This market just keeps going up no matter what.
September 8 – Hurricane Irma – biggest hurricane with 185 miles sustained winds at one point– is about the strike South Florida – market gaps up that Sunday night and proceeds to rally further first thing Monday morning.
September 14-15 – Another North Korea missile flies over Japan – market temporarily dips – and then rallies to new highs within 24 hours.
Nothing will bring this market at down.
Another North Korea missile? Probably just keep going up.
Been frustrating as there was a decent set up for a C-wave down that never materialized. The blue line below is something I should have caught las time – as that down trend was a big clue that if we crossed it – a gap and go would have happened. That would have been a clue to exit our SPY puts right at the market open – rather than wait a few hours and hope for a pullback that didn’t happen.
At this point, the market can move up a few more points on Sunday night. If the market is to ever fall, ideally I would like to see a 2480 ES – 2489 ES – 2460 ES – 2468 ES -2420 ES pattern form.
My last chart presented possibility of that 3rd wave up – I put an X as it didn’t happen that Thursday Sep 7 – but sometimes what happens before the 3rd wave begins is an a-b — which is what is shown in blue.
My preferred count was the pink one – but I was wrong. Somehow that wave 2 drop was largely recovered by the market close on September 5 – this was with news of North Korea missiles over Japan – yet the market just bounced right back up. This was the first clue that my preference for more downside would not play out.
I can kind of make out a sideways 1-2-3-4-5. Not sure if 5 is complete or if there’s more to go.
This past week’s losses brought the account closer to $26k from $27k earlier.
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