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SPX 60 min: This is from the stickies, the dark up fork has red arrows showing the respect gaps/reversals and is set at about 2260 for the bottom and June 16. The target will rise a bit if it takes longer to reach. Hitting the ML with current price looks like a top here EDIT: the Purple down fork looks really good on this chart with a retest today
Check the latest posted to you and if good I'll swap it in the stickies
SPX daily and 2 hr linear charts: The 5,1 and 14,3,3 STO needs to top out I think on the daily. The 13,8,3 on the 2 hr is just about right for another drop. NAMO and NYMO have a ways to go before an extreme and I'm leaning toward discounting them. The last drop hit a point that really looks like the down target will be 2200 and June 21st as earliest date. Note: The purple down fork on the 2 hr has an invalid handle anchor and should be viewed with skepticism
It seems to be showing all the charts for me.
Recheck it, maybe it was a one day thing, if not I'll repost them.
Here's my two cents for today, there's a pivot point just below the ML and the daily has a valid target for the 100 DMA just a couple points lower.I think we hit that by 11:30. We're already below the 20,2 BB on the daily and the intraday indicators are at or near OS we should have a bounce into next week. The lower black BB on this 2 hr chart which is a 240,2 setting is at 2334 and should be the lowest target for today?
A move up to retag that red fork upper tine should finish putting that lower full STO 233,144,34 into OB and complete the up process, next down. This week is options ex week and I think max pain is a bit lower but not too far except for some individual high flyers so we probably won't go all that far this week, but you never know.
This is my second 1 hr chart, the other is in the stickies and has a higher target. The 2200 target is looking good again possibly. If so we just hit the median line on the green up fork
EDIT: I'm looking for a relation of the down wave expected to the "a" that ended at 1991 and a 1.618 fib would be within a few points of 2200
SPX 30 and 1 min: This morning i was looking for a pattern like I put in purple on the top 30 min chart. I have it again on the 1 min and it's still a possibility. Other than this wave pattern i was expecting it could be a top and many indicators say so as well.
That 13,8,3 sto on the 30 min chart sure dropped fast and could be a tip for one more up.
Two forks both look good, red is where we're at, However:
Unless we get some bad news which seems to be lurking behind every corner (impass on budget or tax reform or the crazy little fat kid in N Korea etc.) the end of the month should prop this up and that 2412ish target on this chart should be expected. I'm showing a possible 5 point drop for this AM and a final grind up.
2 charts, SPX 30 Red is primary fork, up next week to 2385 top and (this is way early) down to 2260 preferred target. 1 hr chart has a minimum down target as 2280 for a c = a wave ratio and acceptable fork alignment. Let's hope the crazy fat kid in N Korea behaves.
(there is an outside chance of a 2406 top for next week and then the 2280 target)
Congress is out for two weeks and then have the budget to address when they return. I think it needs to be completed by the 28th to avoid a shutdown and seems reasonable that they will dilly dally until the last day and scare the market? The red question mark on my chart could be an approximate target unless that little fat kid with the bowl haircut in N Korea decides to cause trouble in the meantime.
SPX and IWM, this is my alternate 60 min. My previous post was an attempt to follow the 30 min fork down to the 2250 target. That target doesn't have much support in some other indices. This chart has has the 2200 target falling on the end of the third week of April which is options exp week. Price rarely drops thru op ex week but when it does it generally has started to fall the previous week/weeks so this is possible.The purple down fork is funky, however following the 30 min chart would put the 2200 level way out to middle late may which The IWM chart becomes unworkable. The IWM and all the other indices I've checked can support this chart targets. There is a government spending budget that needs to done within a month and could be negative for market price.
SPX 5,30 and 60 min: The forks are looking like a top right here, although tomorrow being end of month, probably won't drop much till next week. I raised the down target again to 2250ish at the end of the the second week or beginning of third of April. I hope this is the last revision for this drop. EDIT, the 233 full STO on the 5 min is in reversal area right now and a proxy for the 13,8,3 on the 2 hr