I believe the SPX is very tired here and a move down to the 1410 area Friday gap in a-b-c manner ( to finish wave .z of 'b' of an a-b-c "y" wave) into Monday looks reasonable. I'm shorting the open if it opens slightly up or waiting for a move to 1466 SPX Thursday.
First target is 1420 and then a bounce to 1456 and then down around to 1410 early Monday on the full moon. I don't think this current up move is over by any means and the three week cycle top due next week could drive the SPX well into the 1500's to perhaps 1530 or even higher by next Wednesday.
I still believe this to be a bear rally.
Or perhaps my target of 1488 will be reached. In any case, it is bearish according to my indicators, even a big gap up.
Amended Target 1466 SPX Early Thursday
Started by
blustar
, Aug 22 2007 08:29 PM
7 replies to this topic
#1
blustar
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blustar
#2
ogm
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Posted 22 August 2007 - 08:35 PM
As of right now a floor on any pullback is around 1445, if that. And that floor will keep grinding up with the market.
#3
youmast
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Posted 22 August 2007 - 08:50 PM
blu, what happened with "1520 by Fri, 1210 by Sept 1st"
prediction you posted early this week?
i'm a bit confused... now you say 1410 by Fri,
and then 1530 by next Wed....
i'm wondering what would happen
if SPX sticks to 1475 for a few days?
what wave on your chart it would be?
"z"? or "b"? or "y"? or what?
would you post some charts
with all that tricky letters here?
i really enjoy your scientific approach,
but i'm too stupid to figure out
what are you talking about.
thanks a lot.
prediction you posted early this week?
i'm a bit confused... now you say 1410 by Fri,
and then 1530 by next Wed....
i'm wondering what would happen
if SPX sticks to 1475 for a few days?
what wave on your chart it would be?
"z"? or "b"? or "y"? or what?
would you post some charts
with all that tricky letters here?
i really enjoy your scientific approach,
but i'm too stupid to figure out
what are you talking about.
thanks a lot.
#4
89S10
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Posted 22 August 2007 - 08:54 PM
What things do you look at to conclude that the market looks tired?
It's hard to imagine anything other than onward and upward from here.
#5
blustar
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blustar
Posted 23 August 2007 - 08:30 AM
Just broke my finger on my right hand so hard to write much. The 4 hr stoch/mom osc is peaking here along with cycle. A pull back to at least 1430 would be expected and QQQQ 46 area by next cycle bottom near Aug 28 and then a hard fast rally to perhaps the Aug 30 time frame.
#6
blustar
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blustar
Posted 23 August 2007 - 09:56 AM
If Monday is the low, then WED next week should be the top based on the three week cycle and 4 day cycle. If 1430 holds, then a move to 1520 area min. would be my guess.
#7
youmast
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Posted 23 August 2007 - 10:29 AM
If Monday is the low, then WED next week should be the top based on the three week cycle and 4 day cycle. If 1430 holds, then a move to 1520 area min. would be my guess.
Blu, Wed sould be the bottom.
My call I posted on ssignal this morning (no BS, pure technical)...
Dancing till Monday. Two days selloff has to happen on Tue-Wed next week. The SPX has to print a bottom at 1440+. Last chance to buy stuff into 4X expiration. Rate cut next week.
As of now..... fill lower gaps consolidation below prev upper gap. Pretty healthy.
#8
blustar
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blustar
Posted 23 August 2007 - 04:05 PM
The QQQQ should hold 46.59 and the SPX 1427-32 and that could come as early as Friday midday. The three week cycle top is due mid week next week and it looks like we are rallying into a full moon top. Wed might be a low IF Monday is a top, otherwise I would think Tuesday or Wed should be the top and about 1510 SPX and 49 QQQQ.
