Cobra's Market View

Today is bit strange, except strong DJA, overall market actually is weak.

H2 long? What I see here is 2 leg up then 2 leg down, so this is H2 long? No idea.

Yes, H2 long it is. My little evil hatched plan goes well so far.

I have a potential major high today. 714 days from the 3-6-9 low. If one has noticed this number in one form or another has been recurring since the October 2007 top. Last, I saw the Dow was at 12373.77 which is quite another hit: 77s and 3773 number with 23 (23months since 3-6-9 low and 23years since 1987). Dow is strangely quite a bit up while the other averages have tanked. The only problem I have right now is the Dow's RSI is still way too high. Even during the 2000 tech bubble boom, the Nasdaq's RSI topped out at the high under 70.

Cobra wrote:

wxtrader001 wrote:

Cobra wrote:My little evil hatched plan usually goes like this, just usually...

Cobra,your feeling is so exact! perfect

Ask your boss to pay me moeny. By the way, please keep me informed if Hutong9 is still available in China. Thanks.

hehe, i don't dare to do that , unless you the big trader can trade for my boss. By the way ,informing you about the Hutong9's status is my responsibility.

Cobra wrote:H2 long? What I see here is 2 leg up then 2 leg down, so this is H2 long? No idea.

The first drop looks like impulse wave in 5 waves. (leg 1) Correction back up in 3 waves abc, then lower. However, Bernanke decides the wave count so anyones guess.

Update to previous chart with same wave count.

I guess that's it for today. Today's best trade is a failed H2 which normally shouldn't be failed (therefore a powerful reversal trade), but I didn't spot it, never would I, I think because I'm biased on the upside... The next week, seasonality is bearish. Have a nice long weekend and I'll see you next Tuesday!

Wow, if you spotted the last reversal, it's not a bad trade at all, this close is powerful.

Sold SPY puts near the close.. Hope to have another bullish week ahead.

A DeMark weekly sequential sell signal should occur today at the close. He was on CNBC a few weeks ago calling a top based on all his indicators although a weekly sequential sell signal hadn't occurred on the rally from the July bottom.

Could this scene be calling for a major turn on Tuesday? http://www.youtube.com/watch?v=dbmtZJJN ... ure=player At the end of the scene, the Winklevoss twin says he is 6-5,220pounds, and there are 2 of me. Reversed that is 2-22-11 (5-6flash crash number). Saturday will be a Fibonacci 233days from the July 1low. August 25 low was a Fibonnaci 55 days later. This week is also 33 weeks from the July low. Next week a Fibo 34 but numerology has been outdoing Fibonnaci.

I can see a clear 5 waves down from the top with a nice gargantuan 3 wave snapback rally.

Last chart of the day.

Close leaves it open to interpretation. However, trend is still down. Next open could push this either way.

Mr. Panic wrote:A DeMark weekly sequential sell signal should occur today at the close. He was on CNBC a few weeks ago calling a top based on all his indicators although a weekly sequential sell signal hadn't occurred on the rally from the July bottom.

Could this scene be calling for a major turn on Tuesday? http://www.youtube.com/watch?v=dbmtZJJN ... ure=player At the end of the scene, the Winklevoss twin says he is 6-5,220pounds, and there are 2 of me. Reversed that is 2-22-11 (5-6flash crash number). Saturday will be a Fibonacci 233days from the July 1low. August 25 low was a Fibonnaci 55 days later. This week is also 33 weeks from the July low. Next week a Fibo 34 but numerology has been outdoing Fibonnaci.

I can see a clear 5 waves down from the top with a nice gargantuan 3 wave snapback rally.

Top is due for quite sometime now but I think we will see some sideways action before any significant downside.

Travelfrog wrote:Last chart of the day.

Close leaves it open to interpretation. However, trend is still down. Next open could push this either way.

SPY3.png

nice chart! Thanks for sharing! have a great long weekend to everybody!

rbharol wrote:

Mr. Panic wrote:A DeMark weekly sequential sell signal should occur today at the close. He was on CNBC a few weeks ago calling a top based on all his indicators although a weekly sequential sell signal hadn't occurred on the rally from the July bottom.

Could this scene be calling for a major turn on Tuesday? http://www.youtube.com/watch?v=dbmtZJJN ... ure=player At the end of the scene, the Winklevoss twin says he is 6-5,220pounds, and there are 2 of me. Reversed that is 2-22-11 (5-6flash crash number). Saturday will be a Fibonacci 233days from the July 1low. August 25 low was a Fibonnaci 55 days later. This week is also 33 weeks from the July low. Next week a Fibo 34 but numerology has been outdoing Fibonnaci.

I can see a clear 5 waves down from the top with a nice gargantuan 3 wave snapback rally.

Top is due for quite sometime now but I think we will see some sideways action before any significant downside.

There is so so much more that I can't discuss but Nasdaq 100 has hit multi-year resistance and once again it was down again today. This is apparently Gann methodology but http://www.mysquigglylines.blogspot.com
discussed this in a post earlier this week so I can mention this. Low-low-high resistance.
Everything is in place for the top except the actual turn. And it is up to TPTB to decide when they want to reverse it. But one has to look for the myriad number of clues they have placed in movies and the popular media to try to find the turn.

I see the Dow closed up the appropriate 73.11pts/ a combo of the 137/714 numbers. 1345 is another critical number. 1345+666===?????? This is no great secret since I mentioned this here back in the pre-disqus Cobra days. And what happened in 1345? One of the greatest banking collapses in world history.