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sdembis Updated 

60 Minute chart (not shown): Consecutive 60 minute closes above the upper boundary of a Pennant pattern that has formed could project up to ~ 3203. Daily chart (not shown): - Previously depicted 'Consolidation Channel' pattern has re-generated another projection up to ~ 3377 after the first projection was negated with following consecutive closes back inside...

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1st bearish reversal pattern: Island reversal pattern evidenced on the Daily chart this week (June 04 to 10). -'Island' created with the gap up on June 4th and gap lower on June 10th, leaving the 'island' behind. 2nd bearish reversal pattern: Bearish reversal bar evidenced on the Weekly chart close this week over last week. - Traded higher than last weeks high...

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After getting stopped out of our initial 25% short position taken against the prior wave 'b' high at 2879.22 for approx. a 10 point loss, we stood aside to let the game play out. And play it out it did with the CTA's reversing from 100% short to 100% long. Reference: www.zerohedge.com The subsequent wave 'b' high 2954.86 (to-date), now becomes the line in the...

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With the leading NASDAQ index lagging somewhat today (Amazon downgrade?) and Oil perhaps reflecting more accurately the speed of any expected economic recovery as storage heads toward maximum global capacity, we're electing a 25% short position against the current 'b' wave Monthly high of 2879.22, with stops just above that high (a minimal risk trade with...

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Failure to take out 2844.90 (today's high) tomorrow (Friday, April 24th), will put us on high alert that the Weekly 'c' wave high of 2868.98 hit last week may have marked the high for the 'b' wave on the Monthly chart displayed here. However, we still cannot rule out that what we have marked as the 'a' wave here on the Monthly chart could still be interpreted...

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'Sirens' - "each of a group of creatures who were part woman, part bird, whose singing lured sailors on to the rocks" or "a wowan whose sexual attractiveness is regarded as dangerous to men" (say what?). Oxford English Dictionary While the minimum Weekly chart 'c' wave (not shown) has been established (assuming a straightforward corrective ...

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If one looks at an S&P 500 Weekly chart (not shown) with OHLC Bars, one can count a clear 5 waves down from the February high to the March low (where we have the 'a' marked on the Monthly chart displayed here). So what does this mean? It suggests that no matter which way you slice it, corrective moves that start with a 5-wave down structure are never the end...

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Somehow, ride 'em cow person didn't sound quite right. What a difference one day can make. - Not only filling the 2nd Quarter opening gap down but closing above the minimum .382 retracement level. The 'b' (or 2?) has finally found a foothold and gotten underway. What seems to be somewhat lacking however, is average trading volume surpassing that which...

sdembis Updated 

Let me see if I understand this ... Putin supports Iran. Saudi Arabia's arch enemy is Iran. Trump phones both countries and suggests they make a deal. Oil jumps on this and the market follows suit. "According to the International Monetary Fund, Russia needs an oil price of roughly $40 a barrel to balance its budget, while Saudi Arabia needs over $80 a barrel...

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Although reaching within a small stone's throw (2641.39 to-date) of the minimal .382 retracement level, the S&P 500 has yet to reach it … completely. Failure to reach it (or surpass it, for that matter), would tend to indicate a very weak market indeed. Tomorrow will likely mark the start of the 'b' wave retracement (optimistic interpretation). However, it is...

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The earliest a 'b' wave could be put in place in a larger (Macro) 'a-b-c' correction would be next month (April fools day?). 'V' bottoms are the exception not the rule. Long term momentum measures will not show any short term counter-trend reaction until the 'b' is put in place, i.e. they will still be on a downward trajectory, albeit shorter in measure IF the...

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Long term momentum measures rolling down with negative divergences dating back to mid-1918