Monday, April 15, 2013

Charts 04-15: A good start

What a sneaky wave 3 we had today!  In the 2007 top, we had a move like this intraday off a spike high, but in this cycle we got the first big move off the top as a nasty nasty slide.  Looks great.

I'd like to see this first leg end early Wednesday on a spike low, one of those mid-channel power-reversal things.  Then we can bounce nicely into April op-ex.

SPX 04-15

3 comments:

Permabear Doomster said...

I wholly agree with the near term outlook.

Next week offers the first chance to make a play <1500..to 1480/70.

There is a 'small' possibility of a flash-crash to around 1430.

Regardless, bears can start to get excited!
:)

Christian Gustafson said...

Oh I could see a minor crash in mid-May, and a major one in the fall.

Maybe the fall crash is with the German elections, when they elect a bunch of Young Hegelians.

Christian Gustafson said...

Hey, Doomster, I like your H&S you have shaping up.

I wonder if we can work our way down to the 1485 neckline by the May 1 FOMC.

Then we can bounce ... and, well, there's another McHugh phi mate turn coming up ... maybe this one can hit hard, as in our mini-crash.

Again, full crash in the fall when Merkel is sacked and the Germans return Mark to market.