The S&P has a decision to make over the next couple days
Avi Gilburt joins us to outline two possible scenarios for the S&P. He says that the next 24 to 48 hours will be very important for future moves. He has also provided us with a couple charts (below) to help clarify his call.
Click download link to listen on this device: Download Show
If the market continues down to complete all 5 waves in the red count on the 5 min chart, then the wave ii retrace is a shorting opportunity we will be tracking.
But, if we break up first, and then come down, that is the “green” count on the 60 minute chart, and sets us up to begin to rally to 2300
Good to have Avi in on a Tuesday.
Very clear w. regards to various scenarii.
Thanks for the opportunity Cory, and thanks to Avi for spending the time.
GL to all investing/trading.
LPG
+1 Agreed.
So far the S&P has been a bit yawn trending sideways to very mildly up 1/10th of a percent. It didn’t break above $2087 or fall bellow $2070 towards the $2025-2035 zone. We are still in limbo waiting for the market to make up it’s mind. (big shock)
As little orphan Annie sings “The Sun will come out tomorrow; bet your bottom dollar that tomorrow……”
Today the $2087 number is in play and the S&P has regained some ground.
There are now 3 higher low troughs coming out of $2070. ($2069.92 on Nov 9th, $2070.94 on Nov 10, and $2076.17 today). There are also 3 higher high peaks coming out of $2070 ($2082.95 on Nov 9th, $2084.78 on Nov 10th, and $2086.54 so far today).
Even though the S&P has backed off some back in the $2084 area, the 3 lower lows and 3 lower highs appears slightly bullish in the short term. Personally, I was expecting more of a pullback first, but these markets are like the energizer bunny. It is looking like that pullback just got postponed for a short term pop instead, based on Avi’s targets yesterday.
The S&P has sold off some more today, and if it violates the $2076.17 low from earlier today, then it would break the pattern of higher lows just discussed. What a wacky market. Here is a yahoo 5 day chart as a quick example:
http://finance.yahoo.com/echarts?s=%5EGSPC+Interactive#{“range”:”5d”,”allowChartStacking”:true}
Uh-oh. The S&P just broke through $2076.17 (down at $2075.54 presently) That is lower than the low made earlier today, but still above the low yesterday of $2070.94. It is just odd to see this right after making the new high today of $2086.54 (right at the $2087 target Avi was calling for). What a rollercoaster.
S&P 500 (^GSPC) -SNP Watchlist
2,075.54 Down 6.18(0.30%)
The reason I am posting this play by play, is that the S&P is teetering on the precipice of a break out or a break down. I’m very curious to see which way this thing is going to go. If we break down, then volatility looks like the place to be, but if we break out, then the market index is the place to be. (a sane person would just hold in cash, but I’m insane and feel like trading this move one way or another….it is just very hard to get a read on what the market direction will be).
Well it looks like it broke to the downside and the S&P went down past $2069 finally.
Ditto.. thanks-Avi!!!
Yes. I was originally a skeptic of EW, but Avi has slowly changed my mind. I love the charts imbedded in the forum page, by the way. ~ Brian
We are all watching the same movie – SPX 200sma is 2063 and the 20sma at 2066, and if we break lower we are probably going to slide to at least to the 100sma 2036 (which we will overshhot some as usual). These MAs (EMAs and SMAs) are all that matters, I don’t need to play the e-wave card.
Avi, if we go down to below 1900 and then up to over 2400, how low will it fall after that?
IF we get that pattern play out, then back down to 1800-1900 in 2017
Then it sounds like gold and silver mining stock will be the place to be after they finally bottom.
IT’S ALL A RIGGED GAME………….SO NOTHING MATTERS !!!!!!!!!!!!
You may be on to something.
Avi, after wednesday,s action, where do the equities markets stand in relation to what you stated on the show Monday?
Folks, as I said to Cory, this is a little complex in this region, but when a pattern confirms, I have not seen anything that can be more accurate when it comes to targeting using this method.
In fact, the high we have struck so far in the SPX came within 50 cents of our last long side target, which we set at 2117SPX and the high was 2116,48.