New Number


The corner of 863 where sellers gained control is pivotal. Now we have a number to go on. The new number brings bear fifth 45 degree movement weakening at 606.75. That's better than 500 from raw data.

We could see buying tonite's lows at the open en masse to weaken all those bull traps before going down.

Something to keep in mind.
I think were headed for 1100. That is if we get a break out of this 870ish area. I am going to buy SPY, & RUT leaps calls...I have been wrong before LOL. But if it works I'll have a very nice Christmas (dec calls).
Well this is what makes a market...LOL :)
I came up with pretty close to that too Joe going only on raw data, no support and without a corner for reference, but in my humble opinion the entire rally is a fourth wave ending diagnal, that, like Red observed from a candle stick pattern, arises when the market moves too far too fast. Going from the top of the triangle of 2000, we're almost 3/4 of year ahead of curve and beat the movement. We're going up, but when is the question.

As a side note: Elliot ending diagnals break with the trend uniformly with great scalp and swing ops and double bottom.

Longer term, I'm looking to fill last month's break-away gap at the pivot, double bottom on a bounce indicating buyers are beginning to gain control, run up, and lose on head fakes to the low 600s.

Short term I'm keeping an eye on 47. If buyers lose it 37 is sellers base to head south (all in my estimation, and in my HTGNSnO)
A measured move from this bull 1st motive, 3rd wave 5th C wave correction from 872 brings a bounce at 798.50, just shy of the .375 angle but only after a run up bouncing at the .333 angle. The only other pivot in play to balance and ultimately decide the pivot propulsion plays at that point is 36.25, which is the bulls' own 225° from their first corner from last March's S1 mothly pivot and also, exactly, where bears running through their 270° from 1586.75 bounced from some size throwng a wrench in the spokes of mostly bear position adding.

We won't know which way we're trading for possibly a month or better, I fancy.
If 50's shot for bull support bear resistance comes in at 45.75, where I'll manage this trade and cover for 21 handles, then go to bed.

See you in a few days.
Covered at market 52.75, the all but 45 one point pikers trading ES presently has me growing more impatient by the minute. Buyers made support of 50 but the volume pattern is a diamond in the rough when noone's in the game. Tightest ranges in the Bollinger I've seen in a while, too. They're not doing anything 'til morning, where they'll like brothers FIGHT lol

I have bias short to 45.75 but won't be optimal, if awake.

Late;
quote:
Originally posted by SPQR

Covered at market 52.75, the all but 45 one point pikers trading ES presently has me growing more impatient by the minute. Buyers made support of 50 but the volume pattern is a diamond in the rough when noone's in the game. Tightest ranges in the Bollinger I've seen in a while, too. They're not doing anything 'til morning, where they'll like brothers FIGHT lol

I have bias short to 45.75 but won't be optimal, if awake.

Late;



SPQR, ES just hit 45.75 a few minutes ago!