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About BovineBagholder

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    Stock Proctology Intern
  1. Megaphone patterns bring out the crazy in traders, Doc succumbed but he will recover once this finally breaks out. It didn't go below the midline on the last wave 5 down and now looks ready to break out to the upside. If it still does soon reverse to downside again, the midline is a good place to short and keep a stop just above. I think expanding triangles have an 70% probability of reversal rather than continuation of trend. But what I see here favors the 30% outcome. I am going mobile early tomorrow for the weekend. Keep paying attention to the pros, Madness and Doc, I am just an amateur side show!
  2. Moving stop up to 2742, the 50 DMA is at 2738 gives this megaphone a chance to play out and hopefully mark the top. Only a complete retracement above 2790 negates this whole count and scenario providing possiblity of new highs with SP joining some of the others.
  3. OK you have dry humped 2730 you pig, time to roll over and go down on Wave 3!
  4. Looks like it is shooting for that 2730 area upper end of wave 4 down. See if I eat this one...
  5. Added to short here, stop at 2730, This corrective wave appears complete (2 of 3). This market continues to move fast!
  6. So it sure looks like we are on our way to 2700+ to back test support turned resistance and enter wave 4 area, this could even take more than a day or two to play out! If count is clear enough then provide a setup for next big move down. Refer to my chart from yesterday. Have a great weekend everyone. We have been breaking daily high temp records for weeks here on the FLA gulf coast panhandle!
  7. If SP can't catch a wave up over 2700 here this could turn into a 9 wave impulse down!
  8. SP Elliott Wave Update : Wave 2 appears complete, it hit precisely the confluence where Wave C = 100% Wave A extension AND 76.4 retracement of Wave 1 down. Wave 2 also was time equivalent to Wave 1! I closed both SPY longs and reversed trade with initial short position. So far the patterns have been very well defined and if this is Wave 3 down should offer some places to add. Already the first impulse off the Wave 2 high shows clears 5 wave impulsive structure, This should continue as pretty sharp move down as 1 of 3. But the real fun will be the 3rd of a 3rd. Still need some confirmations but so far in EW terms this has behaved very well. Good luck and trade safe!
  9. OK I know we have a bunch of you that are crazy fans of Elliott Wave so here throwing more at you. I posted at completion of Wave A that it would consolidate (wave B ) and we get wave C up. Wave B formed a perfect 5 wave triangle (very common for B-waves) for an excellent place to add as it broke out top. This C-wave looks sickly but it has made it to some important Fibernacho levels and watching closely to exit SPY soon. If it keeps running up to next significant level at 2775ish (Wave A=Wave B )I will not complain, If it surpasses this I will be starting to think the bear market scenario is in danger but EW does not negate it unless the whole wave down is retraced. OK snarky and condescending remarks are always welcome!
  10. Elliott 5 wave impulsive decline pattern for first degree wave down. it broke 2-4 trendline now so we are in first bear market rally. Looks like we consolidate a while in here then another wave up in correction. As long as a new all time high does not happen the bear market scenario is intact (as far as EW ) This first wave has happened at hyper speed compared to the start of the last two bear markets, it may just be the first of an even larger degree first wave down of a hooooooge Trumpian debt induced crash. Will be interesting to see of the 10 yr yield breaks 3.0 on this rally,inducing the next wave down.

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