Thursday, December 20, 2012

Morning Charts 12/20/12 SPX /ES

Not gonna rage and rant again this morning. The distress, despair and disgust in general is overwhelming. We're definitely closer than ever to an "event" and crossing the line into 2013 scares the hell out of me. We've started down a path that has no exit. Our destiny has been set. It is now just a matter of time before all our excess and self absorption catch up to us. The Godlessness is ever apparent. We're lost and to find ourselves we must hit rock bottom, and that is where we are headed.

The minis are in a very peculiar place. I tried to briefly address this after the close yesterday. Try to keep up, cause this will be confusing. Price is at a junction of several patterns and support resistance areas the likes I have honestly never seen before. It appears technically that we're at the top of a point (in EWT terms a 2 of a 1 of a new bear market - I hate/despise EWT. I only use that terminology to describe where I think we are) where the last exit for possibly a decade is near. If not the top of a "2" then the Fed will drive one last tile for a higher high and that will be "the" top". Bottom line is we're VERY close to the end of this nightmare of rigged markets.

Minis 30m - Price has now failed to reach upper channel resistance of the overriding yellow channel off the 1341 lows twice. Price just failed to reach the top of the NT green channel resistance. Each event happened after the initial green rising wedge off the 1341 low support failed. This to me demonstrates massive weakness especially after the QEternity was announced.

Weekly SPX - I know, bout time I showed a different chart. The rising wedge scenariosyou see below are the final two I believe in the multi-year farce/recovery off the '08 low run. Either the top is set (black E) or the top will be set with the end of this run (pink E). In other words, this is it. Either we have topped or this is the last blow off bull trap run for possibly decades.

The daily charts I have been showing could and could not be ready. We're at a time where patience is required now more than ever, both with the market and with life in general. Prepare now if you have not. Time is short and fleeting, cause the end is near. It will be us against us and the government soon. Those "terrorists" that prepare will fare the best. Food. water, guns and ammo will be key. So, if you have not finished that Christmas shopping, the best gift may be a water filter or a bad of beans or rice. They may laugh now, but one day it may be the most important gift they ever received.

Happy holidays and Merry Christmas!

GL and GB!

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