Here’s my chart towards 1080s. Still seems intact to me.
I also have a chart towards 1045ish, which is where the fib projection also lies, so that might be a short term top.
The reason I’m only posting the 1080s chart is because of how good it looks. Right now we hit a green long term trend line and bounced north of it.The Thursday 8/27 lows can be explained by the previous top as well as the 50ma.
The red trendline in this chart is where i see us heading this coming morning which is around 1040ish or so.
Normally I don’t upload the full image, but stocktock social is down right now so that i can’t post it there. i will resize and repost later.
I’ll consider getting out my position at 1045-1046, wait for a small dip, and buy back in with calls there.
this is all subject to change, but as of this moment, this is what i’m leaning towards.
too tired. need sleep. will think more later.
here’s my previous posts if you want to see explanations:
market went above the 1033 area in futures, and is currently backtesting it right now.
will probably just keep going higher…
nice work woo. futes now at 9595 and ticking hihger.
professional money managers at the highest bullish levels since jan 08 while individual investors at
most bearish levels ever. . . which do you think will win? NYSE short interest at record lows.. . .
Thanks Woo, always appreciate it when you can put the time in for your projections/wave counts
Those money managers are likely heading over the cliff shortly. This might be the worst time to be bullish. Just a warning. I wouldn’t be that thrilled to try to get another 3 to 5 percent more on the upside. Not worth it.
you’re right tony. yesterday in the intraday i posted that i was projecting a rise to 1040 into the morning, or in the early morning.
my initial intention was to get out there and wait out the market for either a drop or rise, staying in cash. but alas, i was sleeping and missed the chance!
early bird gets the worm. being on the west coast and having 6:30 am trading mornings is rough, when i already have a 9-5 work day.
we’re already passed the minimum 5 wave requirement around the 1036 mark or so. it’s not a bad idea to trickle into shorts now.
that green trend line in my chart is still defending, so until that breaks, the bulls still have a chance to pull this sucker into 1045 before EOD.
thanks for the warning tony!
Oh I wasn’t trying to warn you Woo haha. I know your intention is not necessarily to go long. I was just trying to point out the professional money managers are dilusional once again. In a way they have to because most of them cannot go short and they have to hug their benchmarks due to their investment mandates.
I have repeated this numerous times.. but I still believe in my theory
If we see 1080 by first week of september the market has likely topped.
If we see 950 by first week of september, we have likely bottomed.