Monster Channel Deluxe
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.