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Wednesday, May 9, 2012

SPX, VIX, Nasdaq, Chevron: Yesterday's Targets Hit, but Bulls are Probably in for More Pain

My expectation heading into yesterday was for strong downward movement, followed by a possible bounce, which is exactly what happened.  All my first-tier targets across stock indices were reached, with the S&P 500 actually breaking below the 1353 target before bouncing.  The Nasdaq broke below its target by a miniscule percentage as well. 

The big picture seems fairly clear to me: the intermediate trend has changed.  I can't be 100% certain yet, obviously, but unless the bulls can suddenly pull out a miracle (read: new liquidity flood from somewhere -- i.e., the Fed or the EU), the pattern looks pretty straightforward.  This could mark a very major turn for the markets, with the ultimate expectation being that the October lows will be broken at the minimum -- and with the distinct potential for things to get much worse.  As it unfolds a bit further, we'll look at longer-term targets.

The immediate intermediate (try saying that five times fast) picture is shown below on the SPX chart.  The expectation is that this decline is only part of a much larger decline, which is in turn part of an even larger decline.




The question I've been trying to answer tonight pertains more to the very short-term picture.  It's possible that red wave i bottomed yesterday, and the market could now be in the process of forming red wave ii.  This probably makes the most "sense" from a technical perspective, but when I study the one-minute wave counts, I'm more inclined to believe that there's at least one more slight new low coming before the larger wave ii snap-back rally.

I've outlined both short term potentials on the charts below.  In the grand scheme, both views are intermediate-term bearish -- so this is simply an attempt to pick apart and analyze the smallest wave structures.

The first chart shows the view I'm favoring by a margin of 70% to 30% vs. the second chart.




There's certainly enough squiggles on the chart to count the decline as complete, and it always gets dangerous trying to chase that last "maybe" wave.  In any case, I view the count below as the less likely short-term resolution.





There are also exceedingly bearish ways to count the short-term picture, which would have the market only winding up for an even faster drop, but there's no way to know ahead of time if those are going to play out, and they're always the underdog -- so I'll save those options for discussion only if the 1340 zone is materially broken.  That's really the key level to watch at the moment, in my opinion.

The Volatility Index (VIX) chart reveals the potential danger of a more immediately bearish resolution.  The VIX is commonly called the "Fear Index" by the mainstream media pundits, who have nothing better to do than sit around thinking up clever names for things. 

Anyway, the bottom line is that what's good for VIX is bad for stocks, and vice-versa.  The chart shows that the 21-22 resistance zone is important for VIX, and a breakout there could send it rocketing -- which by correlation implies that stocks would be plummeting.  If my short-term counts are correct, that zone may hold one last time before it breaks.





I want to share a couple quick charts which indirectly support my view that the markets could find temporary support after the next new low (assuming my short-term interpretation is correct, and they haven't already bottomed wave i).  First up is the Nasdaq Composite.




Next up is Chevron (CVX), which I believe has a little farther to fall before it puts together a more significant relief rally.  I'm looking for it to hit 100 +/- on this wave.




And finally, a look at some simple short-term support and resistance levels for SPX.  These charts are often handy for quick reference during short-term trades.



In conclusion, I believe the trend has changed at intermediate degree, and that the bull market is most likely over.  The market is in a very dangerous position now, and barring a substantial change in the environment going forward, I believe bounces should be sold. 

Over the very short-term, I do expect at least some slightly lower lows before a larger bounce develops... though I'm less certain of this view than I am of the intermediate view.  Trade safe.

Reprinted by permission, C 2012 Minyanville Media, Inc.

453 comments:

  1. Indeed.  My preferred count of yesterday as wave (4) is looking pretty solid right now.

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  2. Good Morning,  In looking at your last chart, I am not seeing the differnece between the example of divergence working and not working.  Can you recommend a source to further understand MACD?  Great work the last few days!

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  3. This is gunna be interesting to watch. Global Sacks just upgraded AIG to a buy, will it put in the EW4 'C' on the upgrade and then take a dive down to the 5 locking in the muppets? This will be a good test if EW TA works.

    http://screencast.com/t/X5XXm9Kjex

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  4. Thanks.  Basically, there was no divergence on the first one.  Just a V-bottom that took off from there.  No retest of the "confirmed" low, in other words.

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  5. My favorite part of the night/day.  EVERYTHING'S DONE! 

    I'll be back in a few, gonna go eat something and sit in front of the TV and not think about the durn market for at least a few minutes.  :)

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  6. Thank you PL. It looks like you were writing a marathon.

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  7.  Quote from Bloomy "it is not the level we dropped to but the speed of the drop. . . "

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  8. Trade safe -> Trade safely.

    I like the NASDUCK that you slipped into the chart.

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  9. PL,
    I noticed that yesterday's article showed up on Minyanville, and that there is a new Minyanville copyright at the end of the last two articles.  Have you come to a formalized arrangement with them?

    Just curious...

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  10. Thank you again PL, from the bottom of my pocketbook. :-)

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  11. Thank you for another transcendent article....You're making me break out my Thesaurus, cuz I'm getting tired of writing "excellent". You are your very own ascending extended 5th. Thank you for raising the bar every day.

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  12. Hell ya...it'll be interesting from an EW view, as well as a re-confirmation of the Squid Muppet Contrarian Indicator

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  13.  lol, Lord Blankinstare included

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  14. The worst part is that he prolly sleeps like a baby at night.

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  15. Agree 100% - thanks PL!

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  16. I have confidence of lower prices over the summer months, just because of the seasonality effect and the fact that the FED wont act until their Jackson hole meeting in August. Well, thats my expectation, anyway.Its like playing the same record over and over again. The next move by the FED, however, will be very interesting ...

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  17. It's his gilded crib, complete with "blankies".

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  18. is this   a possibility?  i suppose 1340 is still support benchmark for next leg down...   momentum inertia  makes the world turn. 
     http://twitpic.com/9j322k/full

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  19. "blankies"...I dunnowutusay...first class :)

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  20. Another drop-and-pop day? :)

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  21. Katzo , lets see if we bottom today at SPX 1340 ,, or not :-)

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  22.  If we dont stop at 1340 on SPX --- then it could get really nasty and 1290-1300 would be reached by next week imo

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  23. Quote of the day: "Even Ireland, the bastion of austerity, is revolting." - MSNBC :)

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  24. Let's   hope "revolting" is a verb ...

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  25. Curiousmind3861May 9, 2012 at 3:51 AM

    Some bulls are playing the triple bottom on the ES, is that what you are seeing?

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  26. Katzo, yesterday you mentioned 'Wanda' and I believe before others have mentioned someone showing up (assume it's 'Wanda') as a contrarian indicator.  Is that who you were referring to and what is this person's screen name?  I'd like to know to be on the lookout for his/her next appearance.  Thanks!

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  27. Monkey see, monkey do.

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  28. "Trade SAFE"  ;) 

    It's like "be safe."  It's my tagline, man.  :D

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  29. 48 ES was high, ST indicators shifted to sell

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  30. Something to do with Wrong Way Wanda Contrary Indicator ? 

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  31. take a look at $RUT which has a toe over that H&S line discussed last week

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  32. Katzo where do you think we bottom before a bigger bounce/rally :-) ? I still think 1340

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  33.  Yes, that is it.  The 'WWWCI' - who is this person - what is their screen name?  Is it really that pronounced that things shift as soon as she posts - she's always on the wrong side? 

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  34. I didn't notice someone showing up, I did not have time to go back and read past posts. Screen name, that is the problem. He/she/it has about 14 of them now but one can recognize the slang gutter vocabulary. JB can recognize the posts too.

    Past history of some of the WWWCI calls:
    AAPL to 300 [it went to my tgt of 638]
    Then WW. . . right at top ~ AAPL to 1000 [I called the top, it immediately sold down to 555]
    Oil to 150 a barrel [it has been going down ever since]
    Gold to 1500 right at top, gold to 5000 before the top (excellent research)
    GOOG to 800
    SPX to 1525

    Best indicator I have ever found.

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  35. Dear Bulls,

    I just wanted to extend an very special, exclusive 1-day only invitation to our Grand Opening of Katzo's Candles. Don't miss out on this limited time opportunity to exchange those old, worn-out, out-of-style, and barely functioning green candles for our exciting new line of "RED KATZO's". Just remember, it doesn't matter how long the wick is...as long as it's red. Look forward to seeing ya soon.

    As always, Nothing but respect and admiration,
    Your friends...da bears

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  36.  chop with an up bias now, VST

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  37. With VIX expiration being next Wednesday, this is too scary for me.  I cannot do what an advanced emotionless robot can do! lol...  I done and out for the rest of today (too scary for my poor heart).  I still am holding the May Strike 30s that I sold last week.  I still expect them to expire worthless by next Wednesday.

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  38. You crack me up! The day you make a killing using this indicator, it should commemorated henceforth as Wanda Appreciation Day. ,,,LOL

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  39. You're so funny, WL. You need your own trading robot. -DD

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  40. You are so nice.

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  41. my ST indicators keep on switching from up to down rapidly, either forming a base or setting up to break that 1342.50 ES level, I think the latter.

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  42. You'll know it when you see it...mostly anger and insults linked with predictions...gotta keep it on the DL...don't want to mess with success.

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  43. Yeah, as I said at the time, the odds for VIX during a third wave are way too risky for me to be selling uncovered calls.  Even if the odds are only 1 in 10, are you going to make money on that play if you take it 10 times and it hits once?  Or will you lose money?  That's how I look at this stuff -- anything else is gambling. 

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  44. It's weird...every time I ask nice, they seem to cooperate for a good part of the day. Positive energy in the universe kinda thing I guess.

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  45. lol -- I love when Minyanville has been publishing new stuff all morning and my article from the day before is *still* #1.  Thanks guys.  :)

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  46. you guys are really funny today, ". . . those old, worn-out . . .green candles."

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  47. But the bulls know to defend 35 - 40 don't they? ;-)

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  48. and I didn't even have to hit refresh like a zillion times...keepin' it honest.

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  49. (whispers) understood.  wink-wink

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  50. I would just like to take a moment to pat myself on the back for my short-term EWT work.  That was a tough call to make last night about yesterday being wave (4) and not wave ii.  Looks easy now -- but it didn't look easy at the close yesterday.  :)

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  51. Well, your stuff is actually leading. :-)

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  52. Go Pretzel!!!!

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  53.  . . . yeah, sure, testosterone-based TA [T-B TA], I am so sure of this prediction and nothing can go wrong with my call that I will announce my brilliance to the world, usually a very faulty endeavor. . .

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  54. Speaking of MV, the new article's up.  If you missed reading it here on the blog, please be sure and take a moment to "read" it there.  They use a white background with black type!  ;)

    http://www.minyanville.com/business-news/markets/articles/technical-analysis-elliott-wave-elliott-wave/5/9/2012/id/40891

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  55.  yes sir reeeee

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  56. DOW down 180, do we have a 180 to 220 rule facilitating the break of my 42 ES level????

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  57. Oh you're kidding.  I just got an email from them... In the future, now they want me to resize the charts too.  :/

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  58. I know it's tough to throw yourself up on the stage and think out loud to the world. It takes some serious intestinal fortitude to do that every day. Tip of the hat to you....and remember that you *do* know what you're doing. It's cool.

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  59. go back and look at my posted TVIX chart, it jumped over the TL, up 10%

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  60. Anyone thinking of going long or waiting to see if we get right to 1340?  We are right at w1 = w5 in this impulse down from 1415.32.  I'm tempted here.....

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  61. SPX below your 1344 target, I'm out.  Thanks for the guideposts!

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  62. Things to do this morning...#42 Resize the charts.

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  63.  XIV is great reverse play on VIX deflate as guys here play..  credit to those who pointed that out months ago

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  64. Another quote of the day: "Yahoo's board is spending days on what to do with Thompson now, but not a minute on due diligence before hiring him." - Dan Loeb, Fund Manager

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  65. Curiousmind3861May 9, 2012 at 4:45 AM

    so does that mean we go up from here to your retrace level 1360?

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  66. Stopped out of ES shorts at 1344.  + 15.75   :)

    That *could* have been all she wrote for this wave down.

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  67. Is the reason you use white on black so you can work in the dark, or does it not even matter until you post it?

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  68.  very fast mrkt, missed that, was busy, twin pipes on the 15, we go up for awhile, back to 60 area?

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  69.  i bought tiny option  TNA calls..   a at open for pretty cheap..   my account is zilcho but have a couple short term plays left and a couple longer out..  :)

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  70. Prelim. retrace target is 1370-1385.

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  71. This looks like a typical bear market V-bottom.  They're usually fast and furious, to trap the slow shorts.

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  72. Nice work, herc.  Good discipline.  :)

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  73. Lots of bullish divergences at that 1343 low.  Could be starting wave ii up.

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  74.  Will the short squeezes get more radical as these swings get longer and faster before the main event (VIX above 25-30)  ? 
    seems soo many are excited to short market ( me included :)  Its like first snowfall dump and everyone is rushing to the slopes without buying the lift ticket  haha

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  75. outta my shorts

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  76. The short squeezes will become insane toward the middle/latter phases of a bear market.  It isn't uncommon to see 30-40-50 point intraday swings in SPX during a good bear market.

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  77. Are you referring to your Daisy Dukes or something else?

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  78. It's a good vibe :)...plus I'm not snow blind by the end of the day :)

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  79. ohhh chit, don't bring that up, we will have to look at hundreds of photos of back views of overweight men. LOL

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  80. Curiousmind3861May 9, 2012 at 5:06 AM

    Quite a reversal in NUGT today. I got in at 9.06, dropped to 9.02, now it is at 10.11, sold at 9.95 happy day. 

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  81. Curiousmind3861May 9, 2012 at 5:07 AM

    no retest of the low before a real launch higher, just to screw with the bulls too?

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  82. Is anyone else seeing that Disqus isn't working at Minyanville?  Or is it just my computer?  I'm wondering if they got rid of it (possibly related to some of the discussion on my article yesterday)...?

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  83. I plead innocent...it wasn't working yesterday either.

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  84. Bulls don't want to see this fall back below 1351 over the very short-term.

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  85. I'm out of short positions and standing aside.

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  86. This picture still cracks me up.  The startled look on the Nostra face is so at odds with the campy redneck body.

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  87. It's almost like he's saying, "What am I doing on this campy redneck body?!?"

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  88. Once again...I present a tribut to "Blue"

    http://www.youtube.com/watch?v=4358o066t5o

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  89. Took a small ES short at 1353.50, just in case.  It's a perfect 3-wave rally at the moment.  Prolly close it for a quick gain.

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  90. I played it with DUST 55 puts - Got a quick double but probably exited the trade too early

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  91. I dunno, I've never had a prob with Disqus working, so it might have something to do with localized edge servers working out.

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  92. the SPX reacts to the 1340's like curriencies react to central banker interventions...

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  93. SPX 1351 still the level for bulls to hold.  1348 is absolutely crucial very short-term.

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  94. I'm still more bull then bear on the american indices. Could be the a of the 4, but looks good like it is. If it is getting lower I would prefer a double 1,2 instead of the 1,2,3,4 count.
    A "don't sell in Mai" scenario. Maybe not the most likely, but do not forget it. 
    http://img829.imageshack.us/img829/3534/worldindiceschartsrealt.jpg

    €/$ is at a crossroad. Could be a triangle finished, or it has to fall fall fall. :)

    http://img225.imageshack.us/img225/4672/forexchartsfreeforexcha.jpg
    Good hunting everyone. 

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  95. appears we are gunna have a hell-of-an engulfing on the 120 ES

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  96. FYI - the earlier V bounce seems to be tied to rumors about whether Greece will get their promised payout tomorrow - based on the fact that they can't seem to form a coalition government at the moment.  Plus, the ECB says the "package" is non-negotiable.  CNBC says there will be a formal announcement at the top of the hour.  May impact markets.

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  97. Or a quick small loss, lol.  Out.

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  98. tv said  speech in 30 minutes on  europe  saying could rally market.. caution.. 

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  99. Looks like a clean 5-wave move up now, these levels are no longer relevant.

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  100. A gift, especially with gold down.  Check out the series of 6 up bars on the weeklies for the last 3 years on NUGT.  Could this be the start of something bigger than a one day wonder?  Watching, waiting - for gold to bottom.  Do the miners preceed?
    More research.

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  101. When watching the price action, my take was that ES 35-40 was the zone of defense. But the downdraft was stopped at 47-ish, with thin probes below. That was telling me that there was a lot of dip buyers in the wings, waiting for the best possible prices...and a lot of them was willing to bid ahead of the crowd. -DD

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  102. looks like 5 up again ... unless it's just going to run away

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  103. FWIW - Astro $.02 - We are in a ST/MT reversal zone between now and 5/15 due to Venus retrograding 5/15 - I'll post backtest correlation charts later today. 

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  104.  I'm flat...

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  105. I am using $RUT/DAY as a LT guide, I said 770 would turn this EW ABC into an EW 3 down, here is a pic of the big H&S. As you can see it is all in that area.  We just had a hell-of-a bounce off it this morning.

    http://screencast.com/t/9ypV5YdZh

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  106. Thanks for that info.  You'll get a piece of my (assumed) profit on this trade.  Warning:  I'm playing small on the long side. 

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  107.  Pretzel, excellent work!  Also, do you have any short-term viable counts that put a high in right about here (SPX approx 1360) before going lower?  So often lately the market makes a turn around when Europe closes (within an hour or so), and I'm just trying to see how that would or could play out.

    Thanks, and keep up the great work!

    John

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  108. Perhaps we're approaching/at the top of A of red ii on SPX. PL, your charting is amazing...

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  109. Yeah, this is the count that makes me a bit nervous, but I currently don't think it's going to happen.  Lots of indicators turned down with this wave.

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  110. Isn't it funny how they knew to start the rumor right in my target box?  I see a clean 5 up, so should be a rally tied to whatever the news noise is.  It will be received bullishly, most likely.

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  111.  I see that too.  Maybe my count is wrong but w3 looks shorter (by what I was looking at on my chart) than w1 meaning w5 has to be the extended.  Points to 1363++ at a minimum, right?  Perhaps I'm reading it wrong. Feel free to poke holes in my thoughts on this!

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  112. I see the GDX pop as a false start, will prolly be one more trip down before the real thing. JMO, but what do I know. . . 

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  113. Curiousmind3861May 9, 2012 at 5:55 AM

    what is after 5 wave up, some down action to come?

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  114. More than the "average bear".   Thanks for this!

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  115. What's that gonna do to the markets when everyone thinks the same way? lol

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  116.  Nice timing.  I got in at 9.58, still holding.  I love trading the NUGT/DUST dynamic duo.

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  117. I count five waves down in eur/usd too.  Fell a hair shy of my targets, but I closed shorts there.

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  118. Thanks.  I think we put in the high for this wave, but I think this decline is only a correction before we go higher. 

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  119.  i am getting a sell signal here, dunno, did not take it

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  120.  that is a pretty big candle, this could override my TA.

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  121.  I do too.  Hopefully you can keep us updated if you change your mind!  :)

    On a totally separate note, you previously stated that there is really only one book necessary to learn Elliott Wave theory.  Can you link or post that when you can?  (do you still get money for links and purchases?) 

    Do you use Elliott Wave theory to make 90%+ of your trading decisions?  You seem to do very well with it!  :)

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  122. I  see  a possible .618 retrace toward the right shoulder ending just below your DT line - around   809.5.  Figure (fib) 5 or 6 trading days. ??  Too much retrace?

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  123. Hmm... this is a little tricky here (when isn't it?) -- you could still count this as an a-b-c up.  I'd like to see one more new high to confirm the impulse up...

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  124. NUGT patterns GLD fairly closely.  I haven't noticed it leading or trailing.  Both are have been stuck in a downward channel since early March.  I have been playing that channel pretty successfully since then.

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  125. Weird, did my last post not come through?  I was saying that it was still a bit vague, and on the 1-minute, you can still view this as an a-b-c up.  I'd like to see one more new high to confirm an impulse up. 

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  126. yeah, just trying to identify a ST topping point.... of course, 5 up generally implied another 5'er later... although is crazy, whippy markets....there can be 5's all over the place ... as subwaves of B waves etc.

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  127. AAPL is taking off today, my TA said the recent sell off was an EW4 and it had one more run up. AAPL can go counter to the mrkt direction too.

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  128. A bounce here (1355) might do it...

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  129. I have wave 3 as the longest in the chart  ( 1 -- means 1 of 3, 2-- 2 of 3 ) etc.

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  130.  thanks Pl..  just to be clear, new high from what number?  today or big picture?

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  131. Here's what I'm looking at, re: the post below...

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  132. See chart above for context.  :)

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  133. Some of you may or may not have seen the article I published exactly two weeks ago entitled "Why Does It Agonize Me To Get Bullish."  For one reason or another, that particular piece quickly soared to the third "most read" in the brief history of my little blog over there.  In fact, a couple of trolls read that title and perhaps the first paragraph and then proceeded to announce to the world that "Short the hell out of the markets... AR has gone long at the top.", lol.

    The fact is that two weeks ago the market was sending very mixed signals.  It was visible everywhere within the markets and within the blogosphere itself, as witnessed by so many differing opinions by bloggers.  I wrote that article mainly because I was confused and needed some hugs.  I have just now published the article that answers all those questions of two weeks ago.  So with the gracious permission of Mr. Pretzel, I am particularly happy to provide a link to this morning's offering.  One thing you might appreciate is that I do my own thing.  I am honest... true to myself and absolutely refuse to pull the wool over my own eyes.  It's particularly gratifying then, when my own totally independent analysis lines up so beautifully with that of other people I respect as much as the author of this blog.  I think you people are going to really enjoy this one.  In fact I think PL would enjoy it too if he gets time to take it in.  Respectfully submitted:
    New Bearish Developments - Agonizing Questions Answered

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  134. Bonjour!  Your English is excellent.  I'm in the same time zone.(??)

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  135. CSCO after the bell -- just took a glance at the 100 day chart.... i only spent 30 seconds...but looks like a possible ABC correction down over the past few weeks where A and C are about equal ... could be set for a pop...got to go get my hair chopped off
    will look at it in more detail when i return

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  136. don't you love trolls, they have the comprehension of a flee, they only jump....

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  137.  I understood your chart, I was trying my hand at labeling myself on my own chart.  I see where I was off after I looked at yours further in depth.  However I am intrigued as where I was thinking a 5 would point to is exactly where PL has his target on his newest chart just posted in the thread up above.

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  138. I have even a worse idea for the - you may remember, you asked me - wave down until start of october. As a C down. Ending a running 2.... 

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  139. Please. Trimmed. Groomed. Styled. Zhuuuuushed. Anything but chopped.

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  140. Curiousmind3861May 9, 2012 at 6:37 AM

    I got out the lot I bought at 9.69 from yesterday at 10.56 today. Looks like a heck of a short squeeze, though

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  141.  Still on a sell signal, could be next attempt to break 42.50

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  142. Katzo, would you be inclined to possibly view the ES move off the low to the high for the day as the beginning of a w1 up w/ this being the w2 retrace?  I see the fib retracements are .382 = 1350 .50 = 1348 .618 = 1346
    Thanks

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  143. Curiousmind3861May 9, 2012 at 6:44 AM

    break 42.5, i'd love to see that. But would that be contrary to PL's new posted chart about another up to 1360??

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  144. Looks like we will take out new lows before close today imo ,, 

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  145. I use EWT for the majority of my trades, but not exclusively.  Sometimes I use more basic TA.  I like a combined approach, as I think EWT doesn't work as well used in a vacuum.

    Anyway, yes, *anything* you purchase through Amazon credits me a small amount -- all you have to do is get to Amazon via the blog link and I get credit for it.  Even if you're purchasing a bird bath or something.  Doesn't cost anything to you, but I get a few bucks for "advertising" Amazon.  TIA   :)

    Here's the link to the "bible" of Elliott Wave. 

    http://astore.amazon.com/pretlogi-20/detail/0932750753   

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  146. possible, 50% is 1348, 61.8% is 46 es, break 46 level and a good chance we retest low

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  147. Quite possible.  Not encouraged by the ST action.  See the chart I posted -- not sold on the rally as an impulse.  Could be yet another 4th wave.  I counted a number of possible 1-2 nests -- hard to resolve to satisfaction, but the potential definiely exists for another wave 5 down.

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  148. Bulls probably need to turn the market up right here and now...

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  149.  that reversal this morning did serious ST technical damage.   It looks like ES may just back testing the trend lines it broke on the 30 and 60 minute RSI ... if that's the case we could see an up move after 1 ...

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  150. Pretzel ,, a clear top hs pattern on QQQ and RUT over past 2 days imo ,, targets lower ,, think they will play out

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  151. Alright, much as I hate to leave you guys in this snake-oil market, I only got 4 hours of sleep yesterday (plus 15 minutes on the couch tonight) -- so I'm in desperate need of rest.  GL   :)

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  152.  Fully agree PL, this is where TA gets good, was just gunna post same, two independent analysis a the same time. . .

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  153. Thanks for your hard work PL.

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  154. They only truly target lower if the neckline breaks... until then, the neckline isn't a neckline -- it's simply support.

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  155. I've been wanting to buy CSCO for a while now.  Didn't have my IRA open in the late fall when I would have loved to grab it at those prices.  Maybe if we get a nice downdraft assuming we get the ii bounce it will look even better.  I saw a list one time of the companies CSCO purchased back in the late 90's and early 2000's when they were buying companies literally several times a month.  It is amazing to see the acquisitions.  I can't imagine the team of people they needed to pull that off and see each one through.  

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  156. possible. Is a big one. ;)

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  157. So far, they're doing it.  If bulls can run it up to a new high, that would give them the all-clear in my book.  Alright, I'm off to sleep.  :)

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  158. What happened to the news announcement that was supposed to hit around noon about Greece?

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  159. I think they heard you ...

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  160. Off topic: Did anyone hear about the WV Democratic primary for President?  You gotta read this!  When a prisoner gives you a run for your money that might be signalling something!
     http://www.latimes.com/news/politics/la-pn-texas-inmate-wins-41-of-the-vote-against-obama-in-wv-primary-20120509,0,1956772.story

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  161. Thanks, and rest well.

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  162.  May you dream of impulse waves, neckline breaks and bullish jiu-jitsu kicksaves.

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  163. You're a riot AR. You can hang out in Pennsyltucky anytime. :)

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  164. Curiousmind3861May 9, 2012 at 7:25 AM

    any target for this up? one heck of a candle just now on 5 min

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  165. Greece gets $6 Billion tomorrow..     market liked it

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  166. Okay, Greece gets their money for now -however, without austerity measures, there will be no more for June....
    Same song, second verse, a little bit louder, a whole lot worse.

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  167. Greece got the money. The can is kicked down the road, till June. When it will be on the hook for 10 billion euros in austerity savings - if the Greeks can form a government by then. :)

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  168. CSCO looks like it might have made a LD down  --- implying the possibility for a big retracement wave back up- they report after the bell 

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  169. Jeez, the Katzo Corporation has two Maseratis, one Ferarri, one Porsche, three houses, and needs to reassess its outstanding loans. Who can I contact for a billion or two?
    j/k

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  170. Looks very much like this played out with a slightly extended (4).  I closed my short and went long for +8 pts ES.  Flat for now until I see a good entry point for a longer term trade.  Thanks for all your great work, PL!

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  171. I knew those ECB bunkos would cave in again. 

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