Posted on Aug 19, 2014 by WHC Bassetti.
It appears that the market learned our game and threw us a curveball– or maybe a knuckler. What looked at first like a B wave now is looking like the right side of a V. So we are buying back some of our leveraged SPX positions. Usually we would consider this aggressive, but it looks like prices are not going to test the bottom — at least not on this downwave. Furthermore it appears that market action is ignoring broken trendlines and top chatter and doom and gloom and the Kardashian wedding indicatior and all that stuff which was just for amusement anyway.
Posted on Aug 13, 2014 by WHC Bassetti.
Posted on Aug 09, 2014 by WHC Bassetti.
Posted on Aug 07, 2014 by WHC Bassetti.
One of our alert readers examined our nov12 trendline and pointed out that the line was penetrated. This is the kind of reader we all need. So we need to examine the implications of this penetration (pictured above). We are in the process of suffering the consequences of the penetration. Even though the penetration has not reached the level of confirmation. (Magee thought a penetration of 3% was necessary to confirm a trendline break.) Prices are even sitting on the nov11 trendline.
Posted on Aug 06, 2014 by WHC Bassetti.
Since there is not much you can do when your opponent has you in a headlock and is hammering you we tried to figure out how bad it could get. First of all, if you take the formation depth it’s not bad, in fact we might already have seen the end of the wave, as the target is 1914.33.