We are at the edge of a large rising channel, looking for us to start heading down to an IT low into the May 1 FOMC. Ben will bring his bag of goodies, should hold us into the first week of August.
New Moon tonight. Did we top today? /ES may tell us overnight; a gap down here is not a big deal, because we'll be back up here in a couple of months.
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| SPX 03-11 5Y |
Speculating that a move across the channel from here would be a nicely-balanced zig-zag, with the first leg running to support at 1448. The zig-zag shape would fool bears into thinking the c leg is a wave 3 in progress.
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| SPX 03-11 2Y |
2 comments:
Check this out CG. An alternate calling for a top here and now. I had to put in my email for the video but I thought it was worth it.
http://www.dynamictraders.com/free-video-report-0313.html
CG,
I like the new count. The next sell off will be telling.
I am concerned about an inflationary riskless market blow off, like DOW 20k kind of shit here.
If we are truly topping, the next sell off at the end of this move should be impulsive and powerful, although with another move to highs again left in the bull.
If the next sell off is weak sauce, need to look out for McHughs potential scenario of a blow off to end all blow offs that culminates a Supercycle wave 3 that began in 1929.
McHugh is hedging himself with that call, he can either back out and say he was right all along before.. or claim that his new call is correct depending on how this shakes out over the next 12 months.
Keep up the good work.
CJ
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