Monday, May 13, 2013

05/13/13: Overall up cycle to last into early June

Taking a closer look at the hourly cycles on multiple time frames.

CCI 8 - the cycle remains UP into Wednesday and possibly into early Thursday before correcting

CCI 13 - the cycle remains UP into Thursday

CCI 21: the cycle is still UP but isn't coming off of diverging lows

CCI 55: remains UP.  Extending the trend line connecting the diverging lows indicates a cycle top in early June

CCI 86: remains UP.  cycle top possibly indicates extension into mid-June.

Given most cycles are pointing up, we should expect a continuation of this trend.  1670-1680 seems attainable even into Thursday this week.

CCI 8 and CCI 13 uptrends should end by Thursday.  The larger cycles are still pointing up so the dip generated by a correcting CCI 8 and CCI 13 should be bought.

I am expecting a medium level correction after this week into the full moon on 5/24, but again that dip I expect to buy.

Other notes for myself:
1.  72 hours from the 1536 low to the gap at 1600.  as of 5/13, we are 48 trading hours from the gap.  We still have another 24 more trading hours until a possible high.

With each trading day being approximately 7 hours (including the 30 minute kiddie hour), we have roughly 3.5 trading days left to hit 1680.

This puts a possible estimated 1670-1680 target around mid-Thursday.

No comments:

Post a Comment