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Covered 1802.75. Order to go long /TF on a break above 1122.
Bid in at ES 1800 to cover short. This does not look motive from the top. Maybe 1 more ping higher.
Looking at the RUT we still have more work to do to complete this corrective wave, before continuing lower.
Short ES 1811.
I have 2 counts.
1. The advance from the Oct lows is a (3 wave) A
2. or a (3 wave) 1 of an ending diagonal.
Either way we should be in the middle of correcting in a wave 2 of and ED
or a B of an ABC. I am looking for 1 to 1.5 days of up, before heading down to complete either the 2 or B with a low right around the FED meeting.
Just a guess.
See post 30208. Guess I know why now.
Someone was selling calls hand over fist in all sectors today. This is the largest I've seen in the last 2 years I've been watching.
http://online.wsj.com/mdc/public/page/2_3027-unusualoptclose.html?mod=topnav_2_3022
Shorting ES here at 1555.
Poker, do you see the ED on the RUT from the 10-11 lows. It may need 1 more day of up but if it takes out 870 it's over!
The $RUT has put in a beautiful ED from the 10-11 low. This should start lower this week.
Now what?
Unfortunately for anyone short the ceiling is about to get blown out along with their account.
VIX at the highs of the day. Someone not buying the rally.
There it is...ES has retraced 61.8% percent of wave 1. Here's a good chance to enter short.
I don't think we've seen C yet.
Thanks, there's also a trendline up at 140 on the SPY. Might as well tag that while it's up here.
This count is now in play except it's a [2] not 4.
What are the chances of 983 as a target? I think that would also be likely.
To enable us to buy cheap puts for the coming downturn?
Took a 3 handle loss on this entire position and went short at ES 1325.
Took a second position at 1307. Looking at this as a correction of the up move....until it's not. I have a short leash on the whole position to 1290.
Huh? I already posted my targets yesterday. How is initiating a position gambling?
Taking a long position here via /ES @1349.
Starting to not believe in the bear case. I think we advance until the end of the year to near 1550-1600. Initial target around 1400 before correcting.
It's possible we just finished triangle (B). Now we have (C) up to go. The XLE shows this nicely.
Sorry, I thought you said we were in C already. B=flat with a target of 1395.
This doesn't look like C down. Has your count changed?
Nice call POKER. Looks like we're starting the "then." Financials appear to be leading.
"The drop from 1370 to 1074 would have to be three waves as the A of a flat. It naturally counts as 5 making it an impulse wave."
I have interpreted this as three waves. I do not count five like some, making it a 3 wave A.
OK I will try to get a chart.
POKER, you are not taking into consideration a possible triangle? This could possibly be wave B of a larger ABC from the highs on 5-2-2011 and we could still take out the 1370 high and the count would not be affected.
All of this is in a larger triangle from the original highs in 2000. Wave A from 2000 to 2002;wave B from 2002 to 2006; I believe we are still working on wave C. a of C was 2006 to 2009 b of C was 2009 to 2010. Now we are in wave c of C, which looks like we'll we doing and abc-x-abc down to new lows.
Just a thought.
Short via the feb 1250 puts.
Off by 1 day for this wave 5 of the ED. Looking to enter some Feb 1250 puts today. Also going short the ES futures this morning. Target is 1080 over the next month or so.
Looks like and ending diagnal to me. 1 more A-B-C up to complete wave 5 of C should do it. Target should be no more than 1300 on the $SPX, probably by Monday.
Closed this position. Too much buying by big players for my liking. Will look for a better entry this week.
Adding to short position via SPX puts. Bought the January 1250 puts here.
I guess we're not going to make it to 1330. Taking profits and going short via the ES futures.
Thanks.
If you count the fibonacci time ratio on the ES futures. A top should come Monday afternoon.(2:50pm to be precise) We'll see how well that works.
Nice calls by the way.