Russell 2000 with a decisive break of neckline support 1080-1100 area. A pull-back to it would provide a final shorting opportunity if you are not already in and there is a very strong chance that will happen here soon. I am already holding SBB (short small crap) position, initial above and then added as we broke the neckline. I will add more on a pull-back (neckline back test).
21 replies to this topic
Posted 19 October 2014 - 11:40 AM
Dow; Elliott Wave ending diagonal completion confirmed with the drop out of the lower trendline. The SP has similar structure that I have posted previously. I plan to more aggressively enter short positions if a backtest to 16580-16680 area testing the 200 DMA/Lower TL/ 23.6 FIB supportive convergence that should now be resistive transpires. Stop will be at 17050. Ending diagonals are quickly retraced to their origins here @14,715. I continue to hold SBB short small caps, DNO short crude, and long dollar USDU.
In smaller time frame Thurs / Fri formed an A-B-C with B wave triangle short squeeze, this may be all she wrote and we make another quick wave down before a larger degree back test I am hoping for to allow low risk set up.
Posted 19 October 2014 - 11:50 AM
SP is messy with no tight resistive CV, could stop @ 200DMA, FIB, or TL...watching the Dow and RUT more closely
Posted 19 October 2014 - 11:59 AM
Crude can't seem to hold price above this second wave down trendline meeting a lot of selling here. Not really any sign of a capitulation or bottoming pattern either. Without some big buying early next week sure looks like sub-80 is a good possibility. Usually there is a third and final wave with an almost vertical drop once a big move down like this occurs (waterfall decline)
Posted 19 October 2014 - 03:01 PM
USD looking for a fairly substantial recovery and still watching the FIB retracement levels from the Bush era collapse. This time should break up to at least the .50 @ 96.
Posted 19 October 2014 - 06:16 PM
Biowrecks exhibiting the most extreme Sornette bubble characteristics of any sector. Notice the recent large double double top high is at the rarely witnessed 423.6 Fibonacci extension of the 2000 bubble! I did some short term short trades as the first top blew off with an exhaustion gap that offers some low risk trades with reliable behavior. With this second top and now a break down and snap back late last week, I expect this to end shortly and provide a low risk set-up for shorting placing the stop loss just above the highs.
Posted 19 October 2014 - 06:44 PM
GILD good liquid biowreck, broke down through trendline and now snap back to the trend line break area.
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