56th trading day after the high of the year, we got confirmation today after FOMC (13th day fib). Ben came to the world stage with a .22 caliber pistol instead of bazooka that everyone expected. The QE rumor and expectation rally is baked in the price. Now we knifed through both 50DMA and trend average. We tested 50 DMA twice before this morning, so it was a great opportunity to short the bounce. Nothing goes down straight given Elliott Wave counts, and one of my chart is showing a possible bounce tomorrow. If we move side ways and get "bread crumb" as resident chat room night raider, racer, would not share the meat he eats at night, then you know it's wave 4. Trend average after the close is sitting at 1334 SPX and 76.82 IWM. In order to close in red for the week, bears need a close below 1342, then the quadruple witches extend their streak to 14 years.
Our next Gann Road Marker (GRM) is on July 1st, or July 2nd on Monday. I'm expecting some type of reaction, news, rumors, more EU summit clowns on next Thursday, to make a u turn or continue going in the same direction.
This chart shows possible bounce on Friday
No comments:
Post a Comment