06/14/2014 Weekend Update

[DellGriffith]

Better hope it goes straight down cause 1 hour is pointed straight up and 2 hour is about to cross

There was a breach back on December 23rd, 2013 that is still visible on that chart. As you can see it took about a month for the breach's promise to be fulfilled, and it was in a sharp correction that took price well under the breach price. Breaches tend to say one of two things - either an immediate top or price is about to build out a dome and then enter a correction. I guess we're building a dome. Top of that dome may be in now.

[esTrader]

Thank you for all your p-bars, MrMiyagi.
I think you have a whole following on this board.

You're welcome tsf, I just post them as I see them...

In terms of EW count, this is how two pBARs 193.58 and 194.95 get hit next week. Let's see if it plays out in this time sequence.

Now wouldn't that be something!!

There are more pBARS to talk about

My SPX weekly chart has a SELL signal. Sorry that I could not show what kinds of indicators I used. From the history of this weekly SPX chart, it is almost 100% guaranteed that a lower low is ahead. How far will this pullback go? It is very likely that SPX @1955.55 on 06/09 could be a significant top. I recorded all MrMiyagi's pBARs back to 02/06 where SPY lowest pBAR (not hit) was at 175.22. Hopefully all unhit pBARs can be reached by this pullback. Anyway, I will post next time when my SPX weekly chart has a BUY signal. I use my SPX daily & weekly indicators to guide me through my Elliott wave counting. And thanks to MrMiyagi's pBar, hopefully my EW counting could be a little more precise (even for an ambiguous and complex wave B) Let's wait & see what the market has to say next week.

[esTrader]

Thank you for all your p-bars, MrMiyagi.
I think you have a whole following on this board.

You're welcome tsf, I just post them as I see them...

In terms of EW count, this is how two pBARs 193.58 and 194.95 get hit next week. Let's see if it plays out in this time sequence.

Now wouldn't that be something!!

There are more pBARS to talk about

My SPX weekly chart has a SELL signal. Sorry that I could not show what kinds of indicators I used. From the history of this weekly SPX chart, it is almost 100% guaranteed that lower low is ahead. How far will this pullback go? It is very likely that SPX @1955.55 on 06/09 could be a significant top. I recorded all MrMiyagi's pBARs back to 02/06 where SPY lowest pBAR (not hit) was at 175.22. Hopefully all unhit pBARs can be reached by this pullback. Anyway, I will post next time when my SPX weekly chart has a BUY signal. I use my SPX daily & weekly indicators to guide me through my Elliott wave counting. And thanks to MrMiyagi's pBar, hopefully my EW counting could be a little more precise (even for an ambiguous and complex wave B) Let's wait & see what the market has to say next week.

[panbuk]

esTrader, many thanks for your charts, can you give us the exact prices of all unhit pbars you have?
Thank you!

[esTrader]

esTrader, many thanks for your charts, can you give us the exact prices of all unhit pbars you have?
Thank you!

[RedKite]

Short term cycle suggests up a few days early next week

You can see the NYADV cycle has failed once recently, May 27 to June 2. It does this from time to time. The effect is temporary (and means always run with SPX for the subsequent trend, in this case up from June 3 to 5).
Next week we have FOMC which should be a big influence. It will coincide with a NYADV down cycle, but it's usually strong enough to overpower cycles.
I don't see much sign of a distinct top yet. A few indicators are suggesting one, like EUFN (European financials) and maybe WLSH money flow, and copper price. But so far nothing overwhelming. If FOMC is neutral then I'd expect the NYADV cycle to continue until at least Opex+2, June 24.

[MrMiyagi]

That's a lot of work es trader, thanks for the chart. Interesting...

[esTrader]

That's a lot of work es trader, thanks for the chart. Interesting...

THANK YOU, MrMiyagi, for your original pBARs.