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/)