SPX fractal watch

The posted fractal probably won’t work out, but we could possibly poke new lows before the rally.  My guess is we’ll continue to slide until the Economic package gets passed.  Not that I agree with it, but there’s no doubt what the big boys on Wall Street want to see happen.

10:45AM

spx fractal watch

The SPX cash level 1180 will be critical in letting us know whether the fractal is correctly indicating a bottom here.  That level is also .618 from the rally starting on 9/18.

10:15 AM

Rimm prediction hit

The Rimm wave count was perfect, a failed e-wave led to what looks to be a major wave V sell-off.  We need to see where it can close, the gap blew through any price levels I was looking for as a turning point.  It’s going to take a little while to reach equilibrium I suspect.

10:09 AM

SPX fractal

Here’s a pattern within a pattern with pretty good correlation, the big one would be finishing soon or finished already, clearing the way for a rally. With I.V. getting so high, that seems reasonable.  Even a dead cat bounce after this selloff should have some fireworks.

1:28AM

Implied volatility

With emotions at extremes, a big turn could be coming.

4:29 PM

Rimm

Nice looking 5 down structure.  There are some price levels that may attract this below for a wave V.  In any case, this has no comfirmation of a bottom yet for longs.

2:57 PM

FSLR predictions hit

I suggested that FSLR may rally after completing what looked to be a 5 wave downward impulsive sequence into important price levels located near ~$212 and ~$220. As you can see the move continued down, however I have taken the impulse progress labels off since wave III cannot be the shortest wave.  Also, the stated price levels were used as support for a rally near $212 and resistance near $220.  This new information gives us three possibilities: a corrective down movement is presenting itself, or we are in wave IV right now, OR we are in an extended impulse wave down right now.  I will take some time in the morning to look at how this might play out.

It doesn’t get much cleaner than that. Not quite as triangular as I would have liked.

9:35 PM

Short term FSLR count

Might be a rally after this completes into price levels.

1:49 PM

FSLR

I have been unable to get charts to transfer from javacharts so I just started using a screen capture utility. FSLR looks to be in an upward corrective wave right now, hard to say if it will grind higher, but this MACD divergence suggests not now at least. There seem to be a couple of important price levels to watch. Interestingly enough the two lines are at 50% and 61.8% retracements from extremes.

12:15 PM

The brutality!

The Zigzag failed, too many bottoms fishers.  What we have now is an extreme oversold environment.  I will post some ideas this weekend.

4:11 PM