Thursday, May 30, 2013

Charts 05-30: The Triangle

Personal income and Chicago PMI in the morning -- these should disappoint and give us our (e) wave on the triangle, down to support roughly around 1643.  Then the miracle churn of perpetual POMO will kick in, closing us green, maybe even back up to the triangle boundary (so we can gap over it Monday).

Not expecting a final 5th now and candidate top until the 2nd week of June, probably a couple of days after the 10:1 reverse split in UVXY!

I need to find some time to read Dmitri Orlov's new book, so I can post a review here.

SPX 05-30


Permabear Doomster said...

I agree with chart'2

The low 1640s..and then another move higher, probably taking 6-10 trading days.

So, that will get us maybe all the way into June opex.

Primary downside late July/August...sp'1550.

Christian Gustafson said...

Cool beans.

But ... it's a package deal. You have to take chart #3 as well.

treider_ said...

is this movement breaking down the triangle and cancelling your scenario?

sooner said...


treider_ said...

still expecting 1700s?