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.
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| SPX 04-15 |
3 comments:
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!
:)
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.
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.
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