I have a number of charts for viewing this weekend, but without a doubt, these next two are my most important, so let's get right to it:
The market topped on October 21. It declined from 1101 to a low of 1029 on November 2. That 72 point SPX decline is in the process of being re-traced in a news-riveted suckers rally, retracing about 55% of the original decline so far. Here is the same chart, with Advanced GET's suggested wave count:
For context and perspective, a Weekly chart:
Below, a close up of the past 10 months on the Weekly:
Now another view, look through the perspective of the Daily chart:
As you can see, Advanced GET has already detected the beginning of a five wave decline from the October 21st top. Yes, those are ATR & BWT Buy Signals as of the close Friday. It happens.
Earlier in the day on Friday, the 90 minute chart flipped LONG:
Thursday BWT triggered LONG at 1046.41. On Friday, ATR triggered LONG at 1059.25. With the SPX closing at 1069.30 on Friday, both of those trend signals netted nice gains.
(Please recognize how you cannot rely on occasional charts from Allan to short-term trade, you have to be him to do that and there is only room for one of me, at least with the current level of civilization's technology).
That brings us to the last chart for this post, the 15 minute SPX:
Once again, the most prominent feature of this pattern is the set-up of an Advanced GET Mechanical Sell Signal. As you may have noticed, some of these trades have worked beautifully, some have outright failed. I have been trading this set-up since 1995. At the time, Tom Joseph, who developed Advanced GET told be about 67% of these set-ups work, 33% fail. (Since I had gone to Akron to personally meet him and buy the software, he spent about two hours giving me a personal tutorial on his labor of love, Advanced GET.)
My point is that in the 15 years of trading this pattern, I can attest that about 1/3 of the set-ups fail, 2/3 work as designed. That doesn't mean you abandon the system upon one or two failures. It means you take every one, as though it will work, because both statistically and real time history says the probability is that it will work.
The Oscillator in the bottom window has retraced to the zero line, the stochastic is about into overbought territory and once ATR and/or BWT trigger SHORT, the trade is on. Joseph uses the trend regression channel break for his triggers, but since I have so much faith in ATR and BWT, I use those for my triggers. For Monday, those triggers are 1066.86 for BWT & 1066.00 for ATR.