Wednesday, October 07, 2009

Just charts Wednesday


T said...

The programmed trading systems are capturing the detailed movements that I am 'seeing' with my technical analysis.

S+P 500 did today exactly what I forecasted yesterday....opened down, went up to resistance at the 1060 area and closed down.
I was/am looking for the next day or two (the rest of the week) to be down days to test support around 1020 /1000.
achieving this,would become the 'wave b' down... to be followed by a big move up in mondays open for the up week, which would become a 'wave c'...and depending on how long the process takes,brings the completion of wave 2 of 5 of 5,to resistance and failure in the(s+p) 1060 area.

But the equally important key is the Timing Zone.

I'm looking for a 'timing zone' for the wave 2 completion to be between october 17 to october 22.
Currently the speed of these sub waves seems a bit fast to reach that 'time zone'.... it needs to be stretched out a few days I might be looking for a few zig zags,like a-b-c-d-e.... to the target Timing Zone....and will watch for Failure in the 1035 to 1060 area....THIS would be the end of sub wave 2 of 5 of (5)....and beginning of the big down wave to the 950 (june top) area of s+p 500. as subwave 3 down.

But... even if subwave 2 completes at a 1050 failure,and subwave 3 down begins at the next new moon time (oct 21), theres the possibility of an engineered (?) (or not engineered) 'stick save' at the 1000 area to stifle the down wave 3 and turn it into a Major (Change of wave count)... becoming the completion of 'alternate count Wave 4', and the -Start- of a wave 5 target the 1150 to 1200 area.

It will need daily watching over these next 5 weeks to catch the 'wave change in mid stream' at the 1020 area.

Currently,I would sit back the next 2 days and watch for the market to Hold at 1000/1020 and close the week there. and then expect a big rally back up to 1060 next week.
and then -- get out again.

and wait some more.... for the 'timing zone' of october 17-21 area, for the next play.

There Has to be a big correction sometime....I just dont see it happening quite yet. give it time.two or three failures at 1060 over the next two weeks.
but watch out for that 'stick save' at the 1000 area some time in november...(nov 1-3) or maybe (nov 16 to 21) depending on how long the market stretches out this zig zagging. Its in the early stage right now. needs a few weeks of this.

T said...

....also, watch these price movements in the coming weeks to see what key s/r price points start developing. They will come into play later on as Major lines in the sand for Reversal Major Tipping Point ..... watch for the area around 1040,as a tipping point.not right now, but in 4 to 6 weeks.