Enlarge any chart by clicking on it.

Unless otherwise specified, ALWAYS use the 15min chart to enter my recommended plays because
CONFIRMATION is a MUST. In other words, you need to see a 15min candlestick that CLOSES beyond
the entry point, then enter when it moves 10cents after the high/low of that candlestick.

Wednesday, December 7, 2011

SPX & GLD (SPX WILL BE RANGE BOUND BETWEEN 1245 - 1265 FOR AWHILE)

SPX SIDEWAYS CHANNEL LINES NOW IN PLACE!!!! Look for SPX to move between 1245 - 1265 (1244 -1267) for awhile (about 1-2weeks) before it breaks DOWNWARD (not UP). I'm not certain when exactly the breakdown will occur, hence the 1-2weeks window. I need to see the pattern ahead to be certain with the exact breakdown point. I will post it few days before it takes place. When it occurs, it will lead to a fast drop for about a week.

NOTE: I was looking for a move to 1285-1290 before a sidewards consolidation takes place. This is now off the table. It's now clear to me that the channel is now in place between 1245 - 1265 (20points). What I was expecting will start taking place at about 1285-1290 (for a 1265 - 1285 range) is happening now. PLAY ALL THE SWINGS IN THE CHANNEL!!!! Forget about being bullish or bearish. JUST PLAY THE CHANNEL!!!

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME

GLD (gold)
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