waskly wabbit wednesday, page-142

energe

A good start with a 42 pt SPI discount.

Is it enough for a major bottom?

Unlikely.

It is a start and certainly a potential buy set up short term, especially if we have a lower open tomorrow.

IMO we are near time and price and indicator targets for a low. By near I mean Oct/Nov in time and price probably at 4283 and to just below 4,000.

The SPI discount was good and a much larger one would have been a chance for a major low maybe.

More probable is a period of discounts to show pessimism has taken over.

I think PP showed long term RSI's and compared to 1929 and 1974.

I mentioned this morning that if the US week finishes bad then we are within a week or 3 of a major low.

On our market, my special RSI has never broken below 30 since the market data of 1982.

It is currently 32 so it too is screaming nearly there unless this is unique.

So it really is a time to actually lighten off on the shorts or have an itchy trigger finger IMO, not yet time to go long unless you are prepared to cop a capitulation.