Last post was 11 days ago.......where I put a short at 197.50......and covered at 198.25.......It was apparent that there would be no pause at this level......and that they would drive the market up to prior highs......I feel that this rally will exhaust itself at Spy 204.....perhaps in the next few days....we would then have a minor correction of 50 handles
I thought 196.5 would be a good place to short..but that is where we closed on Friday.....the ascending triangle, makes it lightly a gap opening on Monday..with a little bit of follow through....197.50 is where I will short if possible.....
I feel that this sell off was the 10% that everyone was looking for, and we spooked out the weak longs....and will be...
I put the wrong price I meant to have it 196.5....2 days ago I said resistance 196.we went to 196.18 and sold off......I missed it as I had moved my limit to 146.5...hopefully tomorrow...........I also said to buy any 20 handle sell off...yesterday selloff was 20..I missed it as it closed on the low ........anyway not important......Dennis Gartman quote today says...
What a surprise, as they now drive it up the shorts after screwing the longs......Shorted Spy at 192.36, covered at 193.
They had their 10% washout....and the " buy the dippers" could aggressively enter the market as they did today.....The market at a minimum should have paused at 192 as that was an area of good resistance.and 10 points off the low...and it did...
The market is doing exactly what it should be doing, after hitting those significant low points and bouncing to the first level of resistance...how what happens?.....
In all honesty I don't know....I knew to get long at 182, and out 188...but at these reflection points things get much harder. will it continue to 192..perhaps ...back to 182 to test the low or...
It doesn't take a genius to recognize the significance of this sell off.....it bounced right off the 10 % correction or 20 handles off the high...which I said should be the low....last night.....I just didn't think it would happen so quick... ..perhaps in a few days......but then again the machines are now in control
As that was the end of the 3rd wave....its...
Last post I referred to the 07 top..as a bench mark for this selloff ..that sell off was 20 handles....which I will expect this one to be.... taking us down to 181.5.....and which would be a 10 percent correct..what s surprise....I would expect a bounce at 185 however ..before that last leg down.......I really though the top was going to be in the spring..if we...
If were currently going into a topping phase could it be similar to the 07 top......The cycle lengths shown for the 07 top (above) is the same exact cycle length that were shown on my previous chart a few moments ago, and what were currently experiencing.....also notice how the top at 07 was also at cycle reflection point....
Up until last week, I had to assume the dance up would continue.....my work was pointing to a top around spring 2015....perhaps we may not get here.....If you assume the 5th wave started in Nov 2012....you notice the cycles lengths corresponding to the lows, until it corresponded with the recent high...a potential shift in trend..
It appears the market could hit...
At the low of yesterday's reversal move, only one person posted at that moment that the low was reached and to reverse positions and go long..( blue arrow). I expect this move to go back to highs, but will pause at 198.......at this reflection point, I will have to revalue........I wonder if these other SPY posters actually trade the product, or just like to make...
SPY ex dividend on Friday, makes some price adjustments necessary..... but past posts which shows the predicted price structure to be accurate.....price objective is198.20 ...time objective is mid morning the 24th........If we hit the price tomorrow, expect a retest on the 24th
These two wave structures are exact.....only difference so far is a small extension on wave 1 for this current move....this minor rally will reverse at SPY 202, and test SPY 200 before moving to Spy 204
The machines took a WSJ reporter's opinion for tomorrow, and squeezed the shorts.....taking me out of my 201.2 position at 200. The support has been set at 198.5........the blow off leg will soon be starting ....
As an ex floor market maker, and involved with the markets since 85, the last few sessions have been a joke. In a blink the machines will move the markets 1/2 a point. It's unfortunate the markets have come to this....still feel that the market will sell off to around 198, give or take .25
After this very minor sell off the market should continue to the...
