The best area I have now is from let's say 1370-80, coming together this week. For a pattern the size of this, that is as narrow as I can get it. It then becomes about triggers and price action. But, recall my quote about trading bearish 'W2's' unless the start of 'W1' is clearly a PTA or end of the bull market ([url="http://www.mypivots.com/board/topic/4568/5/cant-miss-quotes#96489"/]click here for quote[/url]).
Although I'd love that March high to have been the end of the bull market, or even the start of a bigger correction, that is not a given at this point, and pretty much consensus is new bull market highs are coming, and coming soon. Normally I'd say from a contrarian standpoint that implies it will be headed right down, but those bulls sure seem to have it nailed dead on right now, so probably they'll be right about new bull market highs. After all, they are spot on for this move, right?
JI
jimkane
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Notice what a grind down this is. It breaks that previous level, only to have them play games at the swing low to the left level. That's the last 'thing' it has before the GZ, but if this was true selling it would be smokin' things like that with ease, in my opinion.
JI
jimkane
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Well, it made it within just a fraction over one tick from the GZ (which then produced a very big snap reaction). I guess that's all I can ask for an RTH grind. Now we see in the aftermarket if that's it, or if it will give me my 54.
JI
jimkane
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Everyone really should read this...
http://www.scribd.com/fullscreen/99238441?access_key=key-mgcilg7v2aw3mjcyemv
http://www.scribd.com/fullscreen/99238441?access_key=key-mgcilg7v2aw3mjcyemv
JI
jimkane
Rep: 3,058
Posts: 33,089
Now, the market is really set up nicely for some downside, a real dump. Tomorrow is the big jobs report. Last time was a huge miss, and the market got hammered. I think the odds greatly favor a huge upside surprise. I have no idea why I think this, just a gut feeling. Maybe it amounts to nothing.
On one hand, perhaps, I see that things are set up so nicely for downside, and I want downside real bad, and whenever this is the case, I am almost always disappointed. Almost always. Next, the market is bullish as all get out. When that's the case, the report is usually an upside surprise with a big response. The selling and the election plan, although it may not be the case, does appear to be totally done, long since forgotten.
Sure, the report tomorrow could be awful, and then the plan comes right back on the table, and the selling resumes with vigor. It is possible. But, I am gravely concerned they want to run the market some more (and ruin all the wonderful bearish alignments...), and to do that they will simply fake a big number for tomorrow, and as soon as it is released they will also buy some futures to help really goose it, and then all the momo algos will just go nuts. That's my best 'guess'. I hope it is 1,000% wrong.
On one hand, perhaps, I see that things are set up so nicely for downside, and I want downside real bad, and whenever this is the case, I am almost always disappointed. Almost always. Next, the market is bullish as all get out. When that's the case, the report is usually an upside surprise with a big response. The selling and the election plan, although it may not be the case, does appear to be totally done, long since forgotten.
Sure, the report tomorrow could be awful, and then the plan comes right back on the table, and the selling resumes with vigor. It is possible. But, I am gravely concerned they want to run the market some more (and ruin all the wonderful bearish alignments...), and to do that they will simply fake a big number for tomorrow, and as soon as it is released they will also buy some futures to help really goose it, and then all the momo algos will just go nuts. That's my best 'guess'. I hope it is 1,000% wrong.
