Monday 9 June 2014

11am update - weekly cycles restricting upside

US indexes continue to hold minor gains to start the week, but the weekly upper bollinger band is only offering sp'1955 by end of this week. Those expecting a weekly close in the 1960/70s are set to be disappointed.


sp'weekly8b


Summary

*the included wave count is...to be taken for what it is...one of a number of scenarios...although right now, it is my favoured one.
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So..we're higher, and the 1970s look out of range until late June/early July.

Underlying MACD (green bar histogram) cycle is going to be close to maxing out within the next few weeks.

If this week manages to close flat..1950s..then I'd guess a retrace to the 10MA - in FOMC week..will be the target, and that might equate to VIX briefly 14/15s.

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*I remain on the sidelines, I Have eyes on WFM still, but....not meddling in that today.
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11.32am,.. sp'1954..and this is even surprising me.

Algo-bot melt..with ZERO downside power.....and a big QE tomorrow.