WallStScalper
Short

Up on the roof

INDEX:SPX   S&P 500 Index
1014 20 5
1805,52 will be the 1.618 fib of the A leg in an Elliott Wave ABC-count and could be the area of a possible turning point for the SP             .

The Andrew Pitchfork goes way back to the 1987             crash. It just seems right begining there at the time the Ronald Reagan PPT             were set up for manipulating the market.

Looking at the RSI:
It has reached a resistance level reaching back to 1995. It is though the 3rd time around and it's at the level so...

As always ....time will show!

Safe trading!
BM

Music at work: https://www.youtube.com/watch?v=lpVUAYCBJR8
i HERE A LOT OF INVESTOR AND TRADERS SAY THIS IS A MINOR SELL-OFF AND I WANT TO TELL ALL OF YOU THERE WRONG. THE MAJOR SELL OFF HAS ALREADY BEGUN. THE S&P 500 HAS ALREADY FORMED A PERFECT MONTHLY WOLFE WAVE PATTERN WHICH IS IN STAGE 5 EXTREME, WHILE MOMENTUM HAS ALREADY TURN DOWNWARD. THE MARKET WILL NOT ADVANCE SIGNIFICANTLY ANY FURTHER. THE DECLINE WILL DROP TO THE 700 TO 600 AREA. SO ANY ONE HOLDING STOCKS OR INDEXES FOR THE LONG HAUL ARE GOING TO LOOSE GREATLY. CHECK OUT THE WOLFE WAVE PATTERN.
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Let's see if we get some down move today with the SP making a shooting star. It is though a shooting star with a very small wick.... but it's there!!
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It does looking good so far if you're a bear but SPX still missing the 3rd step: A more updated roof music: http://youtu.be/r5V8ecsrxeY?t=21s

Safe trading Gents
BM
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This daily harmonic patten chart on the ES is begining to show signs of the market is topping here: http://gyazo.com/2052c2c8b41282a1e712f700fb2266c4
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stockSMASH WallStScalper
Hello from Orlando Florida. Any thoughts after today's Action? My IWM short is bearing fruit. Your thoughts on SPY and the market this month appreciated. roll to the 50? Also, anything to the fact that REITS started falling 7-8 months prior to STOCK market correction in each of the last 3 market cycles.. 2001 2007 and now... REITS fell beginning in MAY and have stayed down. A clue?
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Thank you for your continuing interest :) I made this comment yesterday on CurtisM's daily chart: (https://www.tradingview.com/v/aERsk5xJ/)

Yes I fully agree in your statement:
"These RSI readings indicate that just about everyone is in, that the supply of greater fools is very limited.....

We will see some chop here but first indication of a beginning trend reversal will be breaking the smaller shs with neckline around 1800 Then next step on the way will be to take out 1793,71 (EW - wave 1 violation), 3rd step will be breaking the potential bigger shs with neckline around 1776 around. Then we can have some more confidence in the bear wakeup from hibernation (See my draft underneath on a 1 hour SPY chart).

But!!!!! It aint over till the fat lady sings...so until then: http://www.youtube.com/watch?v=Mwm1H0dxAKY class='embeded-image'>

We have to keep an open mind and not lock ourselves into a bear case before the banksters are ready to let it drop. I made the chart underneath to the comment:
snapshot

The smaller shs is in but the EW step 2 has so far mist in confirming a possible reversal of trend.
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WallStScalper PRO WallStScalper
Well! Second step is in with 1793,71 taken out. (Gives the possibility of a limit to the upside on the counterrally after this drop has finished. Do not see a drop from the sky here, but might see at test of 1776 on the ES overnight if today is not ending with a late day rally.
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WallStScalper PRO WallStScalper
HFT tick! http://stocktwits.com/message/17854403
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BM...Your track record speaks for itself...with perfect analysis back in May June... would you think that market drops into December with typical wave into options expiration, this time with bias to the downside? Last two options Exp have been strong up. It would seem that there are multa sell orders on that HEAVY resistance line above 1805. A gap down would seal the deal, however unlikey ... your thoughts appreciated.
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Thanks for your kind words. I'll will return with a possible answer to your questions via a EW-count as soon as we see which way the market chooses to move. For the time being I think your thoughts of have a bearish december OPEX is within reach... but we need some decisif price movement before we can say something with more conviction. AN ABC move to a fib of 1.618 on weekly/monthly and a yearly harmonic ABCD pattern going all the way back to 1995...is a strong indication of - if not a top - then an intermediate turning point. I'll will return when price movement gives us a sign. BM
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