Happy Halloween!

I'll have to update (gladly for once) a whole bunch of charts and get a game plan together. For those of you that missed Kenny's day today, go read the thread. It was sensational all day. UGA v FL world's largest outdoor cocktail party this weekend. I think the dawgs have a chance.

Have a happy and safe halloween!

OK - Just one Spooky chart

Monthly SPX - RSI could not get to the 50 line and is reversing and price closed below the 20ma. See that lower black wedge support line? Spoooooky isn't it?

My Dollar Chart

I don't see much more downside at this time, but they could just surprise the hell out of all of us as you hear targets in the lower 70's on the MSM. Bottom line is it looks oversold as all get out. It is at support. IMO a throw under of the E touch of the falling wedge right near the target for a 5th wave. Get real. It should be preparing for launch. Look for RSI to crack the down trend line as a key. This in combination with the VIX chart below and the SPX and you get a brew that is screaming TURN. Have your stops in place and a plan for entering the trade just in case "they" decide to play the devaluation card again.

NOTE: This is a daily chart, and I prefer the weekly charts for major turns. I'll build one and let you know if my opinion changes.

Weekly VIX Chart

Looks like a completed ABC to me. You can see the black fib that is used to measure A and C. 200ma supporting price that is having a positive divergence with SPX. All indicators dramatically oversold. One last trendline to cross.

Will it cross it or will it be rejected? If it does cross look for a 5 wave move up. If not, then this may be a 5 wave move down and we're gonna get a truncated 5th wave. Believe it or not there is still plenty of room of the VIX to fall yet and the triangle formed here could be a 4.

Tech Is Toppy - GOOG Is Almost There

One chart will tell the story, GOOG weekly. At the top trendline with and ending diagonal at the top of the BB in a strong resistance zone from $475 to $500. The indicators are extremely toppy with precious room left to run. Some are calling it a completed 5th wave and some a completed ABC. I don't care what they call it. The chart is there.

When GOOG pops the rest will follow. When the RSI crosses the trendline, look out. The table is set. The falling wedge is in place and it will play out. Will the E touch of the wedge make the bottom trendline or even have a throw under? Way too early to speculate on such things. Let's just get the market heading in its rightful direction first and we'll read it from there.

At one time back in April I went to call tops and pullbacks in all of the tech stocks. Since being horribly wrong then, I have remained quiet and patient. Could I be wrong again? Absofreakinglutely! The manipulated bullshit bit me in the ass once and it did not feel good. Do not want to go there again. I hope I am right this time. If not, don't blame me. Blame the manipulators.

GL trading.

Chart may be viewed better HERE.