SPY Pattern Matching - 1/11/2008
Updated
For personal reference.
Potential pattern repetition. All points calculated using ratios of daily high and daily low of matched dates in 2008.
Exit points and entry points marked as is, +/- $.50
+/- 2 trading day
1/07/2008 similar to 12/10/2018
1/11/2008 - 1/14/2008 similar to 12/11/2018 - 12/12/2018
12/21 marked as significant bounce point
PT $240
Potential pattern repetition. All points calculated using ratios of daily high and daily low of matched dates in 2008.
Exit points and entry points marked as is, +/- $.50
+/- 2 trading day
1/07/2008 similar to 12/10/2018
1/11/2008 - 1/14/2008 similar to 12/11/2018 - 12/12/2018
12/21 marked as significant bounce point
PT $240
Comment
Sell-off continuing throughout today - significant resistance point - 2670-2680If closes under, strong bearish sentiment continues.
Watch power hour closely - if sell off begins, expect ~-2% tomorrow.
Comment
Exit all positions if anything north of 2680 is maintainedRefer to 2.bp.blogspot.com/-WYDB1DKYDro/XBEZDoQgKWI/AAAAAAAASdk/7fssCjvvF84UjnUuvi965lXZljHer39VACLcBGAs/s1600/spx.png
Comment
One last note to self - if sell off does occur and tomorrow follows through as planned, watch close for Fed news. Ignore all China related news for now.Comment
So far so good... Today should begin the crash-athon.Comment
Expect power-hour and Monday to be crazy if this continues.Comment
If we BLOW through $258.6 in a few days, expect hell for the rest of the month.Comment
Something to think about- if timing remains "on", we should bounce heavily next Wednesday. Dovish Fed potentially?Comment
Or possibly Friday. I don't rely on this for 1-1 day match ups for obvious reasons.Trade closed: target reached
Short-term target reached. Yes, there is more room for lower.
Yes, wave counts show it can drop as low as 2330/2270.
But I'll be repeating my profits today, and giving myself a nice day out. I would advise you to do the same. There is a chance for a wave 4 (likely simple correction) beginning today, and I would like to enjoy my Christmas without any worries.
Happy holidays everyone!
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