Old high target 4)c.5= 11645.6299 1270.05 2202.54 5)1.1:1= 12485.5098 1368.5601 2408.22 5)1.1:2= 12115.5596 1322.26 2306.6399 5)1.1:3= 12955.4395 1420.7701 2512.3199 New high target New 5)1.1:2= 12252.8604 1334.08 2313.52 New 5)1.1:3= 13092.7403 1432.5901 2519.2
....with today high at 50% retrace of last 5 waves down on daily..... .... and with daily stoch maxed..... ... and with possible 5 wave up on daily complete.... ... and with today setting up to be small spread up on low volume.... .... could be time for a test for sellers on the daily chart...... ... and a possible nice long entry next week.... .... retrace down on daily.... maybe 50% of up move from lows...... .... preferably 78.6% ...... for a nice entry .... what you guys think ? ... what happened to Mup ?
Agree with Elovemer. There may be some correction, 200-400, 20-40, 40-80 points on Monday. Then the advance may continue to old targets 5)1.1:3= 12955.4395 1420.7701 2512.3199 5)1.1:3= 13092.7403 1432.5901 2519.2 or new target 4)c= 11645.0498 1270.05 2202.54 5)1.2:b= 12679.2197 1385.86 2408.22 5)1.2:c= 12250.25 1334.08 2313.52 5)1.3= 13284.4199 1449.89 2519.2
P&F points to Dow 14000 and SPX 1490. Rate cut to 3.0% will make rate freeze easier = no more foreclosure. August cut begins to have some effect (6 months later). Minuette 5)1.3:2 might have ended and there will be no 200 - 400, 20 - 40, 40 - 80 points correction for sometime. Minuette 5)1.3:3 would be stronger than Minuette 5)1.3:1, everyone will be convince that a new bull Market has been kick started by B-P-C and Ben's 1-2 punch. Status. Short "Short position" closed after open when there was a higher high. Short "Long position" reversed at fifth wave when there was a lower low and reversed again after 150, 15, 30 points correction near fourth wave of two lesser degrees. Hold short and long "Long positions". Strategy. Prepare to open short position again Monday when there is a lower low. May close short "Long position" too if there is a big "M" pattern. Hold longs if the Market is strong.
Now that the Market has rebounded for 7 days up to 50% of the correction, who is the contrarian? He who says the Market will tank again or the one who says the Market will continue rising.
Status. Short term position reversed at open. Now hold short "Short position" and long "Long position". Strategy. Plan to reverse short term position if the Market opens up. Target at 5)1.2= 12252.8604 1334.08 2313.52 5)1.3:1= 12764.3301 1395.4301 2419.23 5)1.3:2= 12621.9902 1379.6899 2382.0901 5)1.3:3= 13133.4599 1441.04 2487.8001 If the Market drops another 100, 10, 20 points, the target will be lower by that amount. Chart same as Friday.
Look like a 400, 40, 80 correction will end near measured moves or at end of 5)1.1:4. (-500, -60, -100) Prepare to reverse short term position when there is a higher high.