Its a REALLY simple case of a sell off from August 9th is an A _ B _ C declineas Columbia shows ---
THEN
IMO, -- an X wave rebound dead ahead, and Fibo does not count for wave 4
skip ahead a bit
However, the 377 tr day cycle is closing in on SPT 3 and or 7th
Many timers forget we LOSE 1 day each NOV & DEC- there are 2 -1/2 days
so an accurate count would take us to the 7th and on the 7th there is a reading for
early disruptions at 9:49AM which coincides with the 39 hr cycle
________________________________________
NOW back to the present & How to make $ in the next 10 days
Rebound potential
Look at the first abc from 1220 to 1040 = 180 pts & rebound was 50% = 90pts to 1131
Recent -Aug 9 to 25th 1131 - 1041 = 90 pts
expect Rebound 50% = 45pts which gets us back to 1085-1090 area
BUT its NOT a straight line
8:30 Futures jumped to 1060 on not so bad jobs news,
and as of 9:15 have backed off a little.
but watch for buying opp at 120bars at 10am, after initial higher open
If you missed the above OPP, then look possibly for a sell opp Late today
Tomrrow should open exact opposite of today on GDP news as the catalyst.
PLUS there are
3 CYCLES converging that support such a scenario
14.6% / 13 day @ 10:20am
39hrs at 10am
204bars at 10am
this pivot low should offer a second buy opp leading to a high Monday at about noon
From AUG 30th- Monday's HIGH, we can expect the NEXT A_B_C lower
to make the NEXT BIGGER BUYING OPP from SPT 7th to 20th
I hope this clears up whatever mystery is in any one else's mind
OH yeh
NO CRASH IN 2010
Look at YEAR 2000, a secondary TOP hit at LABOR DAY, but this year its a secondary LOW
The bad year was 2001 with the 9/11 event as prominent, but I doubt we will see anything
like 9/11 in 2011, but stocks should be fairly weak all year, and of course it was 2002 that really set the lows in October 2002 and March 2003- so we PLOD along with NO solid direction till March 2013.
BACK TO NEXT WEEK- and you thought I forgot-[g]
Monday mid day high-
Tuesday & Wed LOWER
Spt 2nd HIGHER
Spt 3rd starts out stressful & concerns remain
Spt 7th starts out unstable, but gets better
Spt8th - is most important - Offers a FRESH START
more later
Jay
10 comments:
Dow Jones futures before opening bell
http://niftychartsandpatterns.blogspot.com/2010/08/dow-jones-futures-before-opening-bell_26.html
Jay,
About a week ago you were calling for a 10% drop at the end of last week and then for another 20% on top of that for the beginning of this week ending on the 25th. Now in today's post you say no crash in 2010? Can you help me understand what has changed in the past week that made that position invalid?
JOHN
MORE WISHFUL THINKING than anything else
IT AINT GONNA HAPPEN
If it were, we would have seen spx 1010 busted Yesterday
the 377 day low is APPROACHING quickly, and there cannot be a crash after that time slot
Count forward another 377 tr days
for the next potential = 17 months = maybe jan/Feb 2012
NOTHING CHANGED, the WAVE is STIll in declining mode till SPT 3rd & 7th as described, but NOWHERE near as deep as we bears would have liked
I WILL BECOME a BULL on SPT 7th
Its NOW approaching 10am in a few minutes and Im looking for a call trade
Back in a few
Jay
DAMN
Got to a LOW at 9:55am, but they gave us 3 seconds to buy in
at 120bar cycle
WAITED for the 126bar cycle at 10;30and got in then, but it still wasnt easy
IM leaving for appt-
will check in later
Jay
Jay,
Does this action puzzle you, since you expected a very positive day. We could rally of course from here and end the day up, but would a down day alter your thoughts about a move up into Monday.
We are at the top of a trend channel over the last week. There is a lot of resistance here which is possibly why we are seeing the action today.
On another note, rumors of a GDP revision tomorrow. Possibly a major revision and also, forecasts were dropped down as a result. (This is RUMORS, so remember that!)
Jay - is it possible that today and tomm flipped ?
Nice work Jay. I am flat. Its possible to sell off on GDP on Friday then recover during the day on reports from Jackson Hole. Monday looks to be positive day and Tuesday does as well.
thanks Guys
Backing off to 1048 might have been expected at the open, but it matters not
Wave a to 1061
wave b to 1048-1046 which is a level that was expected
A good close and a benign revision on the GDP would be helpful as far as news crap, but EVEN if they open higher, the cycles converge at the 10 to 10:30 important pivot
Given the IMPLUSE STOPPED at 1039, we would expect it to hold
and make a run to 1069- 1085 by Monday mid day
13 hrs on Tuesday AM could be the HOD & Hi of week, as the 39 hr cycle hits at 10am on the 7th with neg energy.
8th says - GO GO GO for the bull
Jay
AS
flipped days
very possible
makes tomrrow much more positive than today
Good GDP revision
would help Ben look & sound more positive
Jay
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