Monday, June 20, 2016

Latest plan for market carnage

We just have got to get through this Brexit worry this week, so we can finish up a terminal wedge and score that elusive new high.

May of 2015 seems like an eternity ago.

SPX 06-20

18 comments:

Bicycle said...

I don't expect this, but the larger pattern on this chart could be a bull descending broadening tri. We could currently be forming a small H&S, with the left shoulder formed and the head completed by one more dip towards 2020. And then a right shoulder that doesn't set new highs. Resolution would take us right about to that orange trendline around 1925. Resolution of the triangle would set new highs well above 2300, but perhaps not before one more travel to the 1700's.

Just a thought.

rose2797 said...

1925 will bounce to what and then to 1700

Depriv said...

Won't say that it cannot be bearish, but it still has the potential to become a simple 5/i & 5/ii in an extended fifth up to 2500 or so.

If BREXIT won't come it can trigger it.

TBH on long term it would be the most bearish version. 2500 to 500 would be far more dramatic.

Bicycle said...

2122 would be a pretty natural target for the hype today, give us a 5 wave move in a rising wedge, and touch the top BB.

So.... what's the catch?

T.Berry said...

gonna go with dpriv's 2,500! that will make your 2,300 good CG : ) patience is all needed.

Bryan Franco said...

The wedge looks complete when looking at es futures. We will see if cash holds weak tomorrow.

TSE said...

From ZH Headlines:

It's All Over As "Leave" Wins Brexit Campaign: Markets Everywhere Are Crashing

Don't worry - and buy the incredible dip that has been presented for your benefit. This is just to shake out the weak hands - because The FED will remain solvent longer than you can remain sane.

History repeats: Nathan Rothschild had made a fortune after Waterloo, acting on his early knowledge of the victory and buying into the market in the certain knowledge that stocks would rise once victory was confirmed.

Depriv said...

Interesting times :) EU indices are a mess, but SP (and NQ) still has a strong (!) long side.

T.Berry said...

putting cash stash to work today will be 100% equities. consider today a gift if you're a bull in for the long haul. seize the opportunity : )

T.Berry said...

dow now almost 300+ from earlier lows. our mkts always outperform globals. gotta tell yourself, no panic, the stock market always comes back! we will see new highs this year. no reason us mkts should be down this much

Christian Gustafson said...

I get into the office after LLD on the /ES overnight and we're sitting at SPX 2070? LOL

Looks like another disaster for bears. Looking forward to late July.

Actually, the Karl Denninger probably blew the whole thing with his crowing boasts.

Will see where the tea leaves are chart-wise at EOD tonight.

T.Berry said...

us mkts are always more rational when this global events take place. smart money isnt getting shaken out. brxit won't slow down us economy. buying opportunities like early today are few and far between in this secular bull. i'd say we're going higher over the longer term cg.

Bicycle said...

if we move rapidly below 2050 on heavy vol today or monday

it is probably worth chasing it. overnight levels dont count

1987 baby

it is happening

Bicycle said...

here we go

Hugh Jazole said...

If it's a disaster for the bears, what is it for the bulls?

Bicycle said...

every person in my office today has been talking about buying the dip

total complacency out there. just unbelievable.

Christian Gustafson said...

There seem to be plenty of dips to buy.

Bryan Franco said...

CG you still maintain?