Tuesday, May 24, 2016

Another good opportunity to wrap it all up

May the pre-holiday week give us the low-volume melt-up we need for new highs.

Bears ... all dead.



Tomorrow we need another day like today, similar to the thrust off the 1810 lows in mid-February, and we can let the trapped, desperate shorts buy this thing all the way up to the top.

SPX 30d

Big picture, first bounce off 1740 SPX on the July Full Moon, opens up 1010 - 1040 SPX in October.

SPX 1Y

9 comments:

Hugh Jazole said...

Oh come on CG, this bull is just beginning. Just ask this fellow. How could you not trust a face like that?

https://finance.yahoo.com/news/siegel-were-first-inning-big-115106040.html


Christian Gustafson said...

I just want my new highs, and a clean slate for a real bear count.

Hugh Jazole said...

Added to my small, but growing position in SDS this morning. *whistles past the graveyard*

Team Winning said...

cg, if we blow thru 2200 then what is your upside level/target for the top?

Christian Gustafson said...

That's unpossible!

Actually, there are superbull counts out there where the first leg off the 2009 lows at 666 SPX is counted as "W1" instead of the "A" that I've got. I count the reflation rally as ABC, while they are looking for a full 5-wave impulse.

If they're right, then this can get to the 2500 area in the end. Add W1 to where W4 finished up:

(1370 - 666) + 1810 = 2514 SPX

And, worse, it would take a long, long time ... agony ...

T.Berry said...
This comment has been removed by the author.
T.Berry said...
This comment has been removed by the author.
rose2797 said...

Cg this rally is on low volume. But every one on trader_talk is saying dow 19000. U r looking just a tag high over 2111 to finish 5 th wave. But u will know about the downtrend only if it breaks 2040. If u have chance can u please do chart for iwm or rut. Thanks

rose2797 said...

Do u think federal reserve board can stop the bear count