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Monster Channel Deluxe
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Monster Channel Deluxe

by The MoleAugust 13, 2009

I’ll be brief but to the point tonight as I’m turning into a pumpkin in a few minutes:

I wish I would have drawn this channel earlier today as I would probably not have bought those SPY 98 butterflies. However, I think the structure currently is incomplete and again would ‘look best’ if we dropped or gapped down in the morning and then rallied into the afternoon. Considering that scenario any downside action ‘should be’ stopped in its tracks around the psychologically sensitive 1000 mark – remember, the bulltarts love round numbers.

An admittedly speculative lower channel border also intersects at that point and would guide the orange scenario into higher highs. Alternatively a breach would surely get us into the 980 region in no time. Perhaps watch the Zero Lite for some indication tomorrow in combination with your own favorite indicators.

The wave structure on the ole’ buck has some completion to do – I’m a bit hesitant to label this one complete and I wouldn’t be surprised to see one final sell off – perhaps into the 78.4 region – before we bust into a nice long third wave. So, if equities decide to rally tomorrow they better hurry up as they seem to be running out of time.

Also, note the <ahem> unspeakable pattern that seems to be unfolding here. I know – I keep seeing those things all over the place these days – there even was one in my Strudel this evening. Maybe I should seek help after all… damn it, what is with those damn church bells in my head… arrrgghhhh….

See you after midnight… hopefully it won’t be another sleepless night. All that blood is hard to get out of my shirts.

Mole


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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  • http://tradingperspective.blogspot.com perspective

    nice work mole.

    here's something other than the usual market musings.

    tradingperspective.blogspot.com

    i would rather be a musician than a trader – but trading pays better right now.

  • jacksoo

    It would seem Ben and Timmy are better at selling snake oil:

    Recession will be the worst in modern history, Bank of England confirms.
    http://www.telegraph.co.uk/finance/financetopic

  • http://stainlesssteelchicken.blogspot.com/ StainlessSteelChicken

    I don't give this count much weight but I thought I'd throw it out there given that Prechter said the P2 high may occur as early as this week.

    Basically, this count has the Transports completing Primary 2 today and the mad descent into the depths of hell starts at 6 a.m. PST tomorrow. (yes, I did see that Dan put up a similar post on the Dow and I gave him props for beating me to the punch)
    http://tinyurl.com/qpykky

  • prescient11

    Mole, are you being a politically correct homo with the bulltarts comment? what the fuck is a bulltart?

    i've heard of a bulltard…

    Thanks for the charts and thoughts man.

  • prescient11

    a seven nation army couldn't hold me back bitches. 45% rally from the lows.

    I thought consumer = 70% of the economy; and

    consumer = fucked.

    oh yeah, i was right. the rest is just noise. i'll put the retirement money back in on the retest…

  • prescient11

    you're mole, this place is crickets when the spys are rocketing. but we appreciate all the crazy fucking work you do man, it really is impressive.

    peace.

  • thunda72

    Can you super-impose the 87 chart onto the current one? That would be cool….

  • http://www.cafes.net poisonfrog

    Melatonin can help you sleep. It's all natural, we produce it when our body gets sunlight.
    Just dont get the cheap Wal-Mart kind.
    Take it a few *hours* before you need to sleep (bottle says 30 min).
    This will give your internal clock the additional clue it needs to stay on track.
    Getting sunlight first thing in the morning, and keeping lights dim at night gives more clues.

    Best wishes.

  • http://www.facebook.com/screasy v8muscle

    I'm gonna put on some nondirectional opex plays, spy 99/101/103 butterfly and IWM 56/57/58 butterfly. Both very cheap and have 1:3 and 1:4 r/r respectively. I figure this could hedge any theta loss I'll incur over the next couple weeks.

    market does look weak, but I think there is still possibility of another push higher (sadly). Keeping lots of cash on the side and staying hedged are my 2 goals

  • Anonymous

    hi i have been constantly following your comments. i dont know how these channel work but in my part of the world people just follow dow jones and what they say is that maximum dow can go upto 9504 and that level will be hit this friday or maximum by next week and then we will rush for 8100 by sseptember and 7220 for the first assault.

    are these targets possible so fast ??

  • asc81272

    Futures were at 986 this time yesterday, are now at 1012, 24 hours later. Looks like volatility is returning to the market.
    Its tough being a bear when every possible opening door is slammed shut in your face!

  • tsmith1238

    Saw that too. It is sure in a hurry.

  • asc81272

    The shoot up in the futures is probably on the back of the reception of positive GDP news in France and Germany.

  • http://www.retracementlevels.com 2SWTrading

    “I wish I would have drawn this channel earlier today as I would probably not have bought those SPY 98 butterflies. “

    Mole, you know that I think you are a top analyst, but channels and trendlines work only in hindsight, so there was no way for you to draw them correctly BEFORE the facts.

    Even if you did it would have been just a coincidence.

    Maybe you better dump them all together with EW and move soon to the dark side of the force: quant trading.

    Same for all the little rats around here with their little charts and ruler in their hands..

    See ya,
    2sw

  • springheel_jack

    Couldn't resist. Short ES from 1014.25. Stop 1018.25.

  • TwoJacks

    I hope it works for you. I'm underwater on my short from last night and very close to my pain threshold on the trade. Completely hating this market lately.

  • annamall

    G/L Jack
    🙂

  • http://trading-to-win.com/ DavidDT

    sh nq 3650

  • annamall

    Mole, Love the USD chart, hate the equities chart 😉 damn I added those spy puts on the close. Jeez I guess the bears are dead and now are buried, maybe they can reincarnate!

    I just went short EUR/USD after being smacked a bit last night down 40 pips (ouch) it seems it has almost reached it's resistance up @ 142.82 so I jumped in @ 142.80 XXX my fingers that some of this air comes out.

  • http://tradingsigns.blogspot.com/ T. Waffle

    Good morning gang,

    TW is in the house!! Planning to short Euro around 1.43000
    NQ around 1639.00 and if we drop will go long ES @ 1002.25

    Cheers!!

  • annamall

    Update on that EUR/USD short, thankfully i grabbed 10 pips, then reversed and grabbed 10 pips long, now out, the resistance is coming back up again on EUR @ 142.82

  • annamall

    hahaha me too, I was just putting that we are close to resistance! Great minds TW..good to see you!!!;)

  • http://tradingsigns.blogspot.com/ T. Waffle

    I know great mind and great body things and works same 😉

  • Niktus

    And how to you set about moving to QT? Point problems is all very fine but giving possible solutions… hmmm

  • annamall

    hehehe nice!(and true) They are trying to push that to the limit aren't they!
    I am in right @ 143.00

  • http://alphahorn.blogspot.com/ alphahorn

    channel? pick one, we've got 3 options

    http://www.screencast.com/users/alphahorn/folde

  • http://tradingsigns.blogspot.com/ T. Waffle

    Me 2. Sell EUR/USD @ 1.4300

  • http://alphahorn.blogspot.com/ alphahorn

    why don't you give this count much weight, it seems the most legit at the moment?

  • innatedc

    Holy shit!! What the hell happened last night with the futs……!!!

  • K.I.M.

    nice inverse H&S forming at 15 min, maybe also false this time.

  • Kemal_1

    Anna and TW, that looks like a very good spot. The rise is a b wave and should correct down in a c wave. I would estimate that the correction down could easily be 150 pips.

    However, intermediate term, EUR/USD is bottoming again. The current ride is your last one to the downside.Be aware of that.

  • http://tradingsigns.blogspot.com/ T. Waffle

    Great to see you Kemal, I wil definitely keep that in mind.

    Thank you!!

  • innatedc

    So we've hit Mole's dollar target as of now…..do we bounce?

    Is this thing gonna gap and crap?

    Does anyone think we're just gonna gap and run away into oblivion (1050 +)?

    C'mon inquiring minds want to know……

  • Coldwarvet

    Wait three minute (for the numbers) and you'll get your answer

  • http://alphahorn.blogspot.com/ alphahorn

    read SSC's post down below. his and daneric's counts might actually be what we're on now. if the indices pop up to the degree the premarket is indicating, we might see the end of P2 (B) this morning as the expanding triangles are completed

  • thelefteyeguy

    damn it…possibility of W5 right now (not abc)

  • TheSocionomist

    Wow it seems like Mervyn's tone got a lot more downbeat in less than a week. Did he wake up on the wrong side of the bed yesterday – or did he get an advance heads up from Ben and the FOMC guys?

    BOE's tea leaves from 6 August: http://www.bankofengland.co.uk/publications/new

    FOMC's tea leaves from 12 August: http://www.federalreserve.gov/newsevents/press/
    (But this was released AFTER Mervyn King's statement yesterday.)

    Basically very similar statements, except that BOE extended quantitative easings while FOMC said they would be phasing quantitative easings out. So now the spotlight is on BOE to justify that action as the massive debt shell game continues…

  • Bricks

    Shocking…another downward revision of the claims number and a continuation of the shitty employment environment. Also shocking that increasing unemployment causes lower retail sales. So much for the back to school bounce. Look at the futures tumble…

  • http://alphahorn.blogspot.com/ alphahorn

    NUMBERS SUCKED!

  • TwoJacks

    nice reaction so far to jobless. have no idea what the number is, but it must be in our favor. hope it's not a headfake

  • Kemal_1

    Corrections come in two waves. Monday and Tuesday, the SPX corrected in a first wave around 25 points. The correction was not impulsive.
    I expect the SPX to top today, Technically, one small wave up is missing. If there is a gap up, I see a good chance that the gap closes today.

    The second wave of the correction has to potential targets:

    a) minimal: around 984

    b) more normal: to 960 – 970

    I don't know which of the two will play out. There is 4 – 5 day window for this correction (twice the length it took for the first correction). Whatever we get, I will close all shorts and go long.

    Commodities are slowly turning along with EUR/USD. I am in the process of scaling into GDX, SLV and USO.

  • de3600

    maybe the market will wake the fuck up now

  • http://alphahorn.blogspot.com/ alphahorn

    retail sales bit a big one

  • innatedc

    OK, OK sorry gang my head is in the morning fog…should've seen the set up….now we're tanking….perfect set up for Mr. Bernanke's 30 yr treasury auction this afternoon…he's enjoying his morning starbucks right now….

  • innatedc

    Thanks alpha…

  • TwoJacks

    your mouth to dog's ears, my friend. let it be written, let it be so done

  • http://alphahorn.blogspot.com/ alphahorn

    Kemal given your view on commodities, what's your target for the $, a new low or a continued retracement of the move up?

    thx

  • annamall

    TW Wow trade is working well, you still in ???

  • molecool

    LOL – they always down correct – that's the game.

  • annamall

    I am short EuR/USD so I say YEA! lol

  • annamall

    Thanks Kemal! So far so good 150 gosh I love you! hehehehe ..:)

  • http://trading-to-win.com/ DavidDT

    covered 1/2 nq 2825, rest stop at mid point to b/e

  • molecool

    I already doing quant trading as you know – but unlike you I am able to make EWT work 😉

  • http://tradingsigns.blogspot.com/ T. Waffle

    yes I am still in the EUR/USD

  • onorio

    GOOD MORNING VIETNAM!

    Ready for more more day of sickness, whipsaw, insanity and market manipulation.

  • molecool

    Thanks buddy but I'm WAY ahead of you on that one 😉

  • innatedc

    Awesome trade Anna…..!!

  • http://trading-to-win.com/ DavidDT

    they revise numbers and then quietly slip it behind “more watched” news, but at the and none of that matter – market sooner or later will catch up – it is just not everyone is good with timing 🙂

  • annamall

    Great post Kemal! Many thanks! 🙂

  • Bricks

    All short term (5 min / 30min) trendlines broken on es futures. Here comes 1000 as my min short term target.

  • TheSocionomist

    But we kinda got a preview of Retail Sales with the chain store sales numbers a few days back. Surprised Mr. Market didn't have those sucky retail numbers discounted already in the price.

  • molecool

    'Homebase' sees and hears everything. Good post otherwise, but no desert tonight.

    BTW – I disagree with you on one point: Once Primary {3} unfolds there will be little opportunity to hop on – just FYI.

  • Bricks

    And they've whipsawed back above the TL's…wounderful.

  • dumamae

    in vietnamese chuc may man

  • Kemal_1

    For the USD index, I see a fall to 74. EUR/USD should reach 1.49, initially. The 1.50 – 1.52.

    I am not a subscriber to EWI. No idea what they are writing. I see SLV going back to 18.

  • annamall

    I just added to it on bounce 🙂

  • AudioTactics

    Sold SPY at 101.90 before the numbers and covered just now at 101.10.

    Lucky fast trade but I stuck with my plan despite my fear of new highs.

    Going back to sleep now but they're building a new subway outside of my window (air hammers going off right now) so I'm not sure that's really going to work.

  • wex

    What do you mean by quant trading?

  • http://trading-to-win.com/ DavidDT

    wow – they play Russian Military Music on CNBC now? way to go for what once used to be a “great country”

    Anyhow, I'm out for today – have a lot of stuff to take care of today

    food for thoughts http://screencast.com/t/Tjo3naoZs1

    Trade well (remind Lester about my question, please)

  • Iguanadon

    My Morning Thoughts (aka rant)

    Dear Wall Street,

    You're “surprised” by retail sales figures? The jobless claims were “unexpected”? Really? Seriously… REALLY?

    OK, here's your assignment. Get the fuck out of Manhattan and Connecticut. Drive 3 hours west into the REAL America and drive around. Stop and have coffee in a coffee shop. Listen to conversations. Ask store owners how business is. Look around at the vacant store fronts. Grab a local newspaper or two.

    You live in a bubble world and what happens is that all of you start to believe what the other bubble people are saying and spewing.

    Bottom line, things are BAD and they aren't getting any better, less bad or any other ridiculous moniker you want to tag to your headlines.

    The average American is scared shitless. Scared of losing their home, scared of losing their job, scared of what the gov't is doing to try to fix the problems when in fact a lot of people realize it's all smoke and mirrors.

    I could go on and on, but it's not worth my time. Seriously, get out of your bubble for a day or two and get back in touch with the reality we all see and live with.

  • thelefteyeguy

    retail sales and claims number opened a drain hole…

  • Tronacate

    I think the jobless increase was the surpriser…..along with retail decrease in spite of cash for clunkers. They can't out pump the debt destruction.

  • Tronacate

    ^^^^^^^^^right on….small towns like ours are getting mangled

  • Tronacate

    Might actually see some panic selling instead of buying the dips

  • Iguanadon

    Futures are still positive. They can pump far longer than you can say “this is ridiculous!”

  • springheel_jack

    kemal_1 reckons we print a wave top today, fall again, and then start next big wave up.

    Fits in with McHughs view. Could be right.

    Is that your chatroom?

  • http://tradingsigns.blogspot.com/ T. Waffle

    This market is gay.

  • springheel_jack

    Thanks, Anna. I'm joining you on your EURUSD short as well.

  • Osso

    but if mkt. corrects down…maybe better a play on gold metal rather than gold stocks…..DGP for me….

  • Bricks

    Does anyone know if TOS has a streaming news feed like a Dow Jones ticker?

  • http://alphahorn.blogspot.com/ alphahorn

    thx for the reply, fwiw, here's my chart for SLV with EWI's count

    http://www.screencast.com/users/alphahorn/folde

  • Tronacate

    Well, when wal-mart same store sales are down……the cheapest crap around….it doesn't bode well for a consumer driven economy….reality will come home to roost.

  • http://tradingperspective.blogspot.com perspective

    like ymca gay or prison gay?

  • springheel_jack

    kemal_1 thinks we have another wave down before rising higher. So do I. I'm planning to switch long at 990 or less.

    Your short should be in profit by EOD or lunchtime tomorrow IMO.

  • colonel_bleep

    Dollar getting trounced on the lousy eco #'s. I' so cynical right now I'm believing if the economy was in a depression, the dollar would be so low we'd probably be at all time highs on the S&P.

  • pramood

    I have a feeling that today will begin as a gap up followed by a gap fill before noon and then an afternoon/ EOD rally. So in summary- up, down and up.

    You can short the opening and cover during the gap fill.

    GLTA

  • TheSocionomist

    An hour ago I was thinking ES might go into the open near its overnight high and make an early test of 1016 (1018 SPX) again. Fail there at heavy resistance and drop.

    Now it could be a much choppier open, if the bulls try to do that anyway via a rope pull at the open.

    My wave counts say down, my quant metrics say mixed day. So I'll be looking to get short with a good entry on the tape.

    Was thinking USO myself Kamal, thanks for the inputs!

  • http://tradingsigns.blogspot.com/ T. Waffle

    you pick i only care that it has gay at the end.

  • Tronacate

    ^^^^^^ seems true eh?

    The herd will see the big bad wolf with the numbers today…..just might tip things the other way fast.

  • ropey

    if only trading was so easy…

  • springheel_jack

    I'm in too. Where do you think we could see SPX bottom before rising again?

  • Tronacate

    Looks like moles dollar call may be right on the money

  • springheel_jack

    Short EURUSD from 1.422

  • ropey

    what's pumping tech so much today? Not seeing any tickers standout..

  • pramood

    AAPL: Barclays Capital on Thursday raised its price target on Apple Inc to $208 from $188, citing the company's product pipeline and the prospects for strong free cash flow.

    GL

  • http://tradingsigns.blogspot.com/ T. Waffle

    Some stupid analyst raised guidance on all tech.

  • fuw

    You got that right.

  • innatedc

    What's with the pre-market volume on BAC….anyone know of color or news?

  • http://stainlesssteelchicken.blogspot.com/ StainlessSteelChicken

    Zoinks!

    Has anyone else had their blog hacked recently? Because I think mine must have been hacked. Someone wrote some crazy stuff on it and put up spam links to strange sites and whatnot.

  • Me_XMan

    US$ tanking giving market a boost on way to the moon.

  • http://tradingsigns.blogspot.com/ T. Waffle

    Who cares, J. Paulson is selling and suckers are buying. LOL!!

  • thelefteyeguy
  • ropey

    how convenient – pull another rabbit out of the hat and upgrade near the top..

  • Me_XMan

    Bank of America (BAC) +4% premarket after hedge fund manager John Paulson disclosed a $2.2B position late yesterday. Other new positions include Sun Microsystems (JAVA) (74M shares); Regions Financial (RF) (35M); Marshall & Ilsley (MI) (12M); Humana (HUM) (5M); and Goldman Sachs (GS) (2M).

    Paulson, of course, made billions by shorting the U.S. housing market, and BofA (BAC) is the second biggest U.S. home lender. “It's ironic because he was the one that made the right call shorting subprime,” money manager Jerome Dodson said. “His timing is good but he probably won't be as successful with this purchase as he was with betting the housing market would collapse.”

  • http://stainlesssteelchicken.blogspot.com/ StainlessSteelChicken

    I really expect the ol' C.O. to show a certain wave signature at the top of P2 and I can't see it yet.

  • Me_XMan

    Karl Denninger on retail sales.
    http://market-ticker.org/archives/1327-Retail-S

  • thelefteyeguy

    grr…..my post was deleted

  • innatedc

    Ahhh…gotcha…thanks…

  • fuw

    I'm thinking that there might be a gap and immediate selloff.

  • Kemal_1

    Thanks.

  • EDC

    target on eur?

  • ropey

    Yep but trade the tape, not what denninger says, i've no doubt alot of what he says is right but if they keep juicing the market like this, just got to ride with it..
    Seems a bit weak though ( could be a gap fill first before they run it back up ) …or could be another chopfest…

  • Trick-Or-Trader

    Report is weeks old! Probably selling or sold into this rally.

  • Tronacate

    Little Johnny may not be getting a new iphone for x-mas

  • Tronacate

    C'mon usd

  • http://stainlesssteelchicken.blogspot.com/ StainlessSteelChicken

    Heh heh, nice to see you over here T Waff. Now if we can just get Alpha to say “I want to punch XLF in the face” it will feel like March again.

  • http://tradingsigns.blogspot.com/ T. Waffle

    Tell him wait i am going to punch the sucker and go long ES @ 1002.00 :d

  • annamall

    God I am out of FX for a minute, very intense! LOL I am scaling out of all my long hedges, I believe we will end in red EOD. Down baby Down! 🙂

  • annamall

    Try doing this LEG, post your text, then go edit real fast and put in your chart, if that is what you were trying to do. that works for me.

  • molecool

    Don't make assumptions yet.

  • newbear

    I see red?

  • http://alphahorn.blogspot.com/ alphahorn

    channel and shhhhhhh…. head and shoulder update

    http://www.screencast.com/users/alphahorn/folde

  • springheel_jack

    If we end red, then EURUSD short looks good, why are you out of it?

    I'm short EURUSD from 1.432.

  • http://alphahorn.blogspot.com/ alphahorn

    gotta love the after hours and premarket trading, my FAZ purchases are doing so very well

  • Keirsten

    Morning Rats- 30 year auction today btw.

  • springheel_jack

    Aaaargh, the pattern that must never be named!

  • TheSocionomist

    We trade the tape because of what Denninger says here: “The so-called 'economists' are either all taking mescaline or are in someone's pocket and making calls that are knowingly false.”

    These guys are not outside of the market system but rather very much a part of it.

    Did Greenspan's 600-plus-page book spend over half a year on the NY Times best seller list because of how well he regulated financial institutions? Or was it because of how good his Fed was at juicing the economy??

  • anthem

    alright, tightening my stops here from this drop. I think there will be some good resistance on the SPX at 1000.

  • annamall

    Hey Afro Gal! Are you ready to rumble? heheheh

  • annamall

    I am already back in! LOL

  • http://trading-to-win.com/ DavidDT
  • Keirsten

    Another day in paradise…… LOL

  • springheel_jack

    Thanks Anna. Good tip.

    I can't seem to post anything with a chart at the moment.

  • TheSocionomist

    Business Inventories in 2 minutes – don't get chopped.

  • annamall

    arrrgggghhh!!!!!!! LOL

  • shortcover

    air pocket…moving stops on srs, tza…

  • thunda72

    I'm going to buy this dip @ 100.20 and again @ 99.75

  • http://tradingsigns.blogspot.com/ T. Waffle

    I am long ES @ 998.50 with 2 point stop.

  • Keirsten

    HAHAHAHA! Down day- systems problems on the exchange again!

  • GDII

    it is not coincidence imho. system down only on down day. data error only on bad side. and those shits happened couple times already.

  • thelefteyeguy

    i see 2 fros!

  • TheSocionomist

    MarketWatch must be brain dead after Retail Sales figure. 😉

    Business Inventories June fell 1.1% vs. estimates of a fall of 0.9%.
    May revised from down 1.0% to down 1.2%.

    This from Briefing…

  • http://www.ambgtrading.com/ amgrant

    I'm getting fucking tired of hearing that bull shit. I'm pretty even keeled but man that shit is fucking retarded. OK, I'm going to have more coffee now, it'll calm me down 😉

  • Keirsten

    Amazing timing, isn't it? NOT!

  • http://trading-to-win.com/ DavidDT

    If “price” < “close” then
    suspend;
    else
    “price” * 2;
    endif; –<screw retail block>

  • Niktus

    Just for reference. On my news stream i am not getting a single line about retail data or jobless, only about the good results of Wal-mart. Just to show…

  • http://www.ambgtrading.com/ amgrant

    The whole system is an absolute sham.

  • springheel_jack

    Short ES from 1014.25. Just moved the stop to 1004.25.

    Get a better entry later if there is a bounce. We may not have seen the HOD yet IMO.

  • St Deluise

    now let's wait for the RIFIN index to stop working..

  • TheCrowe

    David,
    Heartfelt post last night. Thanks for that.

    Can your calculation that we need another close above 101.2 (to finish the leg up and thus begin a leg down) and Mr. Kemel's call that we have a wave down to a) or b) below in the next 4-5 days coexist?:

    a) minimal: around 984

    b) more normal: to 960 – 970

    or does a drop to these levels negate any of your approximations?

    Cheers,
    Richard

  • ropey

    Probably GS just uncoupling one flashbox and plugging in some alternative that gets around the regulation – nothing to see here, move along 🙂

  • Me_XMan

    Buy the dip? What's your target for SPX?

  • annamall

    BTW Mole hope you got some much needed rest last night! 🙂
    this tape gives me one freaking huge migraine. I may need to take some time off, and recharge myself. Just walk away from the screen. 😉

  • molecool

    ¤ø„¸¸„ø¤º°¨¤ø„¸¸„ø¤º°¨
    ¨°º¤ø„¸ N E W „ø¤º°¨
    ¸„ø¤º°¨ P O S T “°º¤ø„¸
    ¸„ø¤º°¨¤ø„¸¸„ø¤º°º¤ø„¸

  • molecool

    I think I have been calling these wiggles quite nicely lately – just don't over complicate it.

  • molecool

    I know where you get these numbers from – be careful.

  • annamall

    Yes, you have! 🙂

  • anthem

    I just got stopped out of my ES short from this morning at 1003.5. . . . Taking my 10 candles and can't complain.. . . I think we hover around here until an afternoon move.

  • anthem

    I just got stopped out of my ES short from this morning at 1003.5. . . . Taking my 10 candles and can't complain.. . . I think we hover around here until an afternoon move.

  • http://trading-to-win.com/ DavidDT

    shall 101.20+ materialize – my targets will be precisely in line with Kemel's (based on 38 or 62% retrace)
    Thou I've been screwed badly on July 12th due to very shallow retrace of ONLY 23%

    I'd love to have a more prolonged conversation with Kemel – I am really curious of details how he arrives at quite the same targets as my mechanical D-Wave version – his consistency is respectful and if so, he is one of the most precise and unbiased Ellitorians I've ever observed. (I stated my admiration with Mole's analysis before, so no need to praise him here 🙂

    I'm leaving till 2-3PM now
    trade well

  • thunda72

    Short-term target for SPY is 102.00. Not much I know, but a significant
    line of resistance.

  • springheel_jack

    Don't worry Mole. Not playing serious money. Just having some fun.

    After I get myself an iPhone & get Geronimo, I'll start playing serious numbers again.

  • az

    Kemal, very nice call on this move.

    If you have time, could you comment on the current wave structure? Has the Wave C started yet? Or we're still at end of the Wave B(the last little small run up you mentioned early)?

    Thanks!

  • http://trading-to-win.com/ DavidDT

    room – yes

  • http://trading-to-win.blogspot.com/ DavidDT

    room – yes