SPY SPX SP-500 still on track! Harmonic patterns everywhere!
Bat, Butterfly, Crab? everywhere!
Wow! what a great reversal day! Started with a gap down and totally reversed up! If harmonics are still playing out nice for us, we are about to approach a butterfly completion (yellow) soon. I like the area just above it in the sell zone... might be a bit greedy, but that would complete a small wave 5 (pink) of 3 up (blue). This area also begins to "bump" and hit resistance (green lines) that goes back to last year. It will be interesting to watch a failure at that point. I'm looking to sell the profitable April call options near that point.
Next we see the heavy red line that had been support since the lows back in 2009 and 2016! That support obviously broke back in Dec 2018. We hit that red line the other day (as shown) and promptly dropped into the FED SPEAKS low label.
I fully expect that once again the market will hit this line and briefly try to break above it, but again will drop and fail. In fact, I think the market will begin to "Churn" around this red line for a few days. It will need a lot of energy to give us a final breakout above.
This is a lot of forecasting ahead, as channel lines are "eyeballed" at this point. But so far the Old Fart is making good money along with others :)
Here is another Old Fart thought for tonight, - the possible Crab Pattern (blue) could be in play!
Again, this pattern also lines up with so many other factors. Notice the termination of the Crab (upper right). Right in the red sell zone that we've mentioned for the past 2 months. The recent activity of wave counts, with past long term Harmonic pattern termination points (yellow crab and pink shark), are all getting close in price expectations. This gives us a high confidence to be Bear Market sellers at the 287+ zone....
Although I am Bearish for the long term bear market, I have April calls that I would like to sell soon. Maybe a quick put option to blue wave 4 low, and then reverse yet again for the final push for yearly highs...
Lots of info on the charts, many methodologies, and patterns, take your time looking if you would please. We are getting close to the top of this years highs soon :) ... (then look out below)
Thanks, Old Fart
Wow! what a great reversal day! Started with a gap down and totally reversed up! If harmonics are still playing out nice for us, we are about to approach a butterfly completion (yellow) soon. I like the area just above it in the sell zone... might be a bit greedy, but that would complete a small wave 5 (pink) of 3 up (blue). This area also begins to "bump" and hit resistance (green lines) that goes back to last year. It will be interesting to watch a failure at that point. I'm looking to sell the profitable April call options near that point.
Next we see the heavy red line that had been support since the lows back in 2009 and 2016! That support obviously broke back in Dec 2018. We hit that red line the other day (as shown) and promptly dropped into the FED SPEAKS low label.
I fully expect that once again the market will hit this line and briefly try to break above it, but again will drop and fail. In fact, I think the market will begin to "Churn" around this red line for a few days. It will need a lot of energy to give us a final breakout above.
This is a lot of forecasting ahead, as channel lines are "eyeballed" at this point. But so far the Old Fart is making good money along with others :)
Here is another Old Fart thought for tonight, - the possible Crab Pattern (blue) could be in play!
Again, this pattern also lines up with so many other factors. Notice the termination of the Crab (upper right). Right in the red sell zone that we've mentioned for the past 2 months. The recent activity of wave counts, with past long term Harmonic pattern termination points (yellow crab and pink shark), are all getting close in price expectations. This gives us a high confidence to be Bear Market sellers at the 287+ zone....
Although I am Bearish for the long term bear market, I have April calls that I would like to sell soon. Maybe a quick put option to blue wave 4 low, and then reverse yet again for the final push for yearly highs...
Lots of info on the charts, many methodologies, and patterns, take your time looking if you would please. We are getting close to the top of this years highs soon :) ... (then look out below)
Thanks, Old Fart