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in range, no direction. maybe now near range top so bias is down?
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A public Elliot Count from Coolbizone' Calling for all time high by Monday as long as 2253 isn't breached. I think it is courageous or foolish to publicly post a count of this nightmare for wave wave counters. Reminds me of Louis Rukeyser saying there are two kinds of people whi make predictions in this business, those who are wrong and and liars. [urlhttps://pbs.twimg.com/media/C2n0Sj_VQAAFcJL.jpg:large][/url]
Happy Friday, and may you have a BachNutty Inauguration Day!
The NYMO cycle is down!
The unconfirmed up cycle examined last Friday never confirmed.
The January 4 NYMO high appears to be just a new year pop.
Yesterday, NYMO made fresh lows from the cycle high on December 8.
It is up a little this morning, but remains below zero intra-day. As always, though, the close matters most.
Price has been range bound for many weeks now. So, energy is accumulated for a good tradeable move.
We have a gap up this morning, and perhaps the new Prez gets a high close to celebrate.
There does appear to be a bit of an ascending wedge forming, and a move to my one up target would make it look right.
On the other hand, my down targets have really come in to focus as moving averages and keltner bands have converged with open gaps.
Mr. Market can do whatever it wants, but there are some technically attractive areas that could turn magnetic.
The NYMO model suggests that down cycle price lows are substantially found below the benchmark price highs at the top of the last up cycle.
The benchmark price at December 8 was SPX 2251.69.
So, if the model doesn't fail, price will drop below that by the time NYMO makes its next cycle low.
Doesn't have to happen. Just happens a lot.
I am keen to see how today closes. The new Prez opens his mouth around noon. That may affect things.
I have some short on the S&P as of this morning with room to add as things develop... or not.
Last Friday, I expressed some attitude to sell the R2K, but I was picky about the price, which never came. The R2K is weak.
Perhaps the Donald punches us up out of this range for the bull march to continue, but the NYMO model for now is suggesting something different.
Let's see what happens.
Roughly 7% move down in VIX. Market not expecting anything upsetting from Trump. I doubt his speech moves the market. Likely to be just broad and patriotic, as it goes into the record books for the history books. Seems like a good time to take the afternoon off.
Forgot to mention it is OPEX today.
Presently trading around the SPY 227 strike.
Maybe it stays pinned here or seeks another strike (up or down) for the close.
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