With the move above 5200 it negates any near term bearish ideas as the move down from the highs is a 3 wave move, so its part of "something"
I have been closed out for a decent $$$ i closed before the market hit 5200 as yesterdays move in the US was a powerful move and dragged the SPI futures higher.
I am not sure who it was, but a few days back i was discussing the idea of a minor new high in the XJO based on the idea of the SPX making a new high to 1735-1750SPX.
If appears that is what is happening. The large ED idea on the SPX appears to be working as does the same pattern on the NYSE
ED = Ending diagonal
So seeing new all time highs in the SPX should see the XJO move higher.
However from my macro ideas nothing has changed, this short term stuff is all noise to me
When we are talking about a macro setup it may take a few attempts, although as most in this forum are short term traders this probably does not apply to most traders.
However you look at it, currently as far as an Elliott wave map thats a 3 wave bounce from March 2009 lows.
When i look at many world markets they all support the same 3 wave look.
A 3 wave move is a counter corrective bounce.
FTSE,CAC NYSE, EURSTOXX50 XJO DJTI etc
Pull up charts and you will see.
I would post a PDF i made, that i gave to members, but because its against the forum rules to post any advertising or links, i will respect the rules.
But as an Elliottician i still think these are dangerous times.
Sentiment is always bullish at the top of a peak, its normal
Cast you minds back to the FOMC Sept 19th peak.
The DOW made a new all time high.
I got a ton of abuse from the "Twitter police" for suggesting the market woudl reverse.
Since that high it dropped nearly a 1000 points, that was supposed to be great news.
ERRR what happened to that??
Now think about today?? good news huh!!
Don't follow the heard, think outside the box, its more healthy for your account.
I wanted to post an update in case anyone wanted to follow what was going in.
I suspect we see a new all time high on the SPX, which is my preferred idea for the ending diagonal on the SPX, so the XJO likely makes a new yearly high.
But the weekly charts will still likely have a huge RSI divergence.
I noticed some "heat", on the forum that happens a lot of near the top of peak.
IMO the markets are still setting up for a large reversal, based on my work.
It will need to do something special to negate that from a macro perspective.
Nouf
PS: Any chance people can post a chart when you are trying to describe something. Cryptic messages waste too much of my time, a chart will suffice.
(20min delay)