Stay tuned. I believe I have identified several key indicator points that will give us the turn at least on the right day if not in the right hour (I hope). This is the second chart in my chartbook and you can see it much better in Stockcharts. I am working on the weekly version of this same thing. According to this I am now of the opinion this may possibly be the end of P2 as Kenny has qualified a valid ABC pattern and notes that the move up has qualified the retracement as valid enough for P2 to possibly be over. It sure looks like the end of a cycle in all ways. If it is not the end of P2 and just (A) of 2 then (B) should be pretty strong. 770 to 750 range. We'll have to see. It would not suprise me to see this manipulated market make a shallower pull back and remain overbought. GL today.
UPDATE: The weekly chart still has room to run. Maybe this turn down will cause a reversal in the weekly, but maybe not. Weeklys look like they want to run still. Who the heck knows?
Anxious to hear what you have to say. I think this week will be a consolidation not for a breakout but, a breakdown.
ReplyDeleteI like this P2 is done theory Shank. Hmmm ....
ReplyDeleteMakes sense given the earnings picture and all my indicators at historic SCREAMING SELL levels. TA tends to win. Plus this is a major Pi Cycle turn date.
It's perhaps all coming together.
Here's another topper:
http://i40.tinypic.com/2uztndj.png
Is there any way to post clickable links here?
S135
S135 - Don't know about the clickable links. I need to stop charting for a night or two and learn some more about this blog thing and how to set it up. I'll check. The weekly indicators have me a little off right now, but this turn may hurt some bears. Hope all are out of TNA or someone is gonna get hurt. Thanks for visiting.
ReplyDeleteshanky
ReplyDeletelove the theory of end of p2. this has legs. i will start thinking. i am a kenny, and dan follower and a skf lifer.
love the way you put gaps in yellow on stockcharts.
if p2 is over and we have a start of p3, lookout below 666. a of p3 would be however an up wave. b of p3 would in oct perhaps. i have to check but if p2 was a short one (compared to p1 that lasted about an year), p3 will be have same length as p1. so Oct for B of p3 makes sense.
may be getting ahead of myself but you gave me a fresh thought. i took short positions when spx hit 873 on friday and loving the conviction. not cocky about it though, since i could have been wrong if bac had been recieved well.
linus