trying to buy this back up.....if oracle doesn`t blow away the numbers ah.......nasdaq weak tomorrow too.
First leg up in this 5th and final wave started on Nov. 28th at 1377.83 and terminated at 1406.30 on Nov. 30th for a total of 28.47 points. 28.47 added to the Wave 4, Dec. 8th low of 1403.67 gives a target of: 1432.14 Looks like we essentially got there today ( 1431.81 ), testing Friday morning's early pop at 14.31.63 and failing to make a new high. A close below 1425.75 today will confirm the pattern and indicate a minor top. Should now see a decline unfold over the next 2-3 days down toward the 1413.60/1411.45 level.
Okay...very hungry...everyone is on vacation so I was the only trader on the desk. Going home. See you tomorrow!
Tomorrow is another day...As a side note, do you know that this is the longest streak that we have not seen the "down-up-down" pattern in the SPX since 1974 (or whenever I started checking for this pattern)? It has been something like 60 days without this pattern, and the second longest streak on record was 49 or something. It seems like recently, either we get down-down-down, or down-up-up patterns. Interesting huh? Basically, shows that once everyone thinks the dip is over, it never disappoints even for a day. Unfortunately, it would be an argument for a up day tomorrow, even if slight.
OK Blue, now tell the truth. The market went down today just as you wished. Was it manipulated down, or is the market only manipulated when it goes against your positions?