Today is series s2H NORMAL and the SPILL PRESSURE is DOWN.We went out with a whimper on Friday during the LAST HOUR. We have inverted T’s today and there will be at least 1 good down.Friday’s range came in at the lower end of NORMAL 9.8 handles. We assigned a SPOT Friday at 1737 that replaced 1 assigned at rollover time 1734. Above there we have 1742 which remains the same.
The BULLS need to kill the ascending wedge TRENDLINE connecting the Aug 2nd high to the Sept 19 high but if we are s2H normal today, they can afford price to back off and fill the gap created Friday
As far as EW goes the current culprit is the rally from the 1627.47 cash low (1618.4 SPOO DEC. and 1625 when it was front month SEPT) to the 1729.86 SPX cash, 1726.75 all session STRANDED PEEN, front month 1723.5 high…That really is a beauty in the eye of the beholder as to rather or not it is 3 or 5 waves up.Since we discarded the TRIANGLE count upon breaking below the TREND LINE connecting 1560.66 cash, 1553.8 front month spoo at the time June 24 through the 1628.05 cash low on Aug 30 we are left with a very bullish 1-2 BLUE count and are in the 3 up IF the ‘culprit rally’ was 5 waves up AND if it was 3 waves up we would count from 1627.47 ORIGIN a new ASCENDING TRIANGLE with ‘a’ at 1729.86 sept 19, and ‘b’ at 1646.47
on the OCT 9 BRADLEY LOW…This would have the market in ‘c’ up and while we would continue to be BULLISH, it is not as bullish as the 1-2 now in 3 BLUE count from recent charts.
Updated charts for the above prose will be given to is less than the margin of error for where ‘a’ = ‘c’ @ 1748.86 , so a slight overshoot of the 1742 SPOT would be very feasible when adjusting for -5.2 FAIR VALUE. Lastly assign SPOTS at 1748 and 1752.5 —SPOTS TA ROUNDIES.
FV -5.20 NUMBAHS S2H NORMAL 10/21/ 2013 DEC. contract
DAILY , WEEKLY
PIVOT 1735.8 , 1721.0
S1 1731.2 , 1701.7
S2 1726.0 , 1666.9
R1 1741.0 , 1755.8
R2 1745.6 , 1775.1
MAX H 1750.8 , 1809.9
MAX L 1721.4 , 1647.5
1733.5-1743.3 Primary , 1669.8-1728.6
1728.6-1738.4 Alternate , 1640.4-1699.2
1740.3 HIGH , 1740.3
1743.4 LOW , 1695.9
OPG 1734.2 , 1687.0
H 1740.3 , 1740.3
L 1730.5 , 1686.2
C 1736.5 , 1736.5