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In the words of William Wallace in Braveheart.. we are almost there but we are holding... waiting..
Not quite done, but I think we are very close.
Doesn't feel very bearish does it?
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Key Levels
Upside -- 1300-1306
Downside -- 1274, 1255, 1230, 1209, 1183
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SPX Daily;
We are in our target zone here. I've increased my position to 30% short now. I will top out at 50% short here soon with anything over 1300.
If you got back several posts, you will remember that I posted that it will seem like all is clear and everything looks awfully bullish and most shorts will get squeezed out of the market. All the while, moving so fast that it would have been difficult to get long.
That is the nature of the bear. It burns both bulls and bears.
These are the times you must trust all the analysis that you've done and stick with your plan and execute.
Of course I must have a stop loss/breaking point. Mine here, is if we take out 1325 and/or we spend more than 2 weeks closing above the 200dma. Then I may close this position and take a step back.
That is the prize for the patience of waiting, .. if I'm wrong, then the pain won't be tremendous, as long as I admit i'm wrong withing a reasonable time and within my limits.
I don't think i'm wrong though.
Bradley turn date tomorrow, other fibonacci time relationships.
The MACD is at 21.. which is right in the zone of all major tops on the MACD in the last 5 years. The stochs are still rolling up above 80. The short term charts (30 min and hourlies) are tremendously overbought.
Elliott Wave tells us very bad news is coming soon. Who knows what.. reversal of the greek bailout, a larger country rolling over, a tsunami, a volcanoe.. who knows.. but something is coming and soon.
GL
CJ
1 comment:
Thanks C.J. enjoy your work
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