I had two scenarios. Overnight, it seems the market has chosen the top one. I include the lower one because of where the market closed yesterday, but it seems like it may be invalidated today.
I see the S&P rising as high as 1365.96 in a b-wave before rolling over and heading to 1327.95 for a Fibonacci 1:1 relationship. I could be a buyer there for a run to new highs over 1380.
This chart is part of the reason why I got flat yesterday afternoon. I saw the market stalling at a 38% retracement of the move from 1378.04 just as I was starting to feel sleepy (needed a nap because sometimes around the full moon, I don't sleep well). I did not want to tempt fate. Just a simple 1:1 Fib move would have targeted 1315.97.The full moon was 4 hours ago as of this writing. Perhaps it pulled the market higher overnight. I would have thought it would have accentuated the current trend. Now I'm thinking it sort of did; it's telling us to get ready to buy because the trend is still up.
The last scenario is that 1340.03 WAS the buy. I hope not. I'd have to blame it on the moon
First scenario makes the most sense but this market might go for the last one.. thanks for mapping all three out so clearly! k
ReplyDeleteWatching to see if $spx can even clear 1363.63.. the high from the 1340 down day. (maybe the correction of the year day! lol) k
ReplyDeletethanks, and glad you liked the charts. i'll try to do them more often. stepping out 'til almost noon today and can't wait to see what the market gives us.
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