980

980 will be a very important number on the downside. Take note

Interesting!!!!!!!!!

S&P 500 UPDATE

The ES has now given up over 50 handles from its 9/23 high of 1075.75.

It is obvious to me that the equity market(s) topped at the ES 1075.75(Called for the possibility of 1069 at the March lows). At minimum we should see an intermediate degree correction. At worst - turn out the lights 'cause this party is over.
If correct, this suggests that the March lows should be taken out in this primary wave [3] down. Actually, it is required for 3rd waves to travel beyond 1st waves, as a rule of formation.
Friday We closed the day forming a bullish bat formation which should spell higher but I think to a maximum another intermediate lower high will be made this week.

Also notice the RSI. We have broken the uptrend line from the March lows. We also had a very nice and pronounced negative divergence at the highs.
Bottom line this is not the time to get bullish do that on your own cause.

MARKETJEDI

BACK!!

Finally back home and ready to rumble. It is sure very hard to try and analyze stuff when you are not all together on top of it, so please allow me some time this weekend to get abreast of what is going on in the markets.

Yesterday the equity markets experienced hard downside price action. Range was an impressive 31.50 point for the S&P on HUGE volume day.

Has the "Great Bear" returned? Price action took out the last remaining level of support (1034.25) that would allow any bullish interpretation.
The preponderance of evidence suggests that we have topped. Is it THE top? That's yet to be determined, but I believe the odds are greater than 50% that we may have entered the next phase of this market.

I have replaced my count with the alternate scenario. This implies structure completed minor C of intermediate (Y) of primary [B] at the 1075.75 H.
Yes, it's far from that perfect idealized Elliott Wave structure, but it is what it is.

I am showing a 120 minute pit session chart because after the 1065.75 H it is a mess trying to get a clean count. Sub-minuette i finishing at the 1053.25 L is just a guess. It's more likely that it actually ended at the 1041.50 L.

The daily projection comes in about 1022. At a minimum, there should be some type of reaction once fulfilled.

The daily 50sma is currently at 1016.25, another level worthy of our attention.
Sub degree targets include (iii) = 161.8% of (i) at 1002.25, and the 261.8% projection of (i) at 962.50.
Watch the base channel boundary line. This could be a support level.
I have no choice but to be near-term bearish. There is just no bullish alternative. If your a perma bull, the best you can hope is that this is an intermediate degree (X) wave unfolding.

Higher

Higher prices are coming--

Good News!!!!!!!

I will be back on October 1st ready to fire up and go with some new ideas to share!!!!!!!!

Hope I was missed :)

MARKETJEDI

Still travelling

Well folks I might not be able to do any updates till I get back fully as my macbook that I travel with screen broke last night. It really sucks because 90% of the screen is out and I can't even access my important files that I need while away, definitely feel like a fish out of water.
Well everything happens for a reason so I guess I will just take it as such.