Here's a proposed count:
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| SPX 05-11 |
The first target of a break would be its point of origin, the 2040 area SPX. The 200 DMA will be in this range into June FOMC, setting up a bounce back to test the wedge. A failure turns our attention back to support at 1820 (for the next bounce).
If the Bollinger Band theory holds out -- that we need to reach it on the daily and possibly the weekly SPX band, like we did in the 2000 and 2007 (year) tops -- then we have a very useful signal and guard against shorting this too early, while it is still stuck in this dangerous chop.
And the larger meltdown into the fall, of course, as we roll-over the old supports are all lost (desperate, doomed rallies).
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| SPX 3PDH |
11 comments:
And it would still be nice to see a few Hindenburg Omen warnings on a run to a final top. The last ones we had are past their "use by" date.
http://www.thekeystonespeculator.blogspot.com/2015/05/cpc-putcall-ratio-daily-chart-signals.html
I would consider a real ED: 5/a(LD) from the point you marked as green ii to green iii. Then 5/b(flat) to green iv. Now 5/c(impulse) is on the way.
The projected 2150-2200 target range would do as a pretty good owerthrow.
And with no bear left standing, the fall could be conveniently cruel.
Yeah, Depriv, the ABC count certainly agrees more with the DJIA, too.
OMG, make it stop.
New Moon on Monday
doubt very much 1820 will be seen again. now happy for a buy entry at 2000 but would settle for 2050 to scale. what happened to may sellers? on strike?
SPY volume half its 3mo average today. But can we just get a couple of Hindys now this week?
cg, hasn't vol been low for years? not much to make of it. no one it seems is wanting to sell. content holding for the long term here. if this may is like previous 6 it should be 15+% higher next may.
The BPSPX has barely budged for days, very unusual.
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