Carpinos S&P chart, looks like this..we exploded thru all resistance last week, and pierced the 3/1 c band of 1485 to 1492, 7 points higher...the next top is 4/1 band at 1513...
do not know if we will even get that far next week..and after thinking about this spike thru high print of 1492??? maybe thats all she wrote..but i am not sure...
we are sitting at 1475 at the close..down from that spike high of 1492..thats 17 points from the top..it's not enough of a retrace yet...i think if we use his largest possible correction number of 38 points from any high...
and we ignore that spike thru print, and use 1485 as the 3/1 band target, then a 38 full retrace back down of the S&P's would take us to 1447.00ish..thats my number Tom..1447!!!! i will buy my dip there IF we get that low...
now if we just selloff Mon which i doubt, and we move to the downside target of 1447, then i'll buy it right there...
of course a 30 point ,move in the S&P's equate to about 300/400 NAZ, 300 DOW...
you can look at the SPM0 chart on P&F and see the BRL line at 1496..i'd like to see that hit first...i'll be short right there if we get close..this index as all index's are on high poles or triple tops and will have to correct next week no question...
but i have Carpino's cycle highs coming in the week of the 16th to the 22nd..i will buy this dip at the end of this pullback very very hard...
i am not even considering any test of any low..forget the Apr 14th low..not gonna happen..not now and not here...
on the S&P's we have what was heavy resistance at the 20/40 and 200 mva on the daily charts to now become support...
the 40 is 1443.00...and the 20 is looking like it's going to move up and thru the 40 after next week,,,,
so i am bullish, and will trade it exactly as it unfolds till i'm seeing something else transpire... |
