Today is series s4H and the SPILL PRESSURE is DOWN…NORMAL, LINK STINK, and WEDGE ZOOM…OK, we now have the COMMITTED 1693 SPOT and CONFIRMED 1681.5 SPOT in place. Usually these are followed by double digit bounces associated following their first passes.
This has been hammered home in the commentaries every time they are assigned. The LEAN has shifted to BEAR with a marker at the 1705 SPOO 1709.67 CASH on those first passes, SO it becomes very simple to present the parameters and exactly where we are in those terms.
FIRST: the BEARS are at their MOST VULNERABLE MOMENT on those first passes and have shown a proclivity to dropping the ball and snatching defeat from the jaws of victory. EXAMPLE: the inability to overlap 1525.34 cash at the APRIL 18 low at 1536.03 which marked the minor wave 4 low of BLUE(3).HOW CAN IT GO WRONG for the BEARS NOW? The rally from the 1676.03 LOW on 7/26 to the top AUG.5 1709.67 was very sloppy and is NOT ALL OF MINOR WAVE 5 but 5 minuet waves making up a single larger minute ‘i’ of minor 5 and this drop to the CONFIRMED 1681.5 will be the ii. IMO this would require the down to be 3 waves since that top and it looks to be more clearly counted as 5 down.
Bottom line: the LEAN is BEAR and we know 2nd wave corrective bounces OFTEN rally to the .618-DOUBLE TOP REGION of the wave 1 DOWN. We have the UN-RECOVERED 1697 SPOT SLICE AND DICE,1695.3 WEEKLY PIVOT overhead and the double digit bounce off the 1689 SPOT LOW associated with the 1693 COMMITTED SPOT FIRST PASS as overhead prices to GET YOUR ANTENNAE UP if seen today Underneath the BEARS NEED to get the back through of the 1681.5 CONFIRMED SPOT , KILL THE BEN 1685.25 in order to get the ball rolling. The ARCING move in the rally from 1560 (4) low has been going on since the 7/15 high and the ROUNDING TOP is IN PLACE or we the BEARS drop the SOAP one more time over the next couple of sessions to create the TERMINAL HOP AND POP —SPOTS TA ROUNDIES
By William Blount
FV -3.62 NUMBAHS S4H 08/08/ 2013 SEP. contract
PIVOT 1686.1 1695.3
S1 1683.0 1685.7
S2 1677.7 1667.3
R1 1691.4 1713.7
R2 1694.5 1723.3
MAX H 1699.8 1741.7
MAX L 1674.6 1623.3
1684.6-1693.0 Primary 1690.5-1718.5
1680.4-1688.8 Alternate 1676.5-1704.5
1686.8 HIGH 1705.0
1682.1 LOW 1701.6
OPG 1687.0 1682.0
H 1689.2 1705.0
L 1680.8 1677.0
C 1688.3 1704.0