Today should be an uneventful day overall. Based on the Equality of Waves Principle (C=A in time only, that is 7 trading days off the top) and the current Wave 1 measure, our new down side objective is now the low 720's SPX by Feb 19. We are awaiting Wave 2 to finish its consolidation into early Thursday where the next shorting opportunity awaits us.
Gold should top early this morning for those of you who want to short gold via the inverse ETF 's. GDX should wander higher into early tomorrow also as it is oversold. GDX has a target of 24.52 by Feb 19.
The Feb 19th target date agrees with Roger's work on the MC Osc. It is also a max 20 days off the last bottom (16 day cyle +4)
Wave 1 Targets SPX Low 720's...
Started by
blustar
, Feb 11 2009 09:48 AM
7 replies to this topic
#1
blustar
-
- Traders-Talk User
- 6,574 posts
blustar
#2
eminimee
-
- TT Member
- 14,307 posts
I don't care who's fur is flying...
Posted 11 February 2009 - 11:02 AM
I'll try my best to throw another perspective if we are going to break the 800 spx level to the downside. I have to say though....until 820 spx is broken south...I'm leaning "UP". Throwing some letters instead of numbers out there since my head got overactive in this chop this morning... 
[/URL]
[/URL]
#3
CHAx
-
- Traders-Talk User
- 1,624 posts
Member
Posted 11 February 2009 - 11:07 AM
TP nice call with the 825 puts. Hope you bought something nice.
Based on your comments I'm thinking you sold them?
Edited by CHAx, 11 February 2009 - 11:09 AM.
#4
tommyt
-
- Traders-Talk User
- 5,136 posts
Member
Posted 11 February 2009 - 11:14 AM
Thanks Blue, TP also. Being short SPX in the 820-25 area is death so far. A bounce to 842-48 looks like a good spot.
#5
blustar
-
- Traders-Talk User
- 6,574 posts
blustar
Posted 11 February 2009 - 12:27 PM
I'm thinking 843 early ThursdayThanks Blue, TP also. Being short SPX in the 820-25 area is death so far. A bounce to 842-48 looks like a good spot.
#6
Russ
-
- Traders-Talk User
- 7,375 posts
Member
Posted 11 February 2009 - 02:11 PM
Bluestar, Are you expecting the mid feb low to be the final low before a summer rally or would you be looking for more lows into April?
"Nulla tenaci invia est via" - Latin for "For the tenacious, no road is impossible".
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
#7
eminimee
-
- TT Member
- 14,307 posts
I don't care who's fur is flying...
Posted 11 February 2009 - 02:35 PM
I'm thinking 843 early ThursdayThanks Blue, TP also. Being short SPX in the 820-25 area is death so far. A bounce to 842-48 looks like a good spot.
A bit early...but counting the squiggles today...the low just made at 819.50 ES (if it holds)...is a possible B wave double bottom giving a target of 852 IF 836 is taken out north....moving above 852 would start to put doubt on an ABC and maybe something more bullish is going on above there.
PS...spx made a new low below yesterdays low and es did NOT confirm..fwiw
Edited by Teaparty, 11 February 2009 - 02:39 PM.
#8
blustar
-
- Traders-Talk User
- 6,574 posts
blustar
Posted 11 February 2009 - 03:23 PM
A top in mid March followed by a low in April where the 20 week cycle should come home to roost and then higher into May. After that an a-b-c type correction into November/January.Bluestar, Are you expecting the mid feb low to be the final low before a summer rally or would you be looking for more lows into April?
I have SPX 840 by early Thursday in what looks like an expanding bearish flat flag. Thursday and Friday should be down hard in wave 3.
