SHORT TERM: quiet opening then volatility, DOW -92
The first three days of the week have displayed volatile markets worldwide. Asian markets lost 0.3%, and European markets gained 1.2%. Starting the week at SPX 2767, the US market dropped to 2749 Monday morning, chopped around in a 20-point range, then gapped up and rallied to 2813 Tuesday. Today a flat opening led to a nearly 30-point decline, before a recovery and a higher high at 2817.
While it is still very early in what we expect to be a multi-month bear market. We have started labeling some waves. Last week’s decline to SPX 2711 looks like Minute A of a Minor A downtrend. The rally underway off that low should be Minute B, and we have been expecting 2799, 2826, 2853 or just the 2835 pivot range for B. After that we expect the market to decline again in a Minute C to complete Minor A. That wave could bottom around SPX 2677 or the 2658 pivot range. These are all Fibonacci calculations. Short term support is at the 2798 and 2780 pivots, with resistance at the 2835 and 2858 pivots. Short term momentum is displaying a negative divergence at today’s high. Best to your trading!
MEDIUM TERM: downtrend
LONG TERM: downtrend probable
CHARTS: https://stockcharts.com/public/1269446/tenpp
the ELLIOTT WAVE lives on 
I shall post charts at the weekend….meanwhile here is a piece of music I am not familiar with, so if you would like to listen to it with me, that would be lovely….x
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In this market I go for Bear-EFTs connected to index. I stay calm with my bears. I remember Tony said – it’s difficult to trade upwards in a falling market and vice versa. Also I remember Tony wrote that he normally would not trade less than Intermediate waves. Well, I guess this time it depends how deep minor A will be. But there’s always some surprising things around, so to sit calm the main direction is a good strategy for me. 2-cent trades are not.
So my main thing here is Tony’s chart and count. So far it looks very promising.
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Good weekend Tony, bull, bears.
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Nice Tore….
This is for you…Panama, surf, and all you wish for….
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Still heavy positioned on the short side with Puts. Monday is the deciding factor to stay short or sell. Tony’s short term count in line with my own expectation. 2650’s was my target for a while and now Tony’s also. Nice to be in sync. Now if only the market would listen.
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As some have mentioned next week is the start of crash week. It is statistically one of the most negative market action of the whole year. I believe there is a prediction of a low on Monday followed by the rest of week decidedly up. In my mind the only way that can happen is if we get a mini-crash on Monday recovering some of it the rest of week.
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P/C was 1.3 yesterday close – prolly higher today. Lots of puts actually paid today 🤔. Doesn’t bode well for next week…
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Add fire to political turmoil WTO listens to both EU and China complaint on the 29th of October. Start of world alliance against USA when trump tries to withdraw from WTO.
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Thanks all for an interesting and entertaining week.From the incredible calls of our host to sisterly love and tin hats. I also did not know about tourrettes.
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+1
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…I also persuaded Chandra to stay…..now hopefully…… x
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For all those wise guys with the attitude. DH has at least a week or even two of a free trial. If you want to talk on the subject, get access and listen to his webinars. Besides, I don’t really now who else would actually simulate trading live for $29 bucks a month.
Have a good weekend.
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As of this second,market doesn’t look in the mood to crash today.Had its chance ,but we’ll see.
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P/C too high
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spx close 2770
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Next week on Monday SPX will start with HUGE gape down. So be prepared some huge volatility.
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let me try again 😀
Next week on Monday SPX will start with HUGE gap down. So be prepared for some huge volatility.
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