Just got long at SPX 2560. STOP 2553.9 for now.
SPX
#1
Posted 18 October 2017 - 09:14 AM
#2
Posted 18 October 2017 - 09:20 AM
Not the best place to get long. But the last place to get long, if this is going to up. I don't like this trade, cuz i hate mid-range entries which widens my STOP.
We are out of the range. So either we crap out today, if it's a false breakout and start the journey towards the SPX 2517 area or we hold this area and begin the much anticipated up swing. I am obviously betting on the latter. We'll see...
#3
Posted 18 October 2017 - 09:31 AM
If we move above SPX 2565 today, then the bearish scenario will be eliminated and a solid confirmation of an upswing, per my system.
#4
Posted 18 October 2017 - 09:47 AM
Summations have already rolled back over...am ready to start selling for the first time in quite awhile....
Still a possibility of one last squeeze upwards IF bears are not able to get full reversal of opening pop today..the intraday swing low just made looks pivotal now for next swing move...
But this beast looking a wee bit tired now, and ready for a least a good swing down....
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
#5
Posted 18 October 2017 - 09:47 AM
Interesting considering I was just reading that we are now tied with 241 days for the S&P 500 to not have a -3% correction. I can't remember the last time we had a -2% correction lol!! This has been the longest since 1996! We could see a new record being set!! The sad part is its just so unhealthy, I feel for anyone new getting into this market.
#6
Posted 18 October 2017 - 09:51 AM
Interesting considering I was just reading that we are now tied with 241 days for the S&P 500 to not have a -3% correction. I can't remember the last time we had a -2% correction lol!! This has been the longest since 1996!
This is why Elliott 3rd waves are described as being "undeniable" as to its directional trend.
Fib
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#7
Posted 18 October 2017 - 10:31 AM
The jury is still out until the end of the day. No more guessing after that. I have clear cut definitions of range breakouts . To me a close above SPX 2464 today means a range expansion and a multi-day rally. If it closes the gap and goes thru my stop, then it's a breakout failure.
Edited by NAV, 18 October 2017 - 10:32 AM.
#8
Posted 18 October 2017 - 10:37 AM
Interesting considering I was just reading that we are now tied with 241 days for the S&P 500 to not have a -3% correction. I can't remember the last time we had a -2% correction lol!! This has been the longest since 1996!
This is why Elliott 3rd waves are described as being "undeniable" as to its directional trend.
Fib
Could be, I'm not much of a wave guy but no one can deny those stats even if it is "undeniable" or not. Im sure that there still have been small corrections take place even in wave 3 moves as you say.
#9
Posted 18 October 2017 - 01:20 PM
This is why Elliott 3rd waves are described as being "undeniable" as to its directional trend.
Fib
Exactly! That is why I questioned LarryT's long term EW count. He had the '29 crash and Great Depression in a 3rd wave. A 90% decline in a 3rd wave? No way that is 3rd wave behavior.
People think the Holy Grail is something looked for but never found. In fact, it is something often found but rarely recognized.
#10
Posted 18 October 2017 - 03:02 PM
Another neutral close.