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RUT,NYA: Still looking for a nominal low in RUT for the bottom. I have the top moved out to Nov 17 now and the extra time allows NYA to try to put in that high to satify the Happy family.
I can't move the top out much farther without letting go of the March to June large "B" pattern. I do think it's right and I'm thinking we're just completing a second fractal of that large "B" and possibly we'll put in a third small one going up from here.
SPX daily,60 and 30 min charts: The Gleno system on the daily has CCI 100 below 0 for a 140 MA target now at 2122. The 30 and 60 min shows a fork bottom tine tag at about 2125. I now have the top target at Nov 8 and ruled out an FOMC rate increase for the 2nd. Interesting the 8th would be a top as the election day. It seems no matter who wins, there will be half of the nation pissed off on the 9th and could be enough reason for a drop.
I posted my expectations and although I could very well be wrong, i still think we need another low in at least RUT and BKX
The TICK charts in the stickies look to be setting up a good rally with the 5, 15 and 60 min looking to hit extreme lows. The daily is not really worth much as it rarely hits an extreme.
SPX,RUT 60 min: I think SPX put in the low last week and will drop 12 points to retag to lower black fork tine Monday morning. RUT should drop to a lower low at 1205 which are in sync. I'm sticking my neck out with the following comments: I have the top moved to the end of the month (Nov 1) with RUT squeaking out a new all time high. The Happy Family would then only have NYA as needing a new high, however it's too far away and I'm thinking it's quite possible that NYA fails. NYA had a happy family fail in 2012 and COMPQ and NDX had fails from the 2000 highs not being taken out until recently. The Nov 1 top could be significant as the FOMC announcement is on the 2nd and maybe a rate increase could happen? It would be unexpected to happen just before the election, however a Dec increase would be too grinch like and the Feds are under pressure to raise again as they projected more increases this year at the first increase.
2 SPX 60 min charts: The first has two red circles comparing the final down move on what I'm considering to be fractal formations. The previous had not much of a bounce in it, however each can be different and expect the unexpected is the only norm. The two charts have a bit different fork locations and the eventual top is weeks apart with the first around Nov 21 and the second Nov 9. However both have a similar bottom in the next few days and the eventual top is the same price.
Nasa, My post 9176 not that long ago had three WTIC charts and I don't have anything to add as of today. We also have a possible hurricane and i have some preparation work to do. I'll update if i have any thoughts.
SPX 30: The last three days wave pattern looks very corrective to me and can't make much sense with a fork with it other than the straight channel in light green which is following well. NYA is still much farther than my SPX target, although that target may need to be higher. I'm waiting for monday's surprise
Here's a possible pattern that has us dropping to 2100 before going higher.It wouls also put the top out into mid Oct or even later. With Congress having a hard time again with the budget it could happen. NYA is still too far away as well and this might reshuffle the deck enough to straighten it out.
442, It's the same chart as (3 time frames) WTIC below. The big red fork seems good, but the monthly chart on the bottom gives it another look. It's possible price might retest the TL at the bottom around 14ish if we go into a severe recession next year. Near term it's a bit of a guess, the pink down fork on the daily is not high confidence and price could edge up near term.
SPX 5 and 30 minute: I have a steeper dark green fork that looks like it's working. This would signal a possible hitting 2200 as soon as tomorrow and then a corrective with the 2213 top by the end of the month. NYA is still the laggard, although it's outpacing SPX today by almost double and in line with expectations of continuing.
NYA,SPY and RUT: Although RUT has becomed aligned with SPX for a timely top, NYA has not and has over twice the percentage needed for a new all time high required by the Happy Family theory. I think the only indices left to make new highs are NYA and RUT. NDX even took out the 2000 high. I used NYA to look for a good fork top triangulation and it fits best at Oct 6. Both SPY and RUT have a good look there as well. It looks like we need some reshuffling to allow NYA to catch up although i've seen NYA outperform the rest when it needed to complete a pattern.
Forks are red for down primary, purple for lesser confidence or alternate, green or blue for up lighter shades lesser confidence
A very light brown or any color is a very slim chance at that point.
JK, good comments