Just as predicted, a late drop offJay
It does LOOK like the 144 FIBO trade day cycle from April26th hit yesterdayand as suggested earlier this week and the NOV guidance graph shows,
the 17th looks like it has provided a short term pivot low.
DOES THAT MEAN a new BULL RUN to 1300??
NOT imo,
IMO, only represents a a short term rally in an ONGOING trend
LOWER to NOV 29/30--the NEXT FIBO convergence.
Power index does SHOW a HIGH early today as currently indicated by the Opening Futures
39HOUR Cycle at 10am appears now as a possible HIGH, but not neccesarily THE high
of this contra trend rebound
1227-1173 = 55 OHH, theres FIBO again
wave 1 down ??
wave 2 rebound now in progress??
13pts = 1186 --already gone, according to 1190 opening futures
21pts = 1194 -- very likely
38pts =1211 -- maybe, but doubtful
Reading for today
RESISTANCE dissipates
Friday
Some frustrations
but
Mid day SURGE = progress
more later
Jay
2 comments:
Looks like 1211 could make it
got that open high to 1198 at 10am
which sometimes lags over to 11am
daily highs are scored at
11am
1pm
3pm
55 pts X 1.618 = 89
1200 - 89 = 1110, a level which I had mentioned b4 as likely for Nov 29th
Some have projected 1129 as FIBo for a wave 4, but it would not be out of wack to see 1110
ANY LOWER than that means something other than wave 4 , but that remains to be seen
Jay
OF course GM boosts the mkt higher- Right on schedule
I'm already gagging on the amount of hype they are pushing over this GM thing. Maybe I'm just a grumpy old fart that can't get "hip" to it all, but didn't GM implode? Didn't they make junk for years, and rack up billions in debt? Then didn't Uncle Sam have to print money to bail them out? Now they come back to the market with a new stock, and they're supposed to be all fixed up?? Give me a break. GM is a scam, and we paid for it. Now Wall Street will make even more money selling this stock to all the hopefuls. It never ends.
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