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I've enjoyed looking over everyones' posts. Thank you all. I kind of look at it this way. The last quarterly statements were horrendous. The retail investor has been pulling money out of funds. And now a rip roaring short squeeze and who knows what else FX carry trade blow back CDS market collapse collateral melt up 20% in 18 days because no one knows what the hell is going on your guess is as good as mine yippee end of month great report. So Friday was a hold your breath, don't blow it over, let's get through the end of the month, kind of day, IMHO. My guess; 1260 will be retested first, then look to see what happens between 1260 and 1300. Do we go higher, drop to 1230, or consolidate then reverse for a week or 2?BullBear52x wrote:Thanks cougar great charts and analysis as always, I think everyone here are at awe of the move from recent low until now both bulls and bears alike, 99er is pressing hard on a turn, Cobra agreed this is not sustainable, others think new 52 week high is not if but when, Flabby Abby got mentioned, Dow 3600 is in the talk again and the best of it all, NO one dare to call out a TOP. capitulation? hibernation? or bears are totally death? and to think that any longs trader to hold out on the gain this much this long is unthinkable some one got to take profit at some point that I am sure, I am guessing this coming week also sounds like we are all on the same boat again? not good the 1% like to poke fun at the 99% from times to times.cougar wrote:An October to remember appears striking on the weekly chart.
Time for a correction?
”Yes, a small correction would be healthy…” say the talking heads.
“The beginning of the big W3 DOWN...” say the Wavy-Gravy EW technicians, starting with Bob P.
I have my own indicator: when Flabby Abby will appear on TV to tell us stories about SPX 1600 around the corner…it will be time to consider a serious downturn…
I Suspect that the hit will come at or a little bit above the 4x line target you have. The 4 x line would establish a new downward channel than that is not as steep as previous downward channels ( Not bullish, but a clear sign that that things will not get to ugly). Cobra is calling for a temp pullback this week (futures are down 1% already).cougar wrote:Thank you “xfradnex“. I agree…this breakout “will be clipped”. The question is: if THEY will try to give us the feeling (during the next 2-3 trading days) that the up-move still has some “oomph” in it, how high could it go without encountering a major resistance? And: is this potential continuation going to be tradable?
That is why I am looking for higher targets. One of them is suggested by the SPY Gann Fan, which worked, so far, better than expected: