Chart from ALPHAHORN
analysis from MARKET thoughts
Here are the Wave 2 retraces. Wave 2 could be done (I think it is) or it could be extending into next week. There is a lot of evidence to support both cases.
But I think all the indices have retraced the requisite amount. Next week will be interesting.
Retracements:
- INDU: 78%
- SPX: >50%
- NDX: 62%
- COMPQ: >50%
- RUT: >38% (and by far the most sold off index)
FYI
more later
Jay
19 comments:
Hi Jay, sorry if Im off but are you refering to FIB lines. Can you clarify for me, sorry for the silly question. Just preping to cash out some Longs MON/Tue based on some of the feedback research I do on the wknd, incld your site
Thanks
Joe
I think technically, we don't have anywhere near a downtrend yet so be careful bears. We still need a lower higher so basically this current ST up move needs to turn soon. If not, we are still in a strong uptrend til end of the year imo. Still long until the trend tells me otherwise.
Not sure why u think the target should be 1073. I see a target of 1080 minimum. Futures are already indicating trend continuation up. Bears lose again. We can now test prior highs and possibly break to new highs
anon
You're hopeless.
We all know youre scared shiitless.
There was a small change in the McClellan Oscillator Friday, up 4.74, suggesting a large price move is coming Monday or Tuesday.
Seeing I have glaring Negative Divergences in my proprietary custom indicators , I will surmise that the move is Down.
Billy
We have a Phimate turn date ideally scheduled for Monday +- a few days suggesting This could be a top.
There is also a Bradley turn date there as well.
Billy
There seems to be a lot of pumpers on the web this weekend trying to jack prices higher to ensure they get a nice entry. I think theyre worried about a gap down selloff Monday morning. Personally I hope the market goes higher still so I can get a decent Short entry. Everybody and their dog are looking for 1080. Would be nice but the market may not make it so obvious.
Tracy
Jay, why would you buy tza last Friday if your previous graph shows a target of 1090? Why not just wait to scale short above 1080? That's my plan anyways. I might start above 1075 tomorrow. Futures are green, euro broke higher, and asia's up. Seems like shorting the close tomorrow or Tuesday would be the best strategy.
ptg
Jay is "position trading". He knows where it's going. So he'll be adding as the market goes up a bit.
Leave him only and stop taunting him. It only shows how scared and insecure and uncertain you really are about your own analysis.
John R.
Your right JOHN R
I will be adding more shorts this AM open
Jay
Wonder why the Bond market is not breaking down, pushing yields higher given all this mornings equity/commodity fireworks?
Do any of you use Bollinger bands with RSI. Mrkt looks strong to me, your thoughts jay. Seems we hit 10300 on DOW and TSX say 10600, just under the last peak?
Thanks
Joseph
good morning Jay I got out of longs and went short /es 108.50 I figure tommorrow we hold up in these levels maybe down some but wed big down
1080.50 sorry typo
Hoping the market stays elevated until 1:00. 34 bars off the bottom on the hourly.
anon
If your using 1 hour per abr
the low hit at 2;10pm on Monday
5days = 32.5 bars
34 bars would = 3;30pm
Correct me if Im wrong
Sun 90 Jupiter tomrrow= irrational exuberance
Bradley today & tomorrow
HIGHS today should lead to strong selling - wed to friday-13th
Saturn 90 Pluto
New moon on 16th STARTS new uptrend again
I know that NO ONE remembers but in SPT & OCt- I had project NOV LOWS on the 2nd and higher most of the month
HOWEVER, that does NOT preclude any selling from highs such as today and or tomrrow
Power index shows a drop from this AM and a low tomrrow
Propens shows the same
Jay
Jay,
9:30-10:00AM bar is 30 minute but registers as an hour on charts so it's slightly off.
The move down into Nov 2 was 60 bars so 61.8% would get us to market close/open tomorrow.
IF, we are topping here and we place 50% or 61.8% extension on the recent move down into Nov 2, we have our next big turning point right at Thanksgiving or the close of trading month end.
anon
Yes
that matches my astro for a high on NOV 27th and/or DEC 4th.
BUT the MOST important high is showing up on DEC 18th- to 22nd
then
a LARGE Year end sell off is indicated
Jay
anon
Please use at least some initials
to ID your post so I can reference your data
thanks
better yet, please log in as a follower
I would really like to get to 100 members
Jay
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