Steve, a guy posting as Repo105 at the Daneric site has been suggesting for awhile (since below 1100) that this whole move from early July looks like a giant ABC correction of the move down from April. The time ratios are shot, but the price ratios would have us rolling over from the mid 1150s to start Minor 3. If this plays out, it should start playing out in the first half of this week I think.
Hi Steve. So, where does this end? I know the market kept on up in April for a time whilst I1 was declining?
ReplyDeleteI see some EWavers saying 1158-60 is th absolute limit, and then we head down.
Anyway, good luck to us all.
Was there any reason for the 50 bps gain in S&P futures right out of the gates tonight other than crazy bullishness and shorts running for cover?
ReplyDeleteMarket formed an ascending triangle Friday (the only reason that I sold half my ETFs.)
ReplyDeleteThis is a termination move.
SPX cash 1158 is my max top. This is also SPX 172-week moving average. This has reversed trends going back to the early 70's.
ReplyDeleteThanks Steve. Let's hope 1158 is also the market's max top too!
ReplyDeleteExciting week ahead for me, 6 days at the Ryder Cup spectating.
Relying on my broker to keep things ticking along if need be.
Best of luck to all holding shorts!
Steve, a guy posting as Repo105 at the Daneric site has been suggesting for awhile (since below 1100) that this whole move from early July looks like a giant ABC correction of the move down from April. The time ratios are shot, but the price ratios would have us rolling over from the mid 1150s to start Minor 3. If this plays out, it should start playing out in the first half of this week I think.
ReplyDeleteJosh