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| May 25th @ 4pm |
It looks like the WAVE COUNT has ONE MORE DROP at open
wave 1 from 1346 to 1330 was 16 pts
Wave 5 which may have started from 1325 today - 16 pts = 1309
IF more than that at open, take it as a GIFT, and IM BUYING LONG
AS a Bradley date & Cycle off Feb 18th, plus a 5th wave finally, IT DOES LOOK LIKE
that should be the END of the Correction that started on May 2nd at 1370, as shown by the Elliott
chart of a FIFTH WAVE EXTENSION.
Jay
7 comments:
shorted 1326, expect 1301 tomorrow
then i will ride this puppy up, target 1440
sincerely
cementzak
Today Mark Died, and the CNBC day was filled with tribute to the man. It's sort of odd, when you watch a channel as much as I do, virtually 6+ hours a day, every day.. you get to know them well. The sad part to me, is that they lost the best guy they had. Brash, outspoken, not afraid of a tussle, didn't much care for management, didn't hide the fact he was a smoker, loved his wife and kids, a tremendous interviewer. Certainly not a suck up like all the others there. Certainly not afraid to say what was on his mind.
He was the only one I have much respect for and now he's gone, leaving us with a big hole on TV. God I hope they don't try and fill his slot with another Clown like Cramer, or Rah Rah cheerleading Pissone, or whomever. Watching that channel all day is hard enough.. today with Haine's passing, it just got a lot harder.
what ever took place on Monday and Tuesday, would reverse on Wednesday. So, if Monday and Tuesday were "up", Wednesday is usually down and vice versa. So, with Monday and Tuesday being red days, we'd have a green day. Well, the market opened flattish, stumbled red.. and then "bingo" it greened up.
We called it the "Wednesday reversal".
Most don't know this but we have NOT had a 4 day losing streak since August 2010. Can you imagine that? At 3 pm.. we had 1321 on the S&P and 12400 on the DOW.
Out of the clear blue, not one, not two - but three huge buy programs hit and in just 7 minutes we were up 75 DOW points and 23 in tech land. It looked like the big push was going to do it. But.. nope. It failed. We faded into the close a bit and we didn't retake the 50 day on either the S&P or the DOW. Holly Moley!
Now that makes this a very tough situation. Tomorrow we'll get the initial jobless claims, and if they're poor again, and they should be, it's just one more log on the downside fire. Yet that "program from nowhere" that hit today, can be employed again and again and again. See, it's the POMO money that Bernanke gives to the 18 primary dealer banks that they can use to push things around when they need to.
So my feeling is that as we come into the end of the month here, we're going to be looking at a 3 day weekend. I think they'd like to finish May with a bit of green, then juice it one last time in the first days of June.. but after that? I think we drift lower.. considerably lower. (p.s. Jay is that what the EKG shows for June? UP or DOWN?)
cementzak - 1440 target could be reached 1st week June. And I shall SHORT the SPY with all I got!
Abdullah
I stopped watching CNBC. Could not stand the kiss ups. watch Bloomberg. They are heavy on news, light on opinons
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