GET READY- MONDAY COULD OPEN MUCH HIGHER
|July 15th @ 8:45am|
THE market HAS NOT responded in a very serious manner to negative negotiations over the DEBT Limit
And TODAY , IMV, is the LAST chance for such an event.
Way back in April, I had projected a LOW at spx 1250, and we did get that on June 16th
Daneric has been adamant about the current leg being a triangle ending in E at 1295, and it does
look like that just might be the case- thus the NEXT move IS back to 1370 -1400 area.
THe current leg from July 7th to 15th would have to count as a wave 2.
IF the SPX were going to drop to 1250 area today, the INTER wave moves would have been much more
than the 20 pt ranges we have seen during this WHOLE correction from May 2nd.
Check out the current level moves
1356 to 1334= 22 pts
1344 to 1313 =31 pts
1313 to 1332 = 20 pts
1326 to 1306 = 20 pts
AND NOW 1316 - 20 pts = 1296 - 194 levels
****SMALL SWINGS BEGET SMALL OVERALL MOVES****
180 Bars at 11:30 AM
204 Bars at 1:30 pm
228 Bars at 3;30 pm just might offer a great buy opp at 1295 unless the 11:30 low
has been MUCH more excessive and has broken that support level with strong downside volume.
Next weeks Energy atmosphere becomes much more amiable for making an agreement on the budget
and debt ceiling. THUS all the POSTURING and Badgering has occurred since July 7th in that limiting triangle with 1250 as major support for the corrective wave  which ended on June16th.
That makes that 5 wave leg high at 1356 a WAVE 1 of the next impulse wave to 1370 or above.
The Current leg down from that level to 1295, assuming we see that today, would count as a wave 2
in an unusual abcde triangle, Unusual that is, for a wave 2 - which means the wave 4 mentioned above July 27 to Aug 1st- should alternate and be a brief A-B-C.
NEXT 10 days of course should be WAVE 3 taking the spx back to 1370 or above on or before July 27th.
A 4th wave looks then possible from July 27th to Aug 1st and the 5th wave ENDS IT ALL in August
between the 8th & 18th. -
A 5th FAILURE To break over 1370 would be very suspicious at that time.
ALL THE NEG energy that has been in effect since July 7th has occurred within a wave that
has LIMITED any downside correction to major support. That NEG energy has produced much
ado about the debt ceiling & budget, but not much else.
I hope that all wasn't too confusing, and over the weekend, I will try to re-write
the above given what today offers for a low