“I can not even show you the way because I have no clue where we are going”
Now that I am done with “Leader” part (“Fearless” I might accept in a form of “Dumb” or “no self preservation mechanisms”) – charts.
What happened today?
Cycle, counts, mercury in retrograde, head and happy ending…you name it.
I honestly was in the fog in the morning and it took me a while to figure out why I cannot make any sense out of the morning action. As I found out I used workspace for 24 hours currency/futures trading for intraday SPY and QQQQ charting and therefore picked up a lot of irrelevant noise in the first few hours.
After I changed setting to “market hours only” the picture became crystal clear and I happily took a nap while riding short /nq position (opened, due to aforementioned reasons not at the best possible price)
If you take a good look at intraday (SPY) chart you will see that picture perfect I am talking about in the form of precise D-Wave structure. It started on Oct 2nd hit every price target with precision I have not seen for a while…where the hell are live trader let me ask? How much longer we will have to fight that cold brainless machine trading?
If the answer is “Forever” – that was correct and we’d better get along with the system. That chart will even explain (aside from nonsense like Dick Of Bove or Hedge Fund Blow) sudden drop out of the blue sky. Target for w5 was hit and after vacillating for a while right under price target dumb machines decided to sell into wA. And may be there was a lot of traffic today in machine world and they sold slightly faster than originally intended, hitting few stops on the way down.
Where are we now and what is in store for tomorrow (and I don’t care what made up Chinese GDP is going to be)
Based on daily charts (you all have those) we got back under long term trendline on SPY and failed to touch similar trendline on QQQQ (cubes is a laggard now – don’t we agree on that?) Looking at the very same trendlines I think there might be some slight additional downside for SPY down to 107.40+ area due to that area being TDST resistance of current Sell Setup Daily.
That makes sense on intraday as well, because anything lower than 106.80 would scrap such perfectly plotted w5 and wA and extend w4 and that would be boring. After 107 area will be hit SPY will move up not to exceed today’s high and will form wB in the next few hours of trading where and when it will start wC down. How steep it will be – I have no idea, but I bet we will not see crazy moves like today. (of course, looking at CCI SPY is so oversold as of close that it might just decide to go higher or gap on the open, the key to current wave structure will still be today’s high and we’ll take it from there).
By now most of you are familiar with my mambo-jumbo charting, so if there are any new people – don’t hesitate to ask on Disqus chat – someone will help you out of DeMark misery, but not me - not today – I am going to Dreamland now.
Thursday 11:40AM EDT chart update
Worked its way down to 1074 area like clockwork – I wish that would happen more often
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I’d like to express my gratitude to James P, Mike A, Linda E. for their generous donations over PayPal. It is especially appreciated in this not so simple for making money time.
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