24 replies to this topic

[blustar]

Bought the SPY 420.0 August 7 puts for 0.07 today. Finished at .18  Holding...

[q4wer]

wow, blu made a great call.  

[blustar]

The SPX fell 80 pts yesterday, top to bottom. Support today around 4496/97. Futures are up 27 to 28. Either we rally on today's economic news then fall, or fall altogether hard then rally. Either way, it is likely that today will rally into late day in what is known as the B Wave sucker's play.

 

 

Brad Gudgeon

Editor,

BluStar Market Insights

[blustar]

It looks right now to be completing the B Wave at about a .618/.625 retracement. Sometimes these go to .666 or in between. The 4 hour chart shows a potential shelf formation and we know that markets fall off shelfs. We may just go side ways until mid session and then drop later today into Monday. Daily TLC lows showing buy lows on August 4, 7, 15 and 21. TLC lows are terciary indicators for me, not primary. So, August 4 may well become the A Wave low with August 9 the B Wave top with Venus sq. Uranus. I would give this an extra day leeway on the plus side.

[blustar]

Today saw the SPX Wave "b" (of the first [a] wave of Z). Likely to be a "Double Three" decline coming.

 

The FANG stock are giving us one last hurrah (irregular wave "y"). Google (Alphabet) hit a new recovery high today, as did the SOX and Dow Transports to make the "y" list irregular tops as the rest of the indexes I watch, are making a "b" wave failing rally. The XMI almost made a new high today to make a double top "b" wave.

 

The plan looks to be to take the market down more slowly Monday (probably) and let go in earnest on the first of August full moon Tuesday, potentially targeting the 4326 level (Mars trine Jupiter: war on the stock market; we are also entering a strong war cyclethat in the past centered on the Middle East.)

 

The market is making an irregular upon an irregular top, and as I have said before and have been right, "these seldom end well".

 

The former targets of 3764/3809 SPX still stand for the August 7 expected {A} Wave low.
 

 

 

Brad Gudgeon

Editor,

BluStar Market Insights

[blustar]

The Full Moon Tomorrow and the Cycle/Wave Patterns Look to be Aligning for a Hard Low Tuesday...

The VIX is rallying in anticipation. The current cycle/wave pattern now suggests a cycle top either Thursday or Friday this week...The weekly cycle/wave patterns suggested a top this week and the daily, last week.

 

The potential still exists for 4637 SPX by early Friday at the latest. We are still dealing with Mars trine Jupiter late tomorrow (effective early on the 2nd of August) which usually is a +/- 2 TD affair for topping. That includes today until early Friday or both.

 

The carry trade between the Yen, the $ and Peso could be one catalyst for the expected crash in August as it is crowded (imbalanced) as is the current stock market rally. IF Mexico lowers it rates and Japan ups it rates or both (may be in the cards from what I'm reading), then Katie bar the door!

 

The transports made a new recovery high today, which is still technically positive, although there is "at the same" much in the way of technical deterioration under the hood. Caveat emptor!

 

 

Brad Gudgeon

Editor,

BluStar Market Insights

[blustar]

A Sudden Drop is Due Tomorrow to Likely Test the 4514/15 Level on the SPX...

 

A bounce higher is due either this week or into Venus sq. Uranus on the 9th of August... The Sun squares Jupiter on the 6th and could see resistance on the 7th.
 

 

 

Brad Gudgeon

Editor,

BluStar Market Insights

[blustar]

Minimum target today is defined as SPX 4514/15.

 

We may hit that early to mid session and double bottom late in the session. Target for Wednesday next week is 4637/38 SPX, the last hurrah. We are doing the "false break" of a giant rising wedge pattern. The ideal top would be Aug 9/10 depending on the index.

 

I'm forecasting SPX 3809 by August 18. The final low is due on Sept 5 below 3000 around 2700/2900. A double bottom low is due the week of Oct 9-13. 

 

Last night Mars trined Jupiter = war on the stock market and we have the breakdown this morning with the SPX -33/34 and the VIX +10.4%. The 8 TD low was due ideally yesterday, but arrived one day late.

 

 

Brad Gudgeon

Editor,

BluStar Market Insights

Edited by blustar, 02 August 2023 - 08:32 AM.

[12SPX]

Curious how did the planets realign themselves to change that 3809 low from the 7th to the 18th??

[blustar]

Curious how did the planets realign themselves to change that 3809 low from the 7th to the 18th??

Same e-wave target. E-Wave does not use time, so the planets are not the factor in the 3809 target by themselves. I still don't believe we have seen THE top just yet. I gave a minimum target of 4514/15 SPX and we have hit 4515 so far.