Slope of Hope Blog Posts
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Just a quick update on my long-view: I’ve kept an eye on SPX’s 88 week SMA and EMA since my post in August, when we had a break below. That break lasted until the big October run-up, but the Thanksgiving drop took it south again.
As of today, the SMA sits at 1212.76 and the EMA at 1210.30. I would very much like to see price bump the underside of the MA before taking the “Swann” dive.
Our cycle work in the S&P 500 indicates that we are near the timeframe for the establishment of a small cycle low due on November 30 (+/- 2 days). A small cycle is 20-25 days, and lies within the larger, overriding cycle of 70-75 days. Accordingly, we find that the S&P 500 on Monday and last Friday hit a corrective low at 1158.67/66, and since then has pivoted to the upside into Tuesday's high at 1203.67 (so far).
Because I know Tim is a big supporter of EWT, I thought I would put up a post on GS …
I'm long GS and I am watching here as the stock looks like it has completed a Wave 2 retracement, and is about to start a 3rd wave push higher …
GS 10-Minute Charts
Wave 2 pull-backs are very emotional as buyers and sellers battle it out … they typically end at the 78.6% Fib level as GS just did .
The 2nd wave ended right in the projected target zone and is now on the cusp of breaking a down trend line.
GS 60-Minute Chart
It has to be determined whether or not the 3rd wave is just that … a 3rd wave in a corrective bounce, or whether it leads to a 5th wave push higher. We can figure that out when the 3rd wave is over and the pull-back begins.
Here is the Contraction Pattern I am hawking right now … it looks like it is going to pull-back before breaking the move higher.
GS 3-Minute Chart
Cheers … Leaf_West (please visit me at my blog (http://blog.tradingwithleafwest.com/)
Yesterday's price action was lot of bark and not to much bite. After opening up 3 points on SPY and 30 on ES the bulls failed to grab any momentum and they let the market drift lower before the PPT or whoever came in and pushed the market up.
Once again the market was lead by some B.S Europe bailout rumor. This sent the EUR/USD shooting up on Sunday night and everything followed through after it. But just like all the other rumor fake outs this one was short-lived. The length of these bailout rumor rallies have been getting shorter and shorter.