UPDATE: JAN 3, 2012 Looks like SPX left us with a Butterfly setup last Friday. If it plays out, it would reverse around 1275.01 — which is dangerously close to a key Elliott Wave price level (we also have a well-established downward sloping channel line there.) Note that the Nov 8 high was 1277.55. Depending … continue reading →
Yearly Archives: 2011
I’ll be traveling the rest of the week, so posts will be spotty. Here’s a quick overview of the patterns I’m closely watching. First, the Dec = July fractal we’ve been watching since Dec 7, seen stacked as well as combined on one chart. At 1242, we achieved a respectable .618 retrace of the recent … continue reading →
The fractal we’ve been watching the last couple of weeks Another Fractal: December 7] and [Another Fractal: Update Dec 14] is playing out very accurately. As I noted in last week’s update: Remember the fractal I posted last week? It’s, um…, still here. If it were to hold perfectly, it would do a .618 Fibonacci … continue reading →
UPDATE: 2:15 AM The low for the day was 1202.37, just a smidge above the 1200 target. Volume was on the light side, but this is the week before Christmas. As mentioned earlier, we have positive divergence all over the place. So, 1200 still fits as an interim bottom — although the lower target of … continue reading →
I don’t have a source for this, but it’s pretty clever. Enjoy! ************ The Night Before Christmas (Legal Style) Whereas, on or about the night prior to Christmas, there didoccur at a certain improved piece of real property(hereinafter “the House”) a general lack of stirring by allcreatures therein, including, but not limited to a … continue reading →
UPDATE: 3:40 PM EST Looks like our 4th OPEX in a row closing around 1220. Coincidence? I think not. UPDATE: 12:45 PM EST In basketball, the expression would be “get that **** out of here.” Investors just rejected the spike to 1230 in a big way, taking us back to flat on the day. Take … continue reading →
UPDATE: 12:45 PM I have to be out the rest of the day, but here’s what I see going on right now. We’re still in backtest mode on just about everything. SPX, in particular, is testing the fan line we talk about below. If we drop below 1214, look for a downdraft to 1200 or … continue reading →
Remember the fractal I posted last week? It’s, um…, still here. If it were to hold perfectly, it would do a .618 Fibonacci retracement of the 109-point Nov 25 – Dec 7 rise, landing at 1200 — then rise to as high as 1255 before a violent plunge to 980. As for the rise, OPEX … continue reading →
UPDATE: 1:20 PM Update on EUR and DX. Both are in a wedge, but with scant signs of divergence yet. We could see a reversal any minute, but the key is whether there’s a break out — not just a move within the wedge. My best guess is EURUSD is going to want to back … continue reading →
UPDATE: 3:00 AM Taking another look, I’m reiterating the post below. DX completed a small Crab (purple) that’s been setting up since Nov 25 and should now reverse. However, there’s a larger competing Crab pattern (in red) that started on Oct 4 and completes at the 1.618 at 83.872 — a 3.77% increase over current … continue reading →