My cycle work indicates some selling should occur into Oct 31st or Nov 1st. Around Nov 3rd looks quite positive though.
I've shown some larger scale charts previously, and will take it one step at a time as well with the short term charts into the next turn date.
30min Chart
Yesterday market were selling off saying European hope fade....so commodities were up big and stocks down...today they saying market is up on European hope...stocks up and commodities are up as well!
ReplyDeleteAny explanation?
N
Bloomberg reported that EU talk with the Banks at a deadlock. I think the banks are probably planning to trigger a credit default event, and activate the CDS claims.
ReplyDeleteWhat will happen to commodities specially gold and silver if Europe fail to come with solution
ReplyDeleteWasn't suprising to see the bounce this morning since closed yesterday at some support. Now trading at the red line. Financials haven't followed through as much on the downside this morning. Looks like a short term bounce may set up again soon.
ReplyDeleteRegardless of bounces though NDX is weak, leading down, and suggesting more downside in coming days.
ReplyDeletemy latest thoughts for sharing..
ReplyDeletehttp://timecycles-timer.blogspot.com/2011/10/26-oct-thoughts.html
Timer, so short stocks, long metals would be a good strategy for this stagflation period?
ReplyDeleteJust covered and am now long at SPX 1230. Good luck everyone!
ReplyDelete"My cycle work indicates some selling should occur into Oct 31st or Nov 1st. Around Nov 3rd looks quite positive though."
ReplyDeleteSC, in other words you don't see much downside anymore?
My bigger picture point of view hasn't changed. However, at this point we are seeing a lot of volatility, and sideways shuffle. So probably best to take it one step at a time with that being the case.
ReplyDeleteI can make a case for 1300+
ReplyDeleteLooks like the drop to 1220 was a wave 2 and now we are on wave 3 (if futures hold up at the open). Wave 3 should be about 70 points (1290) then a 4, and finally 5 to 1300+
That should get most of the bears out of the market and break the shorts.
ckorey, I agree. That wave 4 or 5 should be the early November cycle high.
ReplyDeleteThere's also the potential for something bigger by the end of the year coming out of my 1998 cycle low.
Posted these a couple weeks back..
http://tinyurl.com/3gp53q9
http://tinyurl.com/3ebbptq
Zig Zag,
ReplyDeleteWow! Could be I guess. It is a bit far out for how I trade but I will keep an eye on it.
All traders should note.............trading without bias is ket to making money. I really don't care as long as I'm on the right side of the market.
Also.............If you are a beginner.........trading long is much easier than short. When you trade short your timing better be perfect or you will get your face ripped off. On the long side you have a better shot at getting even. Either way trade what you see not what you think
Great work, ZZ. Will be really curious to see how we open an whether or not the powers that be want to fade this move to the upper bollinger band on the hourly. Good luck to everyone. Long from SPX 1230 earlier today ...
ReplyDelete