Here we go again

Hi everyone Anna here

I just wanted to do a recent weekly chart on the SPX, and what I see is not what the bears want. We are heading towards that 1121 area I spoke about around a month ago. After that there is just tons of air all the way up to 1228. Now we know anything can happen, but sheeshh charts don’t lie. And it’s not looking good for a bear case here. 🙁

Update here: There is a double bottom on the $ so we might get some retracement here, this chart below is for the longer term.

Update also looks like an inverse H& S is forming here to me.

1:11pm EDT: Mole here – it’s time for a wave count, isn’t it?

Several very bullish things going on right now. First note the ‘point of recognition’ I highlighted, which is the gap we painted this morning – to be fair we had one or two more this week, but this one stands out and is most likely the onset of a third wave. Second, we breached the final line of defense allowing some dirty unwashed version of a bearish wave count – if we break down from here and breach 1020 I would have no idea how to count this bitch of a market.

At this point we can either let wishful thinking and our book do the trading for us or we can simply look at this pattern and call it what it is – an a-b-c to the downside followed by a reversal which is now unfolding into Minute {3} to the upside. Thus I must expect new highs by Monday – glad I went into cash two days ago – did get a lot of flak for it but with Mr. VIX at 24.38 right now this would have been expensive.

1:30pm EDT: BTW, that inverse H&S would have an approximate target of 1100 – let’s see if the bulltards can lift this zombie of a market over its neckline again.

1:51pm EDT: New Rammstein video – but there is no way I can post this one here it’s X-rated – LOL…