We did get a 15 min buy signal yesterday, but the hourly looks weak here. Also, we may be completing wave 'y' of a "b" irr flat flag in which case we test the current trend line ear 1445-50 SPX before going up further. Today is day 3 of a possible 4 day cycle and we are near a 4 day cycle top. Call me skeptical of a further rally just yet.
Overall, I think we work higher maybe into next week as the Gann 16 and 32 can run into mid week next week.
Something Wrong Here with Gap Up
Started by
blustar
, Aug 31 2007 07:58 AM
7 replies to this topic
#1
blustar
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blustar
#2
qqqqtrdr
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Posted 31 August 2007 - 08:20 AM
The GAP up won't show up on the daily charts since we were higher yesterday. I mentioned we need 4 - 6 updays with increased volume to know we have hit bottom. Yesterday wasn't bad, but Adv/Declines weren't good. For this to be bullish, the stock market must not sell off more that a few points after open. Since we are at the 200-day MA there is a better chance of solid buying today.
Barry
#3
lucky6
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Posted 31 August 2007 - 08:21 AM
blustar--How does your forecast seem to change so drastically from yesterday noon to this am--??? Looking for a top of 1506 on Friday to 1260 by 11-12 Sept---To looking higher til next week???? You must have had the info you have now???
#4
youmast
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Posted 31 August 2007 - 08:30 AM
Don't worry... he doesn't read my comments. 
#5
blustar
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blustar
Posted 31 August 2007 - 09:41 AM
Every bit of data changes things. Right now the 4 day cycle suggests a move back to the lower 1440's by Tuesday and higher prices into Thursday taking out today's high. The next important low is around 9-11 and may come on 9-10 and right now it looks like we may test 1427 and then move higher into around the 18th near 1540.
I make forecasts based on possibilities. Cycle work is more important than anything and I like the right set ups to occur to trade. Direction is more important than price and I was looking for a top today from earlier week lows. Right now the look does not suggest a 1260 low on Sept but more 1427 and then higher.
This should be a relief to those who are long, but I would not be too complacent overall as I think we move lower into year's end after the market rallies to its conclusive top into Sept/Oct time frame and near the 1180's SPX at the bottom later this year.
#6
blustar
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blustar
Posted 31 August 2007 - 10:56 AM
I believe that Tuesday sells off big with support near SPX 1441 and 4Q 47.21. Prices should then move dramatically higher into next Thursday to perhaps just over 1500 SPX and 49.40 QQQQ. Today is Gann 17/31. The average is Gann 16/32. Gann 16 can go to 20 and 34 is not out of the question for Gann 32, running about a 7 week cycle from the July 19 top.
The dates Sept 7,10 and maybe 11 should be down days with Sept 10 being hard down and 11 reversing into expected top on Sept 18/19 near 1540 SPX.
#7
youmast
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Posted 31 August 2007 - 01:31 PM
Too many words, blu... Too many words.
Let me tell you.............................
I don't understand your XYZ waves.
Well, I consider myself as an "Elliott expert",
but I have no idea what are you talking about.
I don't understand your price structure.
I'm very familiar with support/resistance stuff,
but your price projection is always a "triple" break-out(down).
There's nothing technical that can support your targets.
I don't understand your timing,
Hmm... there's no "timing" because you change your cycles so often,
that I'm little concerned that you might need to see a mental doctor.
It will help you with trading for sure.
Anyway.... I asked you 2 weeks ago,
"what if we dance at 1475 strike for some time?" You didn't answer.
Now it's time to ask you the same queation...,
"Blu, SPX is at 1475. What would be your count if we dance here
for another two weeks? Would you post some charts here?"
Best regards,
#8
Specul8
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Posted 01 September 2007 - 10:39 AM
I believe that Tuesday sells off big with support near SPX 1441 and 4Q 47.21. Prices should then move dramatically higher into next Thursday to perhaps just over 1500 SPX and 49.40 QQQQ. Today is Gann 17/31. The average is Gann 16/32. Gann 16 can go to 20 and 34 is not out of the question for Gann 32, running about a 7 week cycle from the July 19 top.
The dates Sept 7,10 and maybe 11 should be down days with Sept 10 being hard down and 11 reversing into expected top on Sept 18/19 near 1540 SPX.
Top on Sept 18 makes eminently good sense given the Fed meeting on that day.
