Crude

Crude is getting hit hard today. Remember 67.60 was the measured move and we went above it. Going about it obviously makes the play have less risk reward but I think that any short at that level or above would be a good play.
As of now +.90 on that crude short, stop sould be above the last swing high.


MARKETJEDI

Crude Analysis

Crude had its 9th consecutive positive close today. The range really tightened up today at $1.39.

The daily put in a small bodied spinning top/doji candle (we should all know what this means). We ran into stiff resistance at the 61.8% retrace from the high and the 3 bar daily projection around 69.

I'm looking at 120 minute chart to get rid of some of the noise, where I am noticing a beautiful channel.
As far as targets go, the 78.6% is at 69.59. The 261.8% projection of A comes in at 69.66 and the 4 bar daily projection sits at 69.69. So we have a pretty good confluence of numbers in the mid 69's.

The targets assume, of course, that the structure has not completed. At this point, that's my guess. The action that we had today is indicative of a 4 wave pattern. If that is the case, the probabilities are that the retrace will not be deep. The 23.6% is at 66.70

Here is a nice (and easy) setup that happened today. Several things came together to make this a no-brainer:

1.) we reached the top of the channel and

2.) a 5th wave was completing and

3.) they threw a doji candle at us

Easy money folks.

Wave Count chart

This is a wave count on the present market. Is it right or wrong we will see soon enough. Not my chart here but I concur

We are now flat

Yes folks seem like the market is now flat on the year and up a whopping 37% off its March low. For most of us who really measure everything on a yearly basis we are no different since January 1st. The market seem very bullish here but the question remains how much higher can we go, well I will answer that right now, 1054!!!!! That's my upside project since we hit that 666 on the Market in March.
I would love to see that number not because I have been calling for it since March as a possible top to any lift higher but it will confirm the structure on the bigger pattern of a bear market rally.
I saw this chart today which just blew me away



This chart shows in a nutshell what I have been saying for a long time that we are in a long team wealth destruction cycle and it wont stop. Yes you stock value might increase in value but inflation is eatting so fast into that growth that you are net loss on your investment in the SP500.

I will post some analysis tomorrow as I was busy this weekend doing some other stuff.

MARKETJEDI

Update

Out 1/2 that S&P short from yesterday @ 963.50 +4. I will hold the balance


Nice average up

CRUDE ANALYSIS

Crude looks like it has setup a H/S on my trading chart (144T). It also appears as though it wants to fail.

It measures .80 and targets down to around 65.90. The 161.8% projection from the high is conveniently close at 65.96. We will see how this plays out.
The pattern looks like it is setting you a Head and Shoulder pattern which should work but don't think it has to so be careful and use stops.


Notice we hit that 67.50 area I said was the PERFECT area to short and you SHOULD be short there with a stop appropriate to the H&S pattern

We will see.




MARKETJEDI

Third push !!

All my students know about the 3 pushes and here we got a textbook three pushes above the 956 level. Today was the third push and we broke through showing confirmation of the move.
Got to read up your technicals they work.
NOW are we heading to my ULTIMATE 1054 AREA????? I guess we will see soon enough!!


MARKETJEDI