Morning update 8cst
Quick update. Everything is pretty much in play. However yesterday's move was pretty weak, so this concerns me a little (in triangle or rectangle correction). I think everyone at this time should have a tight stop on their long positions until we either hold 1129 or make new high.. Always better to be safe then sorry.
Saying that everything still is in play... 1175 feb 5th?
30 min gann still has nice targets..
Long Term - same.. 1175 then down
Short Term - looks like we are in a triangle or rectangle correction (this should of been the last leg down), good entry with short stop..
Trading advice - same! short over 1150... long with close stop until 1175...
30 min SPX - no changes
30 min gann - watch the targets
60 min... same - indicators are way oversold here... still bullish look to me
daily - this is the key why I don't think we are done yet.... We broke that trendline but quickly reocvered and closed above it. Sign of weakness, so we need to be careful. I think it is just confirming that we are close to the top.
Posts
Loser most of the EW bloggers I follow suggest either a top is in or yesterday was a bottom going into wave 5 for a top to happen soon. Whichever way this turns (I lean toward up) we should know very soon. My guess is a flat end of week and upwards next towards the end of January but again we shold know soon. Keep up the good work.
ReplyDeletethank man! GL..
ReplyDeleteI agree.. I think the volitity will slow down, we will begin that stair step up again... GL
Thanks for the updates Gary! Yeah, every EW blogger who was looking for a wave 5 up has now called the top. I'm with you on your outlook though. Looks like Red's weekend forecast has actually come into play. Do you think we could head as low as 1100 by tomorrow?
ReplyDelete1116 1115 looks like it... Need to confirm with a double bottom.
ReplyDeleteI hope so! I just reviewed the last Gann Trader issue and they had 1114.81 as the line in the sand. If we stay above it, then on to higher highs in early Feb, if not, then they're calling the intermediate term top. We ought to rebound by Monday...
ReplyDeletedaily still bullish... everyone relax and buy... Don't let the doomsdayer sucks you in! GL
ReplyDeleteL-II, I am very curious what about the indicators suggests we are going to 1175 from here (or near here) and also at what point you rule out your 1175 thought. Thanks in advance.
ReplyDeleteI am interested too about when you will rule you 1175 prediction.
ReplyDelete