Aug 23, 2016

Update

The indexes refuse to move lower... it is taking too long. If we do not see big red candle soon I am afraid we will have to watch this bullshit crawling 20 points higher another two weeks.
If the indexes continue higher probably we have much bigger diagonal for wave 5 and stealth 40 day cycle low with the next one making slightly higher high as expected for right translated cycle.


Similar picture for Russell2000

10 comments:

  1. I doubt we will see a big red candle before Yellen's statement in Jackson Hole on Friday morning, which I think is the most significant event of the month (more current assessment than the July FOMC minutes). Do you have a similar chart with a target for the Russell 2000?

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  2. I doubt after the price action from Monday too.
    Added RUT chart basically the same picture.

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  3. Thank you Krasi! Much appreciated

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  4. this is Jules...hard to see the numbers...so wave5 up to 1265ish or 1255ish? Thanks

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    1. Around 1258, but this daily candle start looking like reversal candle...

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  5. Jules here...
    Yeah....finally able to make some money to the downside.
    What do you think now Krasi for RUT for next two weeks?
    case1: bounce back up to 1258ish
    case2: drop to 1200ish, followed by push to 1235ish and then drop again to 1190ish.
    Let us know. Thanks in advance

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    1. More likely to try to make a new high.
      The move lower so far is corrective very choppy and overlapping.
      At the moment it is very difficult to forecast the short term... very choppy for very long time in a tight range....

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  6. Thanks Krasi! the 15min charts seem to have a clean 5 waves impulse to the downside today: 1250-1245 (wave1), 1245-1247 (wave2), 1247-1235 (wave3), 1235-1238 (wave4) and then 1238-1231 (wave5). Lets see where the bounce goes....if it is a 3 waves, then maybe more downside....
    Im sick and tired of this market non stop move to hte upside.
    --jules

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    1. Yes, there is impulse, but next week it should continue lower so that it does not end as wave c of a-b-c.
      Yes, it is getting annoying this range... just let the market do what it wants. I do not even watch it. After work riding a bicycle and enjoying what is left of the summer:)

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