Friday, August 21, 2009

Upside down week

Quick post and I will forget that market exists till Sunday night.

My game plan as of Aug 16th was:

quote ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

This is my “speculation” on what will happen this week:

S&P500 will NOT set new high till expiration Friday

On Monday it might attempt to run up (but not above 1012.44) – if no such attempt will be made all following time/price targets will be shifted 1/2 days back.

By Wednesday it will be slightly below 993 where it will start yet another leg up not exceeding 1005 (this is purely “fantasy” target – I cannot calculate the number until  W3 low is set.

The bottom line – if it will work this way S&P500 cash index will end this week slightly above 970.

end of quote ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

I was “almost right” on 970 – SPX did hit sub 970

Was right on “all following time/price targets will be shifted 1-2 days back.” – and was dead wrong on “no new highs”

All wave counts got reset, SPX is still in W3 UP, I think 970 area will be revisited next week.

My target for W3 still remains 1120 (with possibility of strong correction from current levels)

I entered weekend 100% NET SHORT on all accounts, substantial part of “active trading account” is in /NQ short @1626.75 (not the best price, but I am fine with that)


Please, congratulate Evil Speculator Molecool with winning draft to ring NASDAQ BELL on Tuesday August 25th – he will wear a Grim Reaper outfit :)