Referring to chart above, AND reading the accompaningmaterial which explains waning volume, etc we can see the mkt is locked into a descending
channel
NOW it just becomes a matter of WHEN rather than IF
In order to determine WHEN, we MUST look into the FUTURE
and how do we do that?
we can use CYCLES, chart patterns, Astro, Elliott or all of those and more
My power index still indicates some selling today,
and that would take it back to the lower line at 1080 - 1075
but the chart pattern above says it wont be severe UNTIL the BOTTOM line is broken
WHEN can we EXPECT that to happen?
there is a 39 hour cycle hi due on the 28th at 2pm, thus it could become the turn point high
FROM there, the daily readings become pessimistic and culminate on NOV 2nd
SO, here we are {BEARS IN WAITING}- just like the PIC from REd Dragon
In the meantime, we can catch the small waves of SPX 10 pts down, then 10pts up
Why do markets stall ? because traders wait for a signal to buy or sell
NEWS? as a catalyst, yes, but not a reason- if you get what I mean
THE SELLING MODE IS ON, but we wait for the other shoe to fall, so to speak
Jay
29 comments:
That was a nice firesale on faz there at 915 I loaded up in my IRA should be down into Wed...then up to the end of week is my thoughts..
Dow currently -21. Lower after 14:40 and after 16:00.
I think the PPT is not in this market for the last few weeks the 5" and 15" stochastics have been working fairly well on the 15" sell at the top and buy at the bottom...fas or faz is a good one to watch because the stoches have more volotility because of the 3x leverage
the JAYWIZ cycle is due at noon
156bar at 4pm
if 4pm is not plunging, then its possible the open tomrrow would proved that ILLUSIVE gap Ive been
looking for
IF 4pm, then Im game to close out shorts, but if not then IT looks like the open at 9;45am
Jay
covered short and went long for a scalp on 5" 15" stoches
still long I was a little early but we should bounce back up before continuing down
could bounce up to 1074 don't see much more than that but it may chop around awhile doing it before going back down
on /es that is
rrman
GOOD Trade
but betting on a swing higher might be premature
126b @ 1;30
156B @ 4pm
If the DAY ends on a HIGHER note
OFF THE LOW of 1;30, then I would expect 156bars to hit at open, thus the potential gap open
JAYWIZ cycle HIT @ 12:05 within 10 minutes of 11:55am as scheduled
Jay
rrman you are hot these days. thanks Jay. you too have been making good calls.
Will keep my faz in ira i got this morning until Nov. am waiting for /es to make this wave may trade the 5" wave instead of the 15" since the downtrend is so strong
stoches are looking more like /es will go to 1075/6 will look at short there...
Looks like itt's doing an intraday small 5th wave right now before doing a small abc into the close
carl
cal
Looks possible for abc into close
1:30 was minor dip low
Not we watch the 4pm close
as noted b4
IF closing higher off the 1:30low,
then tomrrows open should set the LOW for the day at open-9:45am
Jay
I'm loaded to the gills with shorts from 1094, 1091.25 and 1088.25 All IT trade, haven't covered anything yet
ok the 15, and 5 minutes stoches are turned up lets see how high we go I figure around 1070 or so ...
Jay
Love your post. News and Earnings never mark turns in the market. I absolutely agree. When they do it's only because they coincide with astro, cycles, waves, fibs etc, etc.
Can you imagine buying into earnings now. No way. You'll get killed.
stan
rrman
what are your 5 and 15 stochs set at?
thanks
Mandy
80, 20, 10, 10
looks like no bounce went short...
2 price levels have been projected by some
1062
1057
1052
either way, it does look like 4pm will not plunge, leaving it for the open as had been projected for today.
anyone tracking another short term level?
Jay
thanks rrman
mandy
Danerics public charts
show prices levels at
1061 = 50%
1057not shown but = 55%
1051 = 62%
1037 not shown but = 78%
1020 = 100%
The gain from 1020 to 1101 was 81 pts thus the levels in between as above
showing more weakness near the close but not a plunge.
If we do get that open dip, it would THEN become a possible short term cover and buy for a minor rebound.
Jay
tomorrows levels should be something like 1080.5 high
1055 low. i may look to cover long around 1057.
after8 I agree I may think about going long tonight if the overnight hits 1057 everyone seems to think we drift up but we may drift down...
Did anyone look at BIDU A/H
dollar and /es are correlating tonight instead of being inverse....looks like we have a lil up wave all stoches on the bottom could be a nice up move for a while tonight
covered shorts and went long /es 1064 went back short here 1067.25 /es is back inverse of /dx go figure..
well Jay we just started dumping maybe going after that low at the open you were predicting
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