Sep 22, 2014
Update
The bearish candle has been confirmed. The move looks like an impulse to me 3=1,618x1 and bouncing currently from the first support. After the opening the price bounced from MA50 as I wrote so I hope you used it to jump on the short side.
I would say so far the plan for a top looks good. We will see what will follow and decide if this is only short term top or something else.
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Carnap:
ReplyDeleteIt seemed that we are on the same fly.
http://chartbuster.wordpress.com/about/spx-2/spx-w-39-2/
I agree with your CAUTION as to whether this is a market top....my concern is that LAST WEEK the NASDAQ formed an outside bar with an up close....this usually means that the NASDAQ should break the high of last week before it breaks the low....HOWEVER, IF IT FAILS and breaks the low first I WILL BACK UP THE TRUCK with puts....and we might finally have at least a "10 percent correction" that has evaded everyone so far.......I still think the NASDAQ leads price action .....
ReplyDeleteHi,
ReplyDeleteSPX will have one more leg up to 2040 level before correction and this correction is huge to 1600+ level even in bullish count!!.
Current moment is simple A-B-C expanded flat in bull wave up.This's just to confuse Bears ,as simple as that.
Current down wave should end @ 1968 which is the FIB in expanded flat.
Thx
Hi,
DeleteI have the same suspicion that is why I have changed my plan to only a short term top, but a short trade is ok it will not be a looser. This way I do not worry what will happen
Carnap:
ReplyDeleteYes, there are possibilities for a last leg up. That is what KRASI mentioned as a short term top and what I mentioned that the down move could be just a wave 2 of an EDT pattern.
But there are MoBs which falsify this assumption if reached by the market (e.g. level 1943).