Pure Unadulterated Idiot wave(EWT) mojo. 
Technicals Purely. I already talked about a rally to the 11400 level. We play with the idea that we get a Dead Cat bounce tomorrow... AKA 4th wave. When Horizontal(11400 Dow) and Trend channel Resistance line up(also11400), Also there is another trend resistance at roughly 11300.) If we get an honest Rally, I'd look for resistance at 11300-11400.
5th wave, and final Low.
I've suggested that after we hit the trend line, we then will make a Final Low. My best guess is 10700, But Other Possibilities would be a "Double Bottom" at 11K. Or some Sheer Terror to 10500. A nice False Rally into a Free-fall could get that Vix Going.
2 comments:
For tomorrow - *everyone* is calling a bottom and expecting a rebound.
What does it tell you when everyone thinks the same?
Asia is mostly green.
I always take the Ricky Roma, Glen Garry glen ross mantra "and think the other way. "
Sometimes you have to follow the dumb money, and be faster than it.
You and your Buddhist Koans, or what I perceive as.
I do know all that stock I let go on Friday, will be worth more in the first 30 minutes of trading.
I'm still Scratching my head, and trying to figure out how it will trade.
Mother market has some surprises in store.
And I still think, we could easily Wash out just for fun.
the waves say 11400 then 10700, they are much smarter than I am.
The Truth is that Friday everyone was ready for Financial Armageddon, and now they have the financial Armageddon bogyman.
Seems like we are Ready for that nice 1 month Back and fill from here to 12K.
I also think I'll get a better smell for it in the morning.
An insane 3 day 1500 point rally that comes Crashing back to reality.... would be funny.
I think the financials are ready for a nice 4th wave Bull Trap, that will take us from panic into discouragement and a "short the rally" from the financial shorts... soon.
This could very easily work into that 1 month Rally, "Pullback in oil", "Strength in the dollar". Pull back in commoditis.
Which bleeds off in September October. Little BS nov, dec rally into final Market discouragement.
Post a Comment