StockTock.com discusses the various scenarios that could play out in the S&P. I remain very cautious in the short-term. The market has not violated the triangle pattern and I am very suspicious of claims that 3(3) is over. The VIX pulled back into support. XLF, GS, C, DB, and IYR all look weak. The light volume lately does not support the bull case. It looks more like the calm before the storm than smart money getting in. Also, I am surprised how quickly market sentiment has shifted to the bull camp. When everyone on TV is telling you to buy, it’s usually time to sell.
MOISES
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vix has its first daily close below it 20 ma. be careful with shorts and longs at the same time. But be more careful with shorts.
I appreciate the feedback and your point of view. You should join StockTock Social and share some of your analysis with us.
Also, the pattern you see in XLF is a fairly representative Adam and Eve double bottom. The lower volume for the right bottom is characteristic of this pattern. In fact it supports a stronger breakout. Don’t get me wrong. You made some great points in your video. Thanks.
Craig, you glossed over the monstrous H&S pattern on the VIX. Why? Surely you saw it. And you must have seen that there are H&S patterns in the right shoulder which are now active. You should factor this into your analysis IMO.
the s&p hedge short is long oil. long oil and short s&p is my game right now. agree that the bull push seems very suspicious. if the election was going to bring a “guaranteed” rally we’d have already broke out of resistance.
i got short at 978 and im sticking out. the election will bring a rally like the bailout bill would. there are so so so many sellers that are praying a surge of buyers will push this market up after the election. you tell me how an election completion will bring all the jobs back and reduce the debt and stop the hell that is coming? id think we are all smarter and buyers wont show.. sellers will panic. im sticking to that idea unless i see otherwise. holding my 978 short unless we break 990.
can you post a video explaining the basics on elliot wave theory?
