Slingshot moves! (Bitcoin)

Perhaps this image is a bit lazy, but it's good enough for this.

A slingshot move, is a term I picked up from Martin Armstrong, when a price heads in the wrong direction and suckers people in, and fuels the next rally.

The faster it recovers from the pullback of the slingshot, the farther it slingshots. 

I'm expecting the next major price action to get up into the 1500s before snapping back and gathering itself around the 1448 price 

2-27-17 misc

John Howell has a video about gold and silver right now.  He is very good at keeping a level head when others get excited.  Based on his charts gold looked a little better than silver in the immediate term. 

Cliff High of webbot predicts bitcoin will hit 1448 before stalling for a while and eventually move to 2300. 




As far as the DOW, today was a turning point, so it looks like a high, less complicated than the last turning point where it wasn't obvious what was happening. 

My favorite stock to trade

I think it's a big plus to find a trade with an obvious exit strategy.  In this case I will exit if it gets above that upper horizontal line.  I did puts on this and I hope that it touches the lower horizontal line or perhaps the ascending support line.  If you look in the past, it's moved through this zone very rapidly at times. 

the differences between “Knee Jerk v Spike v Temp v Reaction Events”

Armstrong

"ANSWER: When the computer is classifying something as a Knee Jerk high or low, it means it is a one-time-unit event. A Reaction High or Low has not penetrated the previous event and is at least a three-time-unit event. A Temp High or Low is normally a brief trend greater than three-time-units"

Some timing arrays

https://www.armstrongeconomics.com/markets-by-sector/stock-indicies/dow-jones/the-dow-2-15-2017-looking-ahead/


I'm linking to this article because it will be useful for trading in the near future.


I don't quite understand the weekly array.  The dates given are Wednesdays.


Update!***************


It looks like Armstrong is expected 2-21 to be a low (so then maybe 2-20 is sort of a mini-high? And then rallies from the 22 through the 27th. 




UPDATE - given the first 2 turning points, it looks like the 27th will be a high!

These both look super bearish on weekly charts, SLV and O.  I'm thinking any sort of up close on Monday and bail on these. 


O especially has a target like 20% down from here.

Markets through mid March

Yes it's been a while since the last post!  But I don't want to post stuff just to have a post.  There are a number of people calling for the market to go down next week. 


Bo Polny keeps calling for crashes that don't happen, but several times there have been 10% drops on his timing, and many times the market does indeed hit a temporarily low on his dates.  He's expecting two cycle lows, Feb 15 and March something or other.  I'll look that up when we get closer. 


Martin Armstrong has been predicting this week to be a short term top also.  He also said somewhere recently that when a market creeps up like the last few weeks, it's not really a great bull market, and could be a "bull trap"


Webbot is generally pro crisis from mid Feb onward.


however, John Howell says it's all bullish. 


After this good run, my opinion is that we will get a down week, and who knows/cares how low it will go. 


Martin Armstrong has the following weekly reversals:
The Weekly Projected Bullish Reversals are  20,475.23,  20,518.80, 21,882.34, and 22,188.86. These are the What-If numbers so they may change if we make a new weekly low.  I don't think we are supposed to pay too much attention to these in the near future based on context.


So how can I play it safe and still capitalize if it's true?  Here's the SPX.  Maybe it's at a top.  Some previous touches sold off, but recently it hasn't.  I think shorting this is risky.  Having said that, I don't know what support would be, those major bottoms don't line up as well is they look from here, but maybe they point to like 2175.


The following charts are all weekly

Silver is maybe at some kind of top, I'd say overall it looks bearish to me and Armstrong thinks so too.  Most others would disagree, but I don't have Polny's gold forecast.  Maybe it would say something like "one more possible sell off before moonshot.  The gold chart really doesn't line up much right now. 

I like the following charts much better.  What if the market crashes, do you think Greece or Italy would be spared?  I think Greece is going to lead the way into the sucky future.

The Italy chart (EWI) looks similar to this Greece one (GREK).  GREK is also at some support, so I think a pro would say to make sure it breaks before entering.  EWI is maybe at a horizontal support?

EEM (emerging markets) is sort of at a double top right now, so I'm going to pay attention to the close and Monday's action.

The final chart is a long term DB chart.  Why DB?  Because it always pops into my head if I'm thinking of a possible crash (I use the term loosely) 

So these later charts have not only bounced off of multi year resistance, but have also turned down in the most recent bars.  Also these lines can be solid exit-cut-losses points, which I now realize are essential.