For now let's see how they cope with some little overhead resistance somewhere at current levels:
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jarek
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Looks like no economic news can stop the bulls these days. It would have to be something much, much bigger, but also then they may use it just as another buying opportunity on the way up.
For now let's see how they cope with some little overhead resistance somewhere at current levels:
For now let's see how they cope with some little overhead resistance somewhere at current levels:
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jarek
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Originally posted by jimkane
Watch this small bearish 1-min ABCD for clues.
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jimkane
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Right to the 1.128 ext ret and those two TL's, at the 1.272 ABCD. Now we see.
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jimkane
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Very amazing day. More selling than I thought, for sure, but it was very technical. I thought they'd take another shot at a new high, and they failed right at that .786 and key line. They couldn't do anything at the 1.000 ABCD area, following the 5-wave Elliott layout.
They did go right into that congestion, right back to the obvious TL's and 1.272 ABCD, even doing it with a little W4 and W5 into the area. This is all classic technical action, and it cash closes right where it could launch up big-time, or fail spectacularly. A very key area. And the market surely 'sees' this area, already starting up off it.
In the grander scheme of things, though, this is extremely 'overbought'; the bullish sentiment is insane (I just saw another measure of bulls and it was at an extreme, 87.3% bulls, a level not seen since July 2007). Every talking head on TV was talking bullish about next year, and the ranges were S&P 1330, S&P 1450, and up. Every single one said next year will be great, it's just a matter of specifically how great it will be.
Point is, all this means it is possible any day the thing gets monkey-hammered. As roofer said, maybe the 'bull' doesn't end, but a big correction takes place. So, the 5-wave up here to almost a 1.272 off the last correction has me ready for downside.
They did go right into that congestion, right back to the obvious TL's and 1.272 ABCD, even doing it with a little W4 and W5 into the area. This is all classic technical action, and it cash closes right where it could launch up big-time, or fail spectacularly. A very key area. And the market surely 'sees' this area, already starting up off it.
In the grander scheme of things, though, this is extremely 'overbought'; the bullish sentiment is insane (I just saw another measure of bulls and it was at an extreme, 87.3% bulls, a level not seen since July 2007). Every talking head on TV was talking bullish about next year, and the ranges were S&P 1330, S&P 1450, and up. Every single one said next year will be great, it's just a matter of specifically how great it will be.
Point is, all this means it is possible any day the thing gets monkey-hammered. As roofer said, maybe the 'bull' doesn't end, but a big correction takes place. So, the 5-wave up here to almost a 1.272 off the last correction has me ready for downside.
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jimkane
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Note the after-cash rolled off that little pop up, to a new low, right at a little SL, where it started to react.
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jarek
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Nice short term geometry to finish the day at:
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Click image for original size
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jimkane
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ES breaking down. I have a feeling I may have to pull a T and stay up all night and all session tomorrow, the way things are acting. Maybe try to squeeze a few naps in here and there with screen-based alarms to wake me if anything happens. Just sayin'...
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jimkane
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It had to get one tick higher! That also got it to the exact 1.272 at 36.20 on that ABCD. So, we got a weekly close essentially at the high tick for the week, the month so far, and the entire 'bulls#$&' market. Those poor bears, still trying to call the top. For me, I'll just keep creating 'ride the long' plays.
It's the bulls time in the sun. I'm not going to fight that. I just saw in a Bloomberg survey not one single analyst was bearish on next year. 100% bulls! I'm seeing 'breakout' and acceleration calls everywhere. Sentiment is extreme for the bulls. It can get more extreme, or stay extreme for a long time. The $VIX is dragging on the lows, but can get lower.
Midcaps one good trading day from new all-time highs. Russell, Transports, etc. right behind Midcaps. The entire drop from the crisis erased, new all-time highs. Unreal. It's the bulls time to shine. Let them enjoy it, as it won't last. The bears will shine again, just not today. Goin' with the flowin'...
It's the bulls time in the sun. I'm not going to fight that. I just saw in a Bloomberg survey not one single analyst was bearish on next year. 100% bulls! I'm seeing 'breakout' and acceleration calls everywhere. Sentiment is extreme for the bulls. It can get more extreme, or stay extreme for a long time. The $VIX is dragging on the lows, but can get lower.
Midcaps one good trading day from new all-time highs. Russell, Transports, etc. right behind Midcaps. The entire drop from the crisis erased, new all-time highs. Unreal. It's the bulls time to shine. Let them enjoy it, as it won't last. The bears will shine again, just not today. Goin' with the flowin'...