SHORT TERM: new highs, DOW +54
Overnight the Asian markets lost 0.2%. European markets opened lower but gained 1.5%. US index futures were higher overnight, and the market opened three points above friday’s SPX 1520 close. As trading began the market started moving even higher. At 10:00 the NAHB was reported slightly lower: 46 vs 47. The rally continued into the afternoon with nothing more than 1 to 2 point pullbacks. Around 2:30 the SPX hit 1531. It then pulled back to SPX 1528 before closing at 1531.
For the day the SPX/DOW were +0.55%, and the NDX/NAZ were +0.65%. Bonds lost 7 ticks, Crude gained 70 cents, Gold slipped $5, and the USD was higher. Medium term support moves up to the 1523 (for the first time) and 1499 pivots, with resistance now at the 1552 and 1576 pivots. Tomorrow: Housing starts, Building permits, and the PPI at 8:30. Then the FOMC minutes at 2:00.
The market opened higher today and continued to rally until breaking through the OEW 1523 pivot range in the last two hours of trading. As a result of clearing SPX 1525, and then the 1523 pivot range, it would appear Minor wave 4 bottomed at 1498. This count was carried on the DOW charts, and we are upgraded the SPX charts to the same count. It is a bit surprising Minor wave 4 pulled back less than 20 points, while the steepest part of Minor 2 was 50 points. Nevertheless, we can count a third wave underway from SPX 1498: 1525-1514-1531 thus far.
Short term support rises to the 1523 and 1499 pivots, with resistance now at the 1552 and 1576 pivots. Short term momentum ended the day slightly overbought. The short term OEW charts remain positive with the reversal level now at SPX 1519. Best to your trading!
MEDIUM TERM: uptrend new high SPX 1531
LONG TERM: bull market
Tuesday’s comments, the wednesday selloff, was the 4th highest ever on the blog.
Usually an indication of being close to a low.
“A funny thing happened on the way to the pivot …”
What so funny about it?? I don’t like funny talks..
is he the market…
Torehund..No, but he was laughing at certain someone with no address
Well we the pivot and 1514 which was resistance so dont think bodes well for bulls.
1514 support
What Happened?
Hi wcagle. Wait for Tony’s Update. He will tell you what’s happening. Personally, I think it was trader’s perception from FOMC Minutes that The Fed was seriously thinking about dialing back QE. IMO. M
Exactly that. This shows how much is based on QE.
Isn’t it to early to say something like that, after all we were expecting this pull back according to the waves/pp. Now we have to wait and see if it’s within the expected range!
Well Brent, I hear ya and Tony’s been saying it, re: QE ends, so does the bull run in stocks. I’m not saying that’s happening yet, but someday soon. M
7day, I was trying to answer wcagle’s question as to what might have triggered the sudden drop, not that the run was over. However, I do agree with Brent (and Tony). QE is the key. M
So, a funny thing happened on the way to the pivot …
well, I did say 1552 or BUST! That is a binary proposition folks … I can’t be wrong. Either spoos goes to 1552 or I go bust. Like I said, either way I win … er … sort of …
CN
Then u should be front running against last weeks low huge here !!!
Buy the dips right ?
S2 ESH @ 1510.50
BOTs just took out the day dip buyers ..at the days lows under 1510 Bots got the ball
Ill be back guys to talk..
Hey Lee … had my best day in weeks today … whodathunk a raging bull like me would post his best day wearing his bear suit. I went to cash in most, though not all of my swing positions, and I am kicking myself for missing the Big Short in gold & silver.
I’ll be interested to see what Tony’s take is on today’s action; but as for me, I suspect the next reLoad for my longs will be 1470-75.
CM
Geez at least u could of gave us a heads up ? Cheers !
Sorry CN not CM my bad…
CN, correctamundo! 1480ish, maybe. Still holding uvxy. M
Seeing some forecasts of closer to 1420. Not sure that’s going to fly, but ya never know. M
I wudda give ya a heads up but I was busy getting my head handed to me … I started closing some positions this morning 11:30 am-12 noon, and then took a break until the break and hold of yesterday’s low – at that point it looked key reversal to me, so I hit the panic button.
I’m just a human being, after all. And not all that smart of one, neither.
CN = The Homeless Billionaire
I saw you on Squawk Box this morning… LOL!
M
what?! what happened to 1552 or bust?!
@ronin I3 – Read my first post in this particular string. “A funny thing happened on the way to the pivot …”
CN, At least you could give us a heads up when you were pounding thepanic button..
I wish I am TheOne with 99.99% winning ratio, but I am not.
I3, some days are more amosome than others..all I can say not being as awesome as I should be, I guess, is that on the second hit of 1521 there was + d on 5 min and then…. this happened.. http://www.hilariousgifs.com/ugly-surprise/
stuff happens.. that’s all
I hope I did not give the impression that I am a 99.99% winner … I had a great day today on my day trades, where I went -1, +2, -1, -1, +2,+2: in otherds, my win rate was an even fittyfitty, but my wins were a good bit better than my losses.
For future reference, any time the Dow makes a new high and then takes out the prior day’s low after a lengthy rally, you can bet my finger is quick to go flat, or at least get real small.
1552 or bust sounds big time!
60 minute SPX Dragon count slayed by Lee
60 Minute DJIA still alive and snorting
Ok guys Ill zip it now..
If ur interested how I got a sell signal on SPX today .Ill be happy to share with Scotty only ;P
Scotty, will you ask Lee for us how he got his sell signal? thanks
i bet it was the Yen guy…
How low SPX, Lee??
Thanks,
F
rc1269 says:
February 20, 2013 at 2:21 pm
Scotty, will you ask Lee for us how he got his sell signal? thanks
i bet it was the Yen guy…
LOL! rc stole my line! M
Lee, we’re dying to hear how you did that..nice call..it’s as good as it gets.
The third time they went through your intraday .382?
Waiting to see bounce at 1514 or before… At least, today. Can’t tell about tomorrow.
I’m on Lunch break at work. What the heck happened with The Fed? They must be talking about winding down QE…
Melinda
BOUNCE! LOL! M
Just kissed 1514 goodbye. Will see if sell continues tomorrow. Awaiting Tony’s famous 1499 pivot then? M
Bravo Bots ! take out yesterdays low then a” Hows ur father” up tick
They have assumed control They have assumed control.
Have fun guys and enjoy the fed minutes reactions and re reactions
JMO but again watch the intraday fibs.
2x stop @ ,.382 Once at 11:46 CT and again at 1:12 CT
The bots are watching
If 1518.50 ESH holds longs have absolutely nothing to worry about.
loved it at 1530, must be loving it here!
The weeks globex low right here in ESH
I can’t really tell from here, but looks like esh didn’t hold. I bought a tad of uvxy last week and it’s paying off now. Starting to see some fear come into the vix instruments. Break below Tony’s 1514 are and below 1500, then put on your helmets! M
M, Nice on your vol trade!
I3, I buy vol when it gets cheap and mkts are high. I’m not a daytrader, so just held for a few days. Depending upon close today, there’s more downside to come. Sequester is next… M
What’s up all? Play suspended at WGC. Total white out desert blizzard. Spectatular to be here. 10 point dip….. not so spectular. Cy’as next week. Save some meat for me.
Hey H D ! 17 handle pull back now
Cmon back yall
NDX looks awful on the weekly.
I expect it to fall apart sometime during the 1 st 2 weeks of March. But ul be busy on vacation then ;P
Oh man, Lee!
http://www.flickr.com/photos/69752877@N08/8493181114/in/photostream/lightbox/
Good luck this afternoon guys !
Hey C B !
intraday fibs on ESH a must watch IMO
get small
i can’t get much smaller
Hey Lee! Just admiring ur trading, dancing and hugging finesse from afar : ) Nice job, Lee! Ur making it look easy
Lee, It looks like CL had some curry from Samy’s Curry..
That is what litterboy says.. http://www.tripadvisor.ie/ShowUserReviews-g294265-d793095-r134399213-Samy_s_Curry-Singapore.html
hahaha Make a note never to eat there before a flight
That will be a nightmare!
There’s the corrective wave I was looking for
http://www.wavegenius.com/2013/02/20/elliott-wave-forecast-video-for-2-20-13-warned-about-a-correction-and-there-it-is-youtube/
Pivot time ..if anyones interested
+10 handleish from Globex high
cock a dodoodle do
did you see a BOT
Always ;>)
it’s a gift…just like my dancing skills
Tony they are all around us…
sp 500 complex abc down today could be finished now…
one year chart, RUT= SP 500, not any rampant optimism yet.
pcyc= short of the century ?
ARWR, buy of the century. Bipolar extreme vc PCYC.
sorry th , not planning to live that long : )
Arwr= moose is loose ?
CB lol, cover short pcyc in 20?? at 1 cent. And you also get the yatch of the church of scientology..Me you and all in here sipping from our umbrella drinks, gangam style !
I know…we should live modestly so we dont have to correct down ourself that often, love the waves…Ouch those personal abcs down hurt…
haha, sorry was messing with U a little bit th, Yeah,” ouch” I say that a lot too..that’s good though..the more U feel the more U heal…GL, this century!
Ha! Looks like the short of the century was last week’s long of the century! Remember “green” GNIN ?
Any opinions on this?
The 7-year chart for gold shown below is very interesting and useful as it reveals that gold can drop back down as far as its lower supporting trendline and crucial strong support at and above $1500, without it even putting a dent in its long-term bullmarket. It is a strong buy as it approaches this support, and a stop can be placed just below it. A breach of this crucial strong support, which has generated 3 reversals to the upside over the past 18 months, would be a seriously negative technical development, which we would expect to be associated with a deflationary scare.
hey blubrd67
Tony mentioned $1500 here the other day when I asked about GC.
I’ve got my GC “guy” who sez if we close under 1477 on a weekly basis were headed to 1430
Thats 1577 todays low …* GC
Weekly close under $1477 would project to $1400 IMO. Simple C=A. $1924-$1524=400 as A. Then B up to $1798. $1798 less $400 is ~$1400. Near term this seems way overdone and at least a short term bounce seems due but I still think there is more downside to come. $1515 seems like a logical target. Also watch $1575 on a weekly closing basis. While gold has dipped down to $1525ish several times it has always closed those weeks strong up near $1565-$1575.
Thanks for clarification. The bottom line seems to be here, even if other metals were in uptrend, it may not last long if gold is confirmed in a long term downtrend?
Gold has been in along term downtrend since 2011.
The key level, for the bulls, is the 2012 lows.
Copper got hit yesterday was uptrending.
Plat today was uptrending too.
Blubrd,
The 33 year chart suggests Gold is tracking its previous bear market.
Gold has been downtrending since October.
While the other metals all went into uptrends Gold refused to join.
Have you liquidated your core position in Gold now Tony?
I must admit I’ve no idea where it’s going next: the bullish consolidation pattern I thought was in place has now totally broken down.
I see Morgan M has a bullish count in place on Platinum. Do you agree with this count, or are you now bearish on all the precious metals?
Alex,
Have been out of Gold since last year.
Actually just lightened up on a short position.
Quite oversold daily/weekly … and +div on hourly.
PLAT is displaying a similar triple secondary top Gold did before it broke.
Would be careful on all commodities/metals at this point.
Nice job Tony !
GC just put in a what we called on the floor a D$#k in the Dirt @1575.76
CL and perhaps ES going fishing this afternoon
Is that like head in the sand?
well yes it is actually …
It’s exactly like that . haha
on another note, BAE Systems looks to be one of the first majors to strike on the sequester layoff front. they sent conditional WARN act notices to 3,500 of their ship repair employees. we should expect more of these as we head toward march 1.
Tony got our backfil,now lets see if we close at new high 1532-35
morning folks. there’s a rumor out there that a decent sized HF is blowing up and liquidating commodity p0sitions.
Thanks R C
That was a dump in CL
Would make sense. SLW has gapped down 3 sessions in a row and gold/silver have been down 8 of the past 9 sessions. Would seem as though a bounce is due in the not too distant future. Sure feels like there is capitulation in this sector near term. The action in copper is also of concern. Anything metal related has been murdered here of late. Surprised that oil is holding up as well as it is.
One would also think that TGLDX is being forced to liquidate some positions as well.
thx RC
CL
I hope u guys use stops
Reset in CL on the 4hr chart after it hit the blast off zone from 1/15
Id rather be lucky than smart
Oh Geez, Lookout anyone holding JPM!!! Board wants to throw Jamie out! (Karen F. will be crushed…)
http://www.cnbc.com/id/100464683
M
Stocks made another drop on Dimon news. JPM problems and Sequester COULD initiate the wave down that so many have been looking for. M
Hi Tony,
What is the probability of Int. 5 of Major 3 will be truncated like Int. 5 of Major 1? TIA
CT
SPX has been leading, but it is possible.
Keep in mind the DOW is the boss.
I will be gone for 2 weeks in March, and I hope I won’t miss this.
http://www.flickr.com/photos/69752877@N08/8491525821/sizes/l/in/photostream/
I3, hope it’s vacation for you. Be safe. M
M, it will be a vaca back to Far East in 14 years! Will take pics for you all!
How lovely! Please DO post pics. M
TAN, either a 3rd wave or a C, next stop could be 30 usd
cycc, close to break out ?
psdv could start a new motive pattern after an Abc from 3 usd top, if the up wave from 1,2 usd bottom is a bent C….
From 6,36 usd and to today PSDV is a symphony of ABC excellence !
torehund, congrats to you, as solar stocks have been doing very well! M
Thanks M, solar is the one sector mostt disliked. Eco green folks have left the table long ago. What the heck, a little contrarianism is justifiable at these price levels.
Lets say someone was short GC..where would u cover ?
THX
Heading to the bar with Art
See yas at the closes.
Thanks Tony
$10 under the 2012 lows =)
Tony,
Are you suggesting $1515 on gold? That is one target I came up with. Other is $1400.
Exactly Ryan
Hi tony,
the update on USD vis a vis to other currencies has inverse relation to markets.
So is that the clue that market is topping up or is it consolidating which probably ends with qe3 or q4 this year
second any larger view on usd/cad and usd/inr
thanks
CADUSD, yes I know it’s backwards, made an SC top in 2011.
All our currency analysis is verses the USD … Forex makes it difficult to see these relationships.
thnx..very true..
again USD rising is not good for crude though for my car not trade
RE Bond futures/ZN
Buy, Sell or hold ?
THX
ZW
Global buyers are snatching it up @ these prices ..they say
Wow Housing starts down in winter ! Who would of thunk it ???
Have a great trading day !
BTW Tony
Ur 60 min SPX count is terrifying
Tuesday’s have typically been the weakest day of the week.
Building permits matter.
Housing starts are a lagging indicator.
Tuesday being Monday this week???
Lee, why so terrified of that 60-min chart? I’m almost 100% long and not terrified. What’s up? M
Hey M
Cause I shorted ES pre market.. I’m ok now
Hack day trader / Excellent hugger
and spot on as usual
LOL! Lee, you’re something else! M
You write LONG TERM: bull market .
Tony, I reply, NO NO NO, please warn your readers that a market top is in, less they suffer financial loss by holding a long position.
Today, World Banks And Value Stocks Top Out Taking World Stocks To A Grand Finale Finish … As China Stocks Led By Chinese Financials, Trade Lower … http://tinyurl.com/at47a6p ….
The US Dollar, $USD, traded unchanged at $80.50, portending a breakout higher, after having risen from 79.00 at the beginning of February 2013.
The currency demand curve, RZV:RZG, shows a rise up to 200 day moving average on the weekly chart suggesting that the demand for currencies has peaked.
The chart of Major World Currencies, DBV, +0.26, shows it to be topping out.
The chart of Emerging Market Currencies, CEW, -0.05, shows it to be turning lower.
The Yen, FXY, is bottoming out, for now, at 104.75.
Action Forex reports, the EUR/JPY, is trading at 125.185 at the middle of a broadening top pattern; it is as Street Authority relates, When you see the broadening top, the market will eventually drop. The Mario Draghi, OMT, Euro Yen Currency Trade, has peaked.
The world central banks’, that is the US Fed, the ECB, the BoJ, and the POBC, monetary policies, have in effect printed trillions dollars of dollars to lend to the Major World Banks, IXG, that created and used the Japanese Yen Carry Trade Scheme to flood world markets with bogus speculative trading, based upon the most toxic of debt, such as the Distressed Investments, FAGIX, held by the US Fed, upon which QE1 was based, backed mainly by AIG insured derivative swap contracts, Senior Bank Loans, BKLN, and Junk Bonds, JNK. Now these banks, will be trading lower on competitive currency devaluation, causing investors to derisk out of World Stocks, VT, and delever out of Commodities, DBC.
The risk off ETN, OFF, has been rising since February 1, 2013, and the Risk On ETN, ONN, has been trading lower since then as well, as investors are derisking out of Emerging Markets EEE, since January 1, 2013, and Nation Investment, EFA, since February 1, 2013.
Liberalism’s Milton Friedman Free To Choose Floating Currency Regime, has failed, as the US Dollar is no longer sinking. Look for other currencies to stop rising and fall lower, just as the Yen, FXY, fell lower. There is no longer any International Reserve Currency. All currencies, will be following the South African Rand, the British Pound Sterling, and the Japanese Yen lower in Competitive Currency Devaluation.
The chart of Leveraged buyouts PSP, shows a grand finale climax, most likely an evening star pattern. It will no longer pay to create debt to buy out companies. Companies that have done this, such as the Carlisle Companies, CSL, are climaxing out in value, or turning lower in value such as Apache Oil, APA.
The Guardian reports The OECD economies shrank at end of 2012: GDP across 34 Organisation for Economic Co-operation and Development members fell 0.2% in final quarter of last year. And EuroNews reports OECD economies contract for first time since 2009.
the yen guy
Could u just post the part how Tony is wrong and then post the link to ur own site please.
I post incredible/actionable trade ideas here in real time with ground breaking videos along side.
Try this for example:
You write LONG TERM: bull market .
Tony, I reply, NO NO NO, please warn your readers that a market top is in, less they suffer financial loss by holding a long position. http://tinyurl.com/at47a6p
“ground breaking videos along side” – love it!
Hey CN, is that you?! I’m watching you on Squawk Box right now: The Homeless Billionaire!
Melinda
SPX looks like a short here for a trade Just my opinion
Looking for a $14 profit the hard way
Tony…great stock on CG….Thank you…..
Bud .. George Bush Sr. is heavily involved in CG.
beautiful breakout on a weekly chart — classic take-off and fly
Tony. What if we correct a bit to below 1530 and stay there (so within 1523 pivot)? Back to the previous count? more bearish one? thx
I see us making a new high on the Dow and after that more significant downside to come. The Dow seems determined to get there even with a lot other markets rolling over already.
As long as we stay above 1514 the count remains
best performers today were $DGIT a short ,in the weekly 2faced shorts, profitable by 28% today, and $PBM in the monthly 2faced shorts, profitable by 15% today.
friday, after market update, 2013/02/15
A. short term indicators/systems:
eliott PSTT: remains on buy signal. the most heavily weighted indicator for signalling a change in weekly to monthly wave counts and trend changes.
qqq indicator: +4, down 1 point, remains on buy signal.(need 0 to sell ………and -6 to short. +6 is a buy and remains a buy until 0 is triggered. heavily weighs momentum in unison with smart buyer activity.
……….a -6 remains a short until 0 is triggered).
smart money indicator: -8 , unchanged. remains on sell signal. a -8 is usually a sell.
feb. monthly 2faced longs 0.88% loss today. holds for an entire month.
feb. monthly 2faced shorts 2.03% profit today. holds for an entire month.
weekly 2faced longs, 025% profit today. holds longs for 5 days
1.65% profit for enire week
weekly 2faced shorts,0.24% profit today. holds shorts for 5 days.
1.14% profit for the week.
weekly 2faced trades closed at 4pm closing bell for 2.79% combo profit.
spy made a 0.31% profit for the week.
new weekly trades at closing bell will be presented later.
i use the weekly 2faced stocks as day trading candidates.
still working on fine tuning the algo for both the weekly and daily 2faced systems.
spy -0.12% today.
B. long term indicators or systems:
crash indicator at +2 down for +6 last friday, 02/15.next update will be on 2013/02/22. a rare -10 signals a 2008 type of crash.all other long term indicators remain on a buy.
C. trades:
33% long, 1% long in spy puts. see blog for today’s trade details.. waiting on minor pullback to re-institute more long positions.
long term folio buy signal possibly coming up for next week, buy aapl, a 10% allocation of total portfolio, watch for signal.
D. stock watch:
long break outs:$HPTS,$ENMD,$OCCUR..
short break outs: $BLOV, $ELLI, $PERRI, $LQDI.
E. actions:
see blog for today’s trades.
see the “ABOUT” section of the blog for more detailed descriptions of the use of all the above indicators and different trading portfolios.
follow the comments section for regular indicator and trade updates, usually prepared on a regular basis usually prior to opening bell.
thanks S&P
HUI – Line study
http://markettime.blogspot.ca/2013/02/hui-february-19-2013.html
thanks Piazzi
To: moo, asked about uvxy earlier today
I think Sequester volatility MIGHT start to affect stocks beginning next week. If you’re seeking a way to drop your position with as little blood as possible, Sequester or wave 4 down might be your out. Just start watching it and you’ll see it react pretty much as i described. When traders start buying runs, you’ll be able to see it.
Other than that, a $50M diamond heist might be worth considering. (Kidding… well, maybe not; if I were younger and could afford to do time…)
Melinda
M – I already cried mercy…
moo, sorry to hear it. M
Thanks Tony
Hi Tony, just want to make sure that I understood the SPX count. So we are in the process of finishing intermediate wave 3, which should end in the 1550′s. After that intermediate wave 4 should occur, which I assume can’t pull back beyond 1474 (start of intermediate wave 1). After that, intermediate wave 5 should then go somewhere past the top of intermediate wave 3 (but could truncate). Then we are set for Major wave 4, which shouldn’t pull back beyond 1422 (top of major wave 1). And then a final push of major wave 5 to potentially the 1700 range. Is that an accurate assessment of the waves to come over the next several months?
Hedgie,
Correct except for the last part.
Doubt Major 5 will reach 1700, but Primary V may.
Ok, so Major Wave 5 might only make a marginal new high above Major Wave 3. Do you expect Primary Wave V to occur before the end of 2013? If so, volatility will really be increasing as the year goes on!!
Volatility should start to increase soon.
Maybe during the next downtrend.
Awesome guys!
I was literally just drawing this all out and agree – this is gonna get messy indeed re ups and downs around the top! Tony – after Primary V, what are your thoughts on the retracement? 1100 ish?
Cheers, M.
900 ?
From the weekend update:
Major waves 1 and 2 completed at SPX 1422 and SPX 1267 in 2012, and Major wave 3 has been underway since that low. Currently the market is rising in Intermediate wave iii. Having completed Int. waves i and ii at SPX 1475 and SPX 1343. When this uptrend ends, Int. wave iii, an Int. wave iv correction should follow. Then another uptrend will complete Int. v and Major wave 3. Then after a Major wave 4 correction, a Major wave 5 uptrend should complete Primary III. Finally after a Primary IV correction, a minimum of another uptrend will be required to complete Primary wave V. This should all occur by the end of 2013
TY Timing
timing, you know, I’m going to print out your post and keep it at home and at my work desk, so I don’t ask Tony so many redundant questions. Thanks very much. Have a good evening Everyone. Melinda
Thnx
MACD has wiped out the negative divergence on the weekly charts and while TRIX and RSI8 all have negative divergences still, they are very overbought levels. That would suggest an impending pullback but not the END of the bull market. The chart and oscillators look suspiciously similar to the 2006 run into mid 2007. MACD wiped out the divergence. There was a top at 1540 and a pullback to 1480. It then led to a slightly higher high and a negative divergence where the market fell to 1350ish. Then the rally to 1576 and collapse in momentum led to the market top. It would not surprise me if something similar occurred. Minus the collapse of that magnitude of course. Just a more normal bear market this time around. If there is such a thing.
Fill me in here: 1550´s isn´t the top of Minor 3 of a Major (Intermediate) 3 ?
1550′s should be the end of this uptrend
Hi Tony, does that mean we are in wave 5 of the uptrend which ends at 1550 or still a pullback. thanks
http://stockcharts.com/h-sc/ui?s=$SPX&p=D&b=3&g=0&id=p00364729972&a=67199587&listNum=11
thanks alot Tony, would you wait for 1550 to go short or just stay short. Thanks
Not short, so can’t suggest anything
It looks like minor 3 is still underway. 1498 could be only the second wave of minor 3.
GL
Tony,backfill/test 1524 then up to 1552 Friday/Monday ??? Just a thought here guys/gals Nov low was 1347,low to high has been a minium of 200 SnP points and 3 months time,we are getting very close.
Hi pooch. That’s why I asked Tony the question. Mkt has ignored Sequester possibility and other negative news so far and might continue to ignore it. M
would not surprise
Hey Pooch , i was looking for test of 1518 before higher. lets see
Tony, great job keeping track of al these waves! Someday, I’ll be able to do it, but not today.
Question: I know that time frames are likely secondary to index levels, but would like ot know if you still think Minor 5 will be done by end of February? Thanks again! M
M ,get your gunpowder ready for top and ride down!!!
I don’t know pooch; this could take a while. Know how this mkt loves to move sideways… M
Could be M,nothing written in stone
you will, and yes … february ends next week
Thank you, Tony. Melinda
It could have ended today….3 months from the November 16 low, Also looks like a head & shouders pattern on the monthly chart. It will be interesting to see if the FED starts hinting at taking away the punch bowl and what the market reaction will be. My guess is that Tony’s former comment about the market selling off in the March-May timeframe will come to pass, with the final push in the summer. Also, won’t the “big boys” need to buy the indexes at a lower level so they can sell into the March End of Month/Quarter window dressing? lol