SPX daily |
Friday, September 22, 2017
Wednesday, September 13, 2017
First support would be the April lows
Saturday, September 9, 2017
Another week, another potential topping move
Lots to be excited about this week as the best ending-diagonal tape in a long time continues to form, ominous like the storms off the west coast of the Africa. Something very serious is brewing.
Here's the proposed E-D count. With Irma looking like it will not level Miami, we can expect a gap up on the /ES of at least 10 handles tomorrow night. That will be a nice start to an extended 5th wave that targets 2509 on the S&P 500:
If this plays out I'll be pricing week 1 October SPY puts, for retrace of an even larger ending-diagonal and initial low on October 6th. This begins a larger move that initiates the Bear at long last and finds desperation support in mid-January 2018.
Hurricanes aside, the real shit-storms hit in 2018. And the bounces are going to be as much fun as the panic sell-offs.
Here's the proposed E-D count. With Irma looking like it will not level Miami, we can expect a gap up on the /ES of at least 10 handles tomorrow night. That will be a nice start to an extended 5th wave that targets 2509 on the S&P 500:
SPX 9-8 ending-diagonal |
If this plays out I'll be pricing week 1 October SPY puts, for retrace of an even larger ending-diagonal and initial low on October 6th. This begins a larger move that initiates the Bear at long last and finds desperation support in mid-January 2018.
SPX 9-8 doom |
Hurricanes aside, the real shit-storms hit in 2018. And the bounces are going to be as much fun as the panic sell-offs.
Monday, September 4, 2017
On ending-diagonal watch again
From the 2417 low on the S&P, it looks like we are three waves into an ending-diagonal that could make a new high this week at 2491.
Futures are red tonight over North Korea worry, but what we are looking for is a sharp decline to overlap the first leg up at 2454 SPX, so that waves 1 and 4 overlap just enough for a textbook E-D. The 5th wave would then put in a slight new high ahead of next week's FOMC.
Futures are red tonight over North Korea worry, but what we are looking for is a sharp decline to overlap the first leg up at 2454 SPX, so that waves 1 and 4 overlap just enough for a textbook E-D. The 5th wave would then put in a slight new high ahead of next week's FOMC.
SPX 9-4 15 min candles |
Subscribe to:
Posts (Atom)