Ready... Get set...

Hey - JB3 here,

In my last post ("The Magnet") the situation has changed, in my view..... but only slightly.

Here's what has changed as I see it:

1. I'm now seeing the possibility of a slightly different pattern playing out, a complex 'triple-three' structure, where the ending diagonal I discussed last time is still possibly valid, but just part of a larger structure. There's also the chance it may have instead been the internals of a triangle. In either case, it doesn't matter quite so much any more, for reasons that I hope will become clear.
   
2. Upside is very limited, but may exceed the previous ending diagonal high of 875 (SPX) marginally. I haven't got specific targets (no time to check the charts in detail yet) but sticking my thumb at the chart says the levels Atilla mentioned in is last post 880 or slightly higher might be the max point. But if it goes there I'll be more concerned about how it's travelling (e.g. whether it's on fumes or strength.. I bet it's fumes)  rather than projecting an end point. If it tries a run like that then I'll pull an all-nighter (Aussie time) to watch that sucker 'cos I think we've either just had (last week) or will have (this week) one mighty important turning point that is not to be missed.
3. Following on from my previous comments about the longer term - the price/volume action since then only convinces me more that 666 is going to be seen again and likely left for dust. This bounce is a house built on quicksand.

Sorry no time to post a chart, just thought I'd give a heads up on what I'm thinking/seeing in case anyone was interested.

Given all this, I've been taking profits and covering some (not all - about half actually) short positions over the last day or so and will reload soon... hopefully at higher levels but at also if strong support levels I'm watching get taken out.

All the usual caveats. Remember that I don't only use EW in my research, but because neither Atilla or Sol use it I stick to mostly to commentary on EW (and occasionally musing about the bigger picture) because they do such a great job with everything else.

Take care out there and I wish you all the best.

JB3