like your all just air supporting your long position Arak will agree with me
activity was floating all day at 300, but in the last hour has dropped to 100, but made an immediate uptick to 166 at 3:15pm
IF the mkt is going to tank, it will have to be NOW in the last hour
Propens shows the same as above and power indx at 500 still has a lower level at close @ 400 again- NOT very deep at all- Would have liked to see a lower level under 300 _______________________ VERY VERY RARELY will a mkt TURN and reverse the entire prior days advance- and this time we have a conflict between the hi tides and the hard astro aspects thus we see a stalemate today.
As per Chankya's chart, Aug 1st is Sat'day thus an important low should occur on the 31st which does agree with astro. I NOW have to wait for the power & propens indexes to catch up the astro, and confirm or not.
And Ravi& I have posted most likely spx levels to watch for late next week. _______________________________ Sam, I would have preferred to see a late sell off today with at least a 150 pts loss, but I will have to hold off to get the bteer lows next week.
Candi- thanks for the bearish CONFIRMATION there are some here who are really off the wall, and still have not caught on to TECHNICAL analysis.
and of course, thanks to all the others who make worthwhile contributions to the benefit of ALL of us who trade the mkts. and read this blog
I still think GOLD will tank next week as well as stocks- they have been constant companions for a long time.
3;30, and they refuse to give it up, but the activity index did show such an uptick and is NOW at 200- not willing to give it up at all. JUST TICKED DOWN one level to 166 at 3;45
and ""tt"" might be right about Monday, astro is NOT setup with hard aspects until the 28th where there the BULLS WILL PAY HELL for their positions, or at least those who havenet sold off to DUMB money.
venus 120 neptune at midnite on 27th mist be supporting the holdup, but afterward Venus 90 Uranus WILL be DEVASTATING and it occurs at 4:38pm on the 28th
The NEXT MIDNITE low tide is Aug 1st which is accompanied with a triple group of nasty type aspects
Have A GREAT WEEKENd fellow BEARS and pleas dont FRET your dimished account- YOU havnet LOST anything until you sell it.
NO NO NO Eric the best is YET TO COME Its coming later than I had expected, but thats NOT UNCOMMON is BEAR mkt rebounds-
Bulls ARE HANGING themselves but dont know it Youve hear the word "" DISTRIBUTION"" Smart money is selling off to dumb money who are enamered with dow 9000, and cant fight what they perceive as the tape
Flash has the 24th and or 27th for turns and it look like it will be the 27th
I AM HOLDING ALL 100 djx puts and still have some cash to buy more on Monday
So we made a new hi just before closing. So, this is the first of the two scenarios for EW count that I posted in the morning. Problem is that the move up from LoD was not a clear five waves. That leaves a bit of muddle.
Might make it there on Monday BUT I NOW TEND TO DOUBT IT SPX failed NEW HIGHS today at 979.26 and dow @ 9100.88 I WILL REPORT the internals over the weekend
Jay
activity indx last minute dip is too late for effect on price levels today
however, Monday OPENS wit a 30bar cycle LOW which did NOT hit at 4pm today.
it would be really promising to see 100 pts come off at the open.
just guessing, but it now looks very possible
positive aspect hits at 10am, so 9:45 can provide quite a bear show
The LAST positive apsect durng the mkt day is at 10:37AM
27th is an 8day HIGh, which might be a failing attempt at 10;30 to 11am
Im tying as I think And the day could be more bearish that I previously thought TURNS come from failures, and it looks like we may have already seen it
Ive got 10 min more to buy more options, but I have 100 now, and would actually like to see where we are at 11am Monday
I think I need to use the Verbal translation program to type my thoughts maybe next time.
Someone just posted a chart explaining that SPX is testing 40 year trendline. Do u guys think its going to be cake walk because the economy is not in that of a good shape.
Hi Guys, my last few posts mention OIL and GDP. Next week is GDP announcements and if the mrkt perceives the data to be not so bad on a year to year basis then the market will fly up due to many news folks and Mgrs will run the tape higher at least for a few days.... OIL did quite well today but the TSX Energy index TTEN went down 1%. This is suspicious… the Financials went up 1.5%.... My point is some TA is not making sence so I caution the shorts for next Thur/Fri July 30/31 that if GDP comes in good as per the reports that get sprayed on TV and then Money Managers who call their clients the fit the dumb money to start putting in some bucks……BAM, Shazam… Market fly’s up. At work today that’s all I was hearing from folks, incld my parents… Hey Joe, did you hear that the Finance Minister of Canada is saying the recession is over today and then CNN blasting the same info……
Your 4:12 pm post said "SPX failed NEW HIGHS today at 979.26". NOT true, cash hi was 979.79 ...pennies above yesterday's hi. In the after market, fututes went above cash equivalent of 982.50 or so.
So we completed bare minimum for scenario 1 that I posted looking for one down up with hi above yesterday. Can this last wave extend? Yes, but not too likely. The (v) had its i=v in the aftermarket and may be done.
If dat how the markets work then why trade it. It's a crap shoot...pure gambling. Forget all dat nonsense. We no trade on conjecture. Stick to da Chart TA. If your TA don't work, you haven't found what does...keep looking. What u describe is pure sentiment, gut emotion, irrational exuberance, speculative intuition, etc. Forget dat stuff. Waste of my time.
Jimmy, a smart trader uses different tools, you cant be narrow minded, you must be open minded. Hence, if you think GDP data is useless then all the power to you bro but millions of people who do watch BNN and Bloomberg/CNBC at times do get fooled and thus do invest in the market when the media is essentially telling them to even though its the wrong thing to do. However the market is telling us something differently, hence the market rally... even though its BS.... My point bro is you need to use different sources and stick to your foundation. Many doubt Jay/Ravis work due to Astro stuff is to far out there for them, their LOSS. Were different, Im open minded and use different tools along with Jays guideance to help my family. So my advise to you brother is to take the blinders off, use TA but dont bet your life on it and place all your eggs in one basket at your families expense. NO ONE has a crystal ball and if TA was so bang on 100% of the time then we all would be big cheeses : ) All the best, Joe
Friday 7:25 , I wrote .." we completed bare minimum for scenario 1 that I posted looking for one down up with hi above yesterday. Can this last wave extend? Yes, but not too likely. The (v) had its i=v in the aftermarket and may be done"
Since then, I took acloser look at the up move from LoD Friday.
i 965.95 973.98 8.03 ii 973.98 972.18 -1.8 iii 972.18 977.9 5.72 iv 977.9 975.27 -2.63 v 975.27 979.79 4.52 v aft 975.27 983.19 7.92 with after market
The problem is that if we include after market iii is smaller than both i and v; which invalidates the count as an 5 wave impulse. That means that we were still working on iii of (v)that started at 972.18.
So, there may be abit left on the (v) of A to work on early Monday with a target of 987 to 993 where v of (v) = 1.382 to 1.618 of i of (v).
The bigger question is how shallow or deep the B retrace would be. There is potential support at the old 956 top of June 11, which may even prevent a 38.2% retrace.
Only a break of 965.95 will confirm that B is in progress.
I got the above from Dan Eric's site. Dan has an alternate count that treats Thursday's top as the vth wave top and yesterday's up down as a (a) and (b) of B, implying drop into a (c) starting Monday AM.
The only thing that worries me being short atilla's saying 980 was limit. That almost guarantees it's not. His weekend crash calls have been great contrarian signals since March.
if you add 14 days to the dates on the Solar Lunar Chart pretty well likes up with the moves since last August.....Guess what it is saying happens next...?
We got a SMALL CHANGE in the McClellan Oscillator Friday, a 6.33 decline to positive +223.81. This suggests we are likely to see a large price move early this coming week.
There you have it. Put your seatbelts on and hold on to your puts cause ther's a whole lot shakin going to happen soon.
39 comments:
Here is my post just before you started the new chain:
Jay:
The ending diagonal fifth scenario was dead once we went above 961 by too much and for too long.
So, what does the EWI count look like now. There are two scenarios, depending on how one reads the elusive shallow (iv)
If (iv) ended at 943.22, then we did a iii of (v) today, aftermarket is iv of (v) and we have a v of (v) ending tomorrow just over 979.42 hi of today to end A up and start B down.
However, it is now possible to count a more extended (iv), which ended at 951.87 low late Wednesday 22nd. In that case, the move from there to today's hi 979.42 was all of (v). In which case we are done with A.
See Dan eric's chart
http://2.bp.blogspot.com/_TwUS3GyHKsQ/SmjWOeCy4LI/AAAAAAAABJ0/8XtVbdwmcV4/s1600-h/spx10.png
Shows two targets for A top . Around 890 under the first scenario; and already done under the second scenario.
I prefer the second scenario, because the after market has a five wave drop.
The two scenarios are not too different with one day difference in top. I prefer the second count, only because the after hour drop has created a five way down.
The real question is how deep a retrace to expect. Too early to tell. Under the second scenario, here are the retracement levels:
869.32 979.42 +110.10
38.2% 937.36
50.0% 924.37
61.8% 911.38
So the likely retrace is 937.36 to 911.38 range. With 950 ish resistent becoming support now, a even shallower retrace can not be ruled out. The waves down will give us a clue to the downside target. Let us hope they are clearer than the reading on (iv) on way up. !!
Ravi
7:45 PM
Copy from trendchannelmagic
7/23 -- A friend of mine with many years in the business went to an asset allocation of 100% long today, saying it was fruitless to fight the tape. I think that epitomizes the money management mindset here. The fundamental folks are jumping in because they see green shoots in the economic indicators. The technical folks jumped in due to what they see as a breakout above the moving average and prior highs, and the portfolio managers have to throw in the towel on waiting for a pullback since there hasn't been one.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1399335
n
Hey Jay, great photo. Looks like the rest and time with the family was really rewarding.
I did wait for your HOD at 3:00 yesterday to finish my short buys.
This wave down will probably have many on the edge of their seats but with your forecasting and Ravi's
wave structuring we should find the ideal time to go long again.
Craig
STREET APPLAUDS dow 9000
NEWS PAPERS PRINT dow 9000
Money MANAGERS bullish
OEX pc ratio =.67 very BEARISH
CBOE pc ratio = 87 ditto
___________________________
thanks Ravi
I vote for door # 2
DOWN in wave "B"
How low is low as you show has several levels
Thats WHY I USE TIME, thre are NO levels
PIVOT low should occur on the 29th at 10;30am
BUT heres what I MEANT about the READING and I cannot stress this any more except to repeat it often
For JULY 29th
DONT BELIEVE the CROWD
DONT BE GULLIBLE
Dont get sucked in
Good news is NOT so good
THIS IS THE SAME reading I got for JULY23rd
AT OPPOSITE ends of teh SPECTRUN
This DECLINE coming now APPEARS will be of very short duration and the REAL 5th wave of "A" to follow from july29 to August 10th
REFER again to CHANAKYA's chart
Today's futures are LOWEr to open
258bar at 1:30, and that could be an important low for today as it matches with moon 90 MArs @ 1;45, which is DEFINITELY a negative aspect.
Midnite high tide on Sunday has already had its effect yesterday
there is a harmonic cluster of hard aspects TOMRROW which should effect trading today, and the PROPENS index has dropped from 3015 to 2990
POWER Index does also confirm with drop from 500 to 400
More later
Jay
STREET elated with dow 9000
Even Warren Buffet would rather own stocks over bonds -HAHA, the joke on him
Ive often thought about setting up a class room for young people to teach them about REAL $$ and not just parent allowances, but Buffet beat me to it.[ggg]
SPX 920 to 930 was a critical high on 7/1 and should be a magnet for the next low
that makes the 924 level & 50% retrace a good candidate level
TIMING on JULY28th with oeverlfow on the AM of the 29th to maybe 911 intraday at 10;30, and possibly near the close that day as per the readings in previous comment
Keep this in the back of your mind for now,
THE REAL TOP will NOT OCCUR till OCTOBER 10th, 2009
CNBC commentator says its OK to take some $$ off the table with the futures off at open and its now 9:15am
THEY HAVE NO IDEA !!!!!!!!
Jay
Chanakya has 8/1 on his chart and JUST LIKE JULY 23rd its ROUNDED
which means we might get a ROUNDING LOW to include July 29th-30th-31st
the Astro readings agree
Jay
jay,according to delta october the 10th would be stretching the mtd point too far, september would historically speaking be as late as possible for the high.not saying it cant happen,but very low odds imo.regards danny
EUR-USD slightly up. Whats funny is is was dn yesterday so i would of that Equities would be dn... Strangle coloration. It map 1:1 sometimes... Today EUR-USD up so lets see. Following the NASDAQ HQU on the TSX that I follow next Res is $13 so it seems tech is leading the bull run. Hence Im a bit on the fence with a decline into next week if HQU/QQQQ keeps running up.... I need a test back to 965, if that breaks will hit 920-930 for sure to swing trade this thing. Watching OIL....
Jay/ravi, you say the TOP is OCT 14th give or take, My data along with some reviews say major change in trend to the downside is MID SEPT which also corresponds to OIL basing. Whats your thoughts about this versus your trend call??
Bottom is in for today. Monday looks like it might go higher still.
tt
man, I need to re-read my sentence structure...grammer. Worried here at work...
Jay,
Any reading update for us for the rest of day and Mon
Thanks
Looks like bearish risings flags forming in SPX & NDX.
mark
Ravi, jay what does it look like here. Do you think scenario one 980-987 may play out here or your preffrered no. 2?
you think we have seen the LOD
Thanks
sam
For those following TSX in Canada: An ominous rising Bearish Wedge very noticeable on all your timeframes.
Candi
I wanted to add that my proprietary oscillator finally hit the top of it's range TODAY after 13 days for the TSX. I now fully expect a correction to ensue at any hour now. Goodluck to all. This should corralate with Jay's work.
Candi
What's everyone doing?? Closing out our shorts at the end of the day?? Please let me know ASAP Still Short ...Eric
Eric..
I have started buying shorts today and will continue first thing Monday morning regardless of gapup or gapdown. I believe Jay is already 80 -90% short.
Candi
This was Jay Plan
I will ADD more shorts today on ANY RALLY to 9:45 this AM
and will PLAN to SELL on or b4 Friday at 4pm.
Is this plan still in effect??
Eric
tt;
You need to give us an Explanation
it sounds like your all just air supporting your long position
Arak will agree with me
activity was floating all day at 300, but in the last hour has dropped to 100, but made an immediate uptick to 166 at 3:15pm
IF the mkt is going to tank, it will have to be NOW in the last hour
Propens shows the same as above
and power indx at 500 still has a lower level at close @ 400
again- NOT very deep at all-
Would have liked to see a lower level under 300
_______________________
VERY VERY RARELY will a mkt TURN and reverse the entire prior days advance- and this time we have a conflict between the hi tides and the hard astro aspects thus we see a stalemate today.
As per Chankya's chart, Aug 1st is Sat'day thus an important low should occur on the 31st which does agree with astro.
I NOW have to wait for the power & propens indexes to catch up the astro, and confirm or not.
And Ravi& I have posted most likely spx levels to watch for late next week.
_______________________________
Sam, I would have preferred to see a late sell off today with at least a 150 pts loss, but I will have to hold off to get the bteer lows next week.
Candi- thanks for the bearish CONFIRMATION
there are some here who are really off the wall, and still have not caught on to TECHNICAL analysis.
and of course, thanks to all the others who make worthwhile contributions to the benefit of ALL of us who trade the mkts.
and read this blog
I still think GOLD will tank next week as well as stocks- they have been constant companions for a long time.
3;30, and they refuse to give it up, but the activity index did show such an uptick and is NOW at 200- not willing to give it up at all. JUST TICKED DOWN one level to
166 at 3;45
and ""tt"" might be right about Monday, astro is NOT setup with hard aspects until the 28th where there the BULLS WILL PAY HELL for their positions, or at least those who havenet sold off to DUMB money.
venus 120 neptune at midnite on 27th mist be supporting the holdup, but afterward Venus 90 Uranus WILL be DEVASTATING and it occurs at 4:38pm on the 28th
The NEXT MIDNITE low tide is Aug 1st which is accompanied with a triple group of nasty type aspects
Have A GREAT WEEKENd fellow BEARS and pleas dont FRET your dimished account- YOU havnet LOST anything until you sell it.
more later
Jay
more later
NO NO NO
Eric
the best is YET TO COME
Its coming later than I had expected, but thats NOT UNCOMMON is BEAR mkt rebounds-
Bulls ARE HANGING themselves but dont know it
Youve hear the word "" DISTRIBUTION""
Smart money is selling off to dumb money who are enamered with dow 9000, and cant fight what they perceive as the tape
Flash has the 24th and or 27th for turns and it look like it will be the 27th
I AM HOLDING ALL 100 djx puts and still have some cash to buy more on Monday
Jay
I agree. Thanks jay
sam
Thanks Jay, Have a good weekend at the pool. Eric
So we made a new hi just before closing. So, this is the first of the two scenarios for EW count that I posted in the morning. Problem is that the move up from LoD was not a clear five waves. That leaves a bit of muddle.
Ravi
Playing with numerology
981 is an ENDING number for the SPX
9117 matches as an ending number
Might make it there on Monday
BUT I NOW TEND TO DOUBT IT
SPX failed NEW HIGHS today at 979.26
and dow @ 9100.88
I WILL REPORT the internals over the weekend
Jay
activity indx last minute dip is too late for effect on price levels today
however, Monday OPENS wit a 30bar cycle LOW which did NOT hit at 4pm today.
it would be really promising to see 100 pts come off at the open.
just guessing, but it now looks very possible
positive aspect hits at 10am, so 9:45 can provide quite a bear show
The LAST positive apsect durng the mkt day is at 10:37AM
27th is an 8day HIGh, which might be a failing attempt at 10;30 to 11am
Im tying as I think
And the day could be more bearish that I previously thought
TURNS come from failures, and it looks like we may have already seen it
Ive got 10 min more to buy more options, but I have 100 now, and would actually like to see where we are at 11am Monday
I think I need to use the Verbal translation program to type my thoughts
maybe next time.
more later
Jay
Again, absolutely amazing to see you at work.
Jay, Ravi and others,
Someone just posted a chart explaining that SPX is testing 40 year trendline. Do u guys think its going to be cake walk because the economy is not in that of a good shape.
http://www.screencast.com/users/erikdbrucker/folders/Jing/media/8460f92d-3319-4c5d-bd9d-fb4039075e80
Thanks for your work.
sam
Hi Guys, my last few posts mention OIL and GDP. Next week is GDP announcements and if the mrkt perceives the data to be not so bad on a year to year basis then the market will fly up due to many news folks and Mgrs will run the tape higher at least for a few days.... OIL did quite well today but the TSX Energy index TTEN went down 1%. This is suspicious… the Financials went up 1.5%.... My point is some TA is not making sence so I caution the shorts for next Thur/Fri July 30/31 that if GDP comes in good as per the reports that get sprayed on TV and then Money Managers who call their clients the fit the dumb money to start putting in some bucks……BAM, Shazam… Market fly’s up. At work today that’s all I was hearing from folks, incld my parents… Hey Joe, did you hear that the Finance Minister of Canada is saying the recession is over today and then CNN blasting the same info……
Jay:
Your 4:12 pm post said "SPX failed NEW HIGHS today at 979.26". NOT true, cash hi was 979.79 ...pennies above yesterday's hi. In the after market, fututes went above cash equivalent of 982.50 or so.
So we completed bare minimum for scenario 1 that I posted looking for one down up with hi above yesterday. Can this last wave extend? Yes, but not too likely. The (v) had its i=v in the aftermarket and may be done.
Ravi
Thansk Ravi, that is what I was looking for.
sam
Joseph::
If dat how the markets work then why trade it. It's a crap shoot...pure gambling. Forget all dat nonsense. We no trade on conjecture. Stick to da Chart TA. If your TA don't work, you haven't found what does...keep looking. What u describe is pure sentiment, gut emotion, irrational exuberance, speculative intuition, etc. Forget dat stuff. Waste of my time.
Jimmy
x
Jimmy, a smart trader uses different tools, you cant be narrow minded, you must be open minded. Hence, if you think GDP data is useless then all the power to you bro but millions of people who do watch BNN and Bloomberg/CNBC at times do get fooled and thus do invest in the market when the media is essentially telling them to even though its the wrong thing to do. However the market is telling us something differently, hence the market rally... even though its BS.... My point bro is you need to use different sources and stick to your foundation. Many doubt Jay/Ravis work due to Astro stuff is to far out there for them, their LOSS. Were different, Im open minded and use different tools along with Jays guideance to help my family. So my advise to you brother is to take the blinders off, use TA but dont bet your life on it and place all your eggs in one basket at your families expense. NO ONE has a crystal ball and if TA was so bang on 100% of the time then we all would be big cheeses : )
All the best, Joe
Market will tank badly next week. The signs are everywhere. That was an exhaustion move and retrace. Long srs at 16.55.
ptg
Friday 7:25 , I wrote .." we completed bare minimum for scenario 1 that I posted looking for one down up with hi above yesterday. Can this last wave extend? Yes, but not too likely. The (v) had its i=v in the aftermarket and may be done"
Since then, I took acloser look at the up move from LoD Friday.
i 965.95 973.98 8.03
ii 973.98 972.18 -1.8
iii 972.18 977.9 5.72
iv 977.9 975.27 -2.63
v 975.27 979.79 4.52
v aft 975.27 983.19 7.92 with after market
The problem is that if we include after market iii is smaller than both i and v; which invalidates the count as an 5 wave impulse. That means that we were still working on iii of (v)that started at 972.18.
So, there may be abit left on the (v) of A to work on early Monday with a target of 987 to 993 where v of (v) = 1.382 to 1.618 of i of (v).
The bigger question is how shallow or deep the B retrace would be. There is potential support at the old 956 top of June 11, which may even prevent a 38.2% retrace.
Only a break of 965.95 will confirm that B is in progress.
Ravi
Kenny has posted a EW chart that is same as what I posted here calling for 988-993 top on Monday.
http://1.bp.blogspot.com/_goypolxEFd4/SmoR_3apjSI/AAAAAAAABXM/sd68dY9W33c/s1600-h/spx1min.png
I got the above from Dan Eric's site. Dan has an alternate count that treats Thursday's top as the vth wave top and yesterday's up down as a (a) and (b) of B, implying drop into a (c) starting Monday AM.
http://3.bp.blogspot.com/_TwUS3GyHKsQ/SmpYqH1iymI/AAAAAAAABK8/38uC1TX_73E/s1600-h/spx10.png
Well, we will find out soon enough which one it is. Drop from late morning top or drop right away.
Ravi
The only thing that worries me being short atilla's saying 980 was limit. That almost guarantees it's not. His weekend crash calls have been great contrarian signals since March.
cy
http://carolan.org/wp-content/uploads/2009/07/072509old.gif
if you add 14 days to the dates on the Solar Lunar Chart pretty well likes up with the moves since last August.....Guess what it is saying happens next...?
We got a SMALL CHANGE in the McClellan Oscillator Friday, a 6.33 decline to positive +223.81. This suggests we are likely to see a large price move early this coming week.
There you have it. Put your seatbelts on and hold on to your puts cause ther's a whole lot shakin going to happen soon.
Billy
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