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Bought TNA 56.40 and some 115 qqq Jan 22 calls for .05
NDX 60, The pink ascending dotted 3x line ending at the top of the red fork is my target. Seems way too steep, however there are triples on sevral indides pointing up there, RUA, WLSH, NYA and NDX all have it. This is or has been a very reliable pattern and I'm really hoping it continues to work. I put a QQQ chart below it which is a bit tough for the fork positions as the Qs made such a deep overthrow at that Sept low, However I'm thinking that 130ish top should be close and happens right around Jan 26, the day before the FOMC announcement. I hate to try to pin a target on an event as it seems to be the quickest way to make yourself look clueless, yet the targeting method had nothing to do with the event and it's just a matter of that's the event at that time that's reality right now.
This morning Levitt brothers "before the open" commentary said this morning's deep gap down will destroy the consolidation pattern that was pointing higher. This is what we're looking for, most everyone to be convinced of lower prices to come. NAMO and NYMO, the TICK charts and whatever you all may be watching for sentiment indicators look like they need a full down day to complete the scenario. look for 300 million on SPY volume to stick a fork in it.
3 charts, We should have a fast drop to start the week.My charts have a bit of discrepancies with the target as a percentage with INDU 4%, RUA 3% COMPQ 5% SPX somewhere in that group with the ideal fork pattern being the gap fill at 1950. We should take out the 1993 previous low minimum, and if we reach the red descending TL we should go to the 1950 gap fill. INDU has the pink TL and the previous Sept high that needs to fall. RUA has the best chart clarity IMO with a 3% drop due, then a blow off top to the Jan 26 top. The pink ascending TL needs to be taken out on that run to the top and the big red down forks on all my charts seem to happy with that date and would align with another rate increase at the FOMC meet at that time.
Charts, SPX 30 and WLSH 2 hr: The SPX down forks have a good fit to support a need for another low. I also thought that INDU needed to take out the Sept high as every other major index has already. The WLSH chart shows two up forks, a black and light green that both have good possibilities. The dotted pink ascending line on WLSH is a triple tag that needs to be taken out and seems like the beginning of next week would need to have a strong upward movement started to accomplish this or the pattern will fail which would be very disappointing for my triple theory.
Screen shot of SPX futures with the fork at the top and a & b ends with 2073 being the exact golden ratio of the c = a x 1.618 pattern
http://screencast.com/t/PjPiRUmKyas
SPX 30 min and WLSH, A valid pattern for a 100 pt drop is shown on SPX, SPX futures at the time of writing this have just hit the same golden ratio and pattern at +7 pts and 2072ish. We'll have to go above these levels to trash this pattern. WLSH shows a triple tag on the pink dotted ascending line and should take this out and seems to need to happen by the end of Jan and this is a very low failure rate pattern (I haven't seen a Happy Family Member fail this yet), so whatever happens should happen soon and if we do go down 100 pts, it should be fast with a quick reversal.
Sold TNA a bit ago, going over all the indices has a perfect pattern for a drop. Without a sell to worry about, can concentrate on another buy in either direction.
dumped my IWM lottery ticket calls for a very small gain and put a stop in TNA
Levitt brothers on todays Fed meet:
http://leavittbrothers.com/blog/index.php/2015/12/16/before-the-open-dec-16-6/