WallStScalper

Santa came early to town but hasn't reached the chimney top yet

INDEX:SPX   S&P 500 Index
2369 40 28
Several patterns and indicators on this chart tells me that the top of the monstrous move from the 1820ish swing low hasn't been meet ..... yet.
Rudolph still have some strength left to bring Santa all the way to the chimney top at around 2073ish where his nose will turn ...red.
I see the following patterns:
A green Gartley 5.0 pattern
A yellow Andrew pitchfork
A fib extension at 1.272 from 2019 swing high to 1820 swing low
On the indicator side I see the following:
A Trix / Fisher system (nmike & JR system) almost ready to role over... but not quit yet
A macd about to cross over and a histogram on 0.41 ....almost there...but not yet.
A Woodies CCI that's still green and still above +100

I'm neutral and in cash right now.
Time will tell.... as always
Safe trading ladies and gents and a merry christmas for all traders out there!

@BLawrenceM

Music at work:
https://www.youtube.com/watch?v=1xOe4GRyebo
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alex.a
2 years ago
^_^
+2 Reply
stockSMASH
2 years ago
Good Day... thank you for posting this chart. After this OP EX week... they push sell button...and may sell HARD into the next 4 weeks for that OP EX... but will likely run it up first then sell HARD today or tomorrow... I am already short C and beating them up with their pump and fade... Please update when you go short if you can
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stockSMASH
2 years ago
ooops I meant run it up today or tomorrow NOT SELL HARD... not till next week
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Santa could get stuck in the chimney at ABCD target
Santa could get stuck in the Chimney at the ABCD 2074 target!!
+1 Reply
2use WallStScalper
2 years ago
Well + that adds to the pile of short indications. i find it hard to find a strong long idea from anywhere at this point. While you cant say bear until it starts to roar, i suspect the bull is running away already.
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2use
2 years ago
We're so close though, why not start shorting?
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WallStScalper PRO 2use
2 years ago
I see market as a manipulated or in other words controlled place ruled by those who have the most money and agree with fellowmen to commit themselves to a strategy to follow.
In my view it's a mathematically based strategy they strictly follow. We are pawns in that game and do not understand it fully.
We can only have the strategy to "follow the leader". So when the leader says it's time to short - I'll do it. I believe it's too early and will sit in too much pain for too long before they rule it's time.
I need confirmation and I do not have any confirmation yet of a short. Think twice ....This could also be a parabolic move that continue to the 2.618 extension. We just don't know .
+1 Reply
WallStScalper PRO WallStScalper
2 years ago
Maybe also the 2.618 but I meant the 1.618...... or the one in between - the 1.382. Thx for Ur comment!
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LastBattle
2 years ago
snapshot


almost! >.<
Trading SPX can be a breeze or a pain. It doesn't bear until a bunch of them appears...
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WallStScalper PRO LastBattle
2 years ago
I fully agree... let the market tells us when the banksters are ready to let it fall apart. Thx for Ur chart and comment :)
+1 Reply
eezm3 WallStScalper
2 years ago
Where do you see the bottom of the next downturn to stop? Bottom of megaphone right now is a pipedream but would be delicious...
+1 Reply
WallStScalper PRO eezm3
2 years ago
Thx for Ur comment! Normally the 5.0 harmonic pattern tells the story of the the death of jaws. So bottom of megaphone sound right but nothing is for sure in this world so stay en garde.
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neilscott_1 PRO
2 years ago
We may see a strong advance to extraordinary levels and soon. Why? Because so many day traders are trading with the same basic fundamental ideas - trendlines, support, resistance,..and on ever faster time periods. The bubble never pops while we are north of the 200ma. The only way to stop the bubble is a black swan event which we may not see for some time because of monetary easing. I see the market going up and crazy like nothing we have seen before. Its a reality of the time, an opposite event to 1987 where the computers and shared concepts have converged. When will it end? Perhaps tomorrow, perhaps never... When we do have the black swan the carnage will be instant and catastrophic to the financial system as all computers around the world start shouting "SELL" at the same time.
+1 Reply
WallStScalper PRO neilscott_1
2 years ago
Thx for comment! You might be right but then again... you could be wrong. It blows up when the banksters says it time.
+1 Reply
Leo.Ash
2 years ago
I continue to observe increased negative divergences between stock prices to rise and indicators that I follow. The sharp rise in recent weeks was parabolic and left several "gaps", days when the indices opened to a value higher than the previous day's closing leaving a space. The parabolic ascents do not end well and this will be no exception. There relevant gaps in the S & P500 in 1905 points, the Dow Jones in 16,401 points and the Nasdaq 100 in 3872. This tells me that the indices will fall substantially in the next relevant decrease for at least these values, then possibly exceed the minimum of 15 October.
The S & P 500 has strong resistance at 2,094 points and the Dow Jones in 18,300 points, the indices can not reach these levels.
The reversal may begin soon, problably in the beginning of January 2015.
+3 Reply
WallStScalper PRO Leo.Ash
2 years ago
Thank you very much for your comment in which I very much agree in the substance. Yes to many gaps that needs to be filled ....at a certain point. I see them as exhausting gaps due to the - as you also mention - parabolic ascent . Timing is always of the essence. Weather or not we have a quiet Christmas and then all hell break loose.... i'm not sure. I more see many patterns lining up and support each other for the bearish case. For me the 2073/4 is the line in the sand before the jaw of death (Gartley 5.0 pattern - also known as the megaphone pattern). We might go sideways for a couple of days with a lot of chop and then after the coming weekend ... a drop could be eminent. One last thing... The Richmond Manufacturing index and the CB Consumer Confidence could be first crack in bulls fence. (I know the figures are not trustworthy, but this are the ones we are given) so therefore the ones we can trade of.)
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2use Leo.Ash
2 years ago
I could not agree more, and i would add that i barely entered the market now. My strategy said buy already half way up due to the gas. But i do not enter on gap days that easily...and now i have divergences all over the markets, not only US. But until Jan 2015 prices have to go somewhere...im really amazed that so far we never had even a bump - straight up. I tend to use the lesson i learnt and sell the greed/confidence. But at the same time, markets tend to stay irrational longer than you can imagine.
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2use 2use
2 years ago
BLawrenceM
I agree on the megaphone, but note that it is weaker with each iteration as more and more people see it. The bull will be tested, but i fail to imagine how far we can go if the megaphone breaks to the upside...IF it ever breaks...price can go up even within that resistance line. But about the reason for it to drop....well, they will always find one. I find it weird how Ebola faded fast ...
+1 Reply
WallStScalper PRO 2use
2 years ago
:) We on the same curve.... ;) If the bankster let this market fall .... a black swan has probably just passed by. The bears would be all over the place.
+1 Reply
2use WallStScalper
2 years ago
You know what... i rather sell Before that, cause i sense after would be way down.
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2use WallStScalper
2 years ago
I.e. i dont like to pare losses, i prefer to take winnings
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LastBattle
2 years ago
snapshot


second daily confirmation coming. Thoughts? :)

I guess Santa is really stuck now.
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2use LastBattle
2 years ago
isnt it below that line now?
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WallStScalper PRO LastBattle
2 years ago
Yes it's key time for the SP . It does looks like it has started to roll over. Ma 20 on daily chart is at 2045. I'll guess we see that tomorrow. 30 min shows a bear flag with a target around that handle. Then a counter trend up for a back test... or... 2040 is a key handle for the bulls to hold (Last low made on daily) but it's all in the future.... let's take one day at a time. :)
+1 Reply
stockSMASH
2 years ago
from your original post predicting the 2073ish then RED,,, what we like to say in my sport... "you f'in NAILED IT". now... 20 test yes. IYT already BLOWN IT... jnk falling like water over bridge... canary in the coal mine? Your observations day to day appreciated. Thank you from sunny Florida
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WallStScalper PRO stockSMASH
2 years ago
You are very welcome stockSMASH. I would like to be in your shoes ...sunny Florida... :D I could use that. It's almost at the freezing point here in Copenhagen, Denmark and the days are very short . Dark around 4:15 in the afternoon. I only have the daylight for around 8 hours .....and cloudy all day...
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We'll have a back test of the highs for a wave minuet 5. This chart shows a trading plan for the last wave up. It's a e-mini chart due to not having real time update of the SPX for less than the daily chart: http://gyazo.com/59cfc83bea9f7a797171b8a82a33be9e
Safe trading and wait for confirmation before shorting the market. I'll give a its when I see the conformation in ...if it's not too obvious. @BLawrenceM
+1 Reply
2use WallStScalper
2 years ago
Watching it as well.
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chartmojo PRO
2 years ago
I like it. Thx BL!
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The latest charts on ES:
http://gyazo.com/525de686488fde3301477b7d113c31f1
http://gyazo.com/ae1c8fb4d3bc22d1aa15155aed7f5f3d
http://gyazo.com/26aecc98a7326f8b297eea58d85bcb4f
As long as the latest top is not taken out I see a bearish setup. The last chart in the row is now showing a nice divergens, but admit... we need to see moment drop very soon
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chartmojo PRO
2 years ago
When they've sucked all the retail investors in at the top they will hit the sell button and scrape off 10-20 -50% and transfer the wealth from the many to the few...again. Black Swan event, probably. Russia? Cyber attack from somewhere? Israel hits Iran? Nuke accident..who knows..you can feel it coming. When?..can't see the future..but when you know the enemy is going to come over the ridge..you ready yourself....you have a plan to act fast...you don't know when, you just know they are coming. I'm dipping into puts while ready to short. If I miss more upside I'm not worried about it. The high flyers and the biotechs will get decimated, also the Energy companies that went public in the last 6 months that will unlock shares.
+1 Reply
WallStScalper PRO chartmojo
2 years ago
So true..... so true - can not agree more. The worst thing about it - only few manage to resist or even speak up about it. Only the few know it's coming and this time I see blood in the streets. How greedy can U get and then still not be wise enough to leave something for people to maintain their life. It could be were serious this time. Change is gonna come. Let's hope for the best and fear the worst.
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WallStScalper PRO chartmojo
2 years ago
Something special for you my wise friend: https://www.youtube.com/watch?v=8dOY4LG_jhk
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chartmojo PRO WallStScalper
2 years ago
Thank you my friend. Two of my favorite movies! I took the red pill long ago Now the question is how to trade whats coming. One can't stop the coming storm, but one can find shelter.
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I can't tell if that MACD turned when Fisher went +6
+1 Reply
snapshot
+1 Reply
Latest charts on ES: http://gyazo.com/8f9c498697525203055da69f1374b1ee
and this; http://gyazo.com/79c9f30b01d5e01884ed8953c0b862fc
Due to only a 38,2 retrace I see a possible alt 4 and 5 could come in play. Not saying it will but keep an eye on the waves down. If only a 3 wave down or pennant during the trading day. It's probably an alt wave 4 and 5 in play.
+2 Reply
This is a possible game plan for the next week or 2: http://gyazo.com/20a1dd13a8de64cd57da3fb40d7eb137
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Have now retraced 61.8 of the latest swing high and now witch at the same time was and 38,2 retrace (a normal wave 2 down retrace. BUT... It could also be setting up for an ABCD down...yellow dot/dashed lines on ES chart..... time will tell: http://gyazo.com/75595bb3d7f990cc0ba266ba3595bd07
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jangseohee
2 years ago
Inverse H&S at the top?
DOWI, Inverted Head & Shoulder
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