SO I do not see this as the start of that correction that we have been talking about. Now that we have gotten into November AND now that it appears that the rate hike in December is at 100%,....and the Fed absolutely wants a rate hike....I am thinking that this monster will not be allowed to make its correction until the rate hike. The Fed wants the hike and wont let the market tank. If the market tanks early then they cant raise the rates. That being said, we are very late in this daily cycle. I see this as the end of the daily cycle in the next few days. For there to be a large market correction that we have been hearing about for months, it cant be in a far far right translated cycle. So that means that we go up soon and probably make new highs and a far left translated cycle. I heard one Elliot wave pro say he thinks it will top possible as high as 2660 with the red arrow path. We shall see how strong the bounce is up until the December 13th rate hike for that final high to be made.
That's it.. Short and sweet.
On a side note. Ugaz will be a buy once again soon. Probably under $9.30 and the start of a very strong 3rd wave. big gains ahead for that.
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Just a little sp500 update. 2660 is looking like the top before this correction. Should get there a couple days before the Fed meeting.
Hello SalN, you mean that we are supposed to short at the 2660 target area, and close to the Fed meeting as well...? How about open my short position these days?
Thanks a lot
SalN
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@JackyQZ, it’s a tough call with still two weeks to go till the fed meeting. I am not shorting yet. At this rate it will blow through my target and get to 2700
Thanks a lot