AMEX:SPY   SPDR S&P 500
318 13 8
Notes on chart
so do we pull up at the 195.5 or not? how we close here should say a lot about tomorrow, and this large move's intentions.
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KLang PRO claydoctor
I believe that AB=CD is in play. Target is show. At the extreme, the Broadening Formation is in play - but I'm not so sure it will
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From all the Buzz I've heard today, my take away is, the dip buyers missed their marks this time. Makes sense. A consensus that 195 is the magic number. I wonder though, with all the news dragging on stocks more now than in some time, accumulatively. But if we close tomorrow below 195 and it even looks like that could happen at mid day, watch out, no one will want to be long going into the weekend, and we may head lower past TGT. We will see.
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KLang PRO claydoctor
How can dip buyers missed? Maybe they don't think we've reach a buy point
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claydoctor claydoctor
as silly as it sounds, full moon oct 8th. My Jewish friends are on holiday now.
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KLang PRO claydoctor
Do I know you from twitter? You sound like some other ppl I know...they follow that moon/numberology/astrology stuff. I like chart patterns.
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No, I prefer patterns, charts too. Moon stuff is sillyness. But remarkable in that the past year the "pattern" has been very true. Also, just discovered this full moon oct 8th, is a blood red moon. Que the twilite zone theme. :) http://www.pray4zion.org/TheComingBloodMoons.html
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Was hoping you would update your previously posted 1,2 3, bump pattern theory. I tried this one my own, but wondering if you felt it was credible on this latest move. The chart above suggests we do not complete bump "3", and had down to the support indicated? Thanks
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claydoctor claydoctor
I also tried this theory on the Russell, and it does play out well also, only more to the downside.
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KLang PRO claydoctor
Yes - I'll update soon - it's SPX which is only EOD data. It's very possible we continue up. I'm just saying the 50% retrace is a tricky place to be. The pattern could touch upside again and roll or break out - or if could roll right here for an AB=CD
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