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SPDR S&P 500 ETF Message Board

  • series7_trader series7_trader Apr 23, 2013 7:35 PM Flag

    Markets technically setup to .... DROP HUGE !!!!

    Head & Shoulders litter the broader averages, be careful out there kids.

    Sentiment: Sell

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    • Yes, but almost zero bearish technical setups have worked the past four years.... mathematically, the charts are tilted at a positive angle and stretched upwards.... at some point, that will all have to change.

      There are only two possibilities, IMO: 1) the economy actually does improve, where companies actually start hiring and spending (and doing it with interest free bank money), which will lead to a sudden surge in inflation... or 2) some event much worse than Cyprus and worse than Lehman punches the market in the gut

      Unfortunately, I don't know how you time #2, so I am left only with #1 as an option, which means the markets will have a long way up to go, with only small corrections here and there, because the economy is not going to do anything with the government in the way like it is.

      Technically, we are clamoring for a sell-off but they will have to shake-off some more bears before that can happen.

      • 1 Reply to imuffin4
      • "Yes, but almost zero bearish technical setups have worked the past four years.... mathematically,"

        That's because the triple top was always the target. We are there now.

        The butterfly pattern permeating the entire rally fib extension's have played out.

        The last SPX high was only one point shy of completing two 166 point waves(332 points)
        from the 1266 low,
        that I've pointed out are so important and outright necessary (technically) to SPX's movement.

        SPX is 30 points shy of completing exactly the 666 low to 1220 high of wave 1
        SPX 1630 would be that wave 1 precisely replicated.

        40 yr. pattern predicted/dictated this triple top
        It's here.
        The next cycle is down,be it either wave 2 to SPX 1101.01
        or continuation of 20/22 yr sideways consolidation cycle to SPX 555

        yada yada yada

        We are there, allowing for SPX 1630 to be met.

        Either now or then at 1630 should prove to be the TOP
        preceding an extended downturn to minimum target of SPX 1101.01

        The top making process could last months during which distribution will occur.
        Or everything could simply collapse.
        It's impossible to know which will play out.

        Regardless, we are at the triple top
        1630, in my view,still qualifies as a triple top

        yada yada yada

    • you mean drop 40c before another 6 dollar ramp?

    • beginning to think our charts are upside

      Sentiment: Strong Sell

210.24+0.90(+0.43%)May 27 4:00 PMEDT