Bulls had quite the party last week. SPX broke through fan lines, Fib levels and resistance galore on decent volume and breadth, reaching our 1472 target in a big blowout party hosted by the ECB/GCC/FOMC. We discussed this target as far back as March 18 [see: Big Picture]. It was refined further a few weeks … continue reading →
Tag Archives: crab
UPDATE: August 22, 2012 Today, gold reached the 1655 target from our August 15 forecast — closing at 1656.20. Note that this represents a probable breach of the descending triangle upper bound as well as a tag of the Fibonacci .886 level of 1655.70 for a proper Bat Pattern completion. continued… … continue reading →
It’s been a while since our last look at the big picture in NDX. I’ve focused more on broader indices such as SPX, RUT and NYA. And, NDX has been subject to excesses, thanks to the impact its largest component — AAPL — has on its performance. But, over the past several months, it’s been … continue reading →
Bat Patterns are one of the more common harmonic patterns. They are similar to Gartley Patterns, except that the AB retracement can be anywhere less than the Fibonacci .618 of the XA leg and the AD leg completes at the .886. Because the AB leg can be anything < .618, we have to be a … continue reading →
ORIGINAL POST: 11:15 AM In something akin to a recess appointment, the market is making a run for our target area (the rectangle in the chart below) during a holiday-shortened trading session. We’ll look at the chances it has of getting there and the most likely impediments. First, the little pullback we had to the … continue reading →
Note: only six charter memberships are left as of EOD Thursday. I’ll keep this going until they’re gone. Congratulations to E.J., P.B. and T.J. for locking in today’s annual rate for the life of the site. * * * * * * * * Well, we got the rebound we were expecting…although it was a … continue reading →
Periodically, I like to go through and chart the various harmonic scenarios for both the upside and downside. It helps to pass the time while sitting and staring at the computer monitor, watching our forecast play out (so far, so good.) It’s also helpful in generating a set of potential outcomes for the market over … continue reading →
GC soared over $1200/oz since losing 30% in sympathy to the global market meltdown in 2008. Most of that rise took place in an acceleration channel. In the past year, however, the most prominent pattern has been the descending triangle (purple, dashed.) Continued… … continue reading →
VIX has very nearly reached the channel mid-line, Inverse H&S and Crab pattern targets I posted back on April 18 [see: VIX at a Crossroads], though we’re 2 days behind schedule. Our IHS target was 28.10 and the Crab pattern target was 27.12, expected to occur on May 30.) Friday’s high was a very close … continue reading →
ORIGINAL POST: 10:05 AM I’m a bit surprised the Plunge Protection Team didn’t protect 1292 (but I imagine it means a Fed governor or the Bernank himself will be making an appearance sometime this morning.) I had set a mental stop level of 1295 yesterday, given the ongoing weakness in the euro and inability of … continue reading →