Drawing board again

Past week I mentioned that I was expecting that the equity market could drop first, then start going up like screaming and reverse back to cause confusion among market participants.Then by Aug 29-30 make it or break it expecting that started going up in a similar fashion like late June with very few corrections.

The drop appeared but very small, just couldn't pierced the range downwards. It touched the bottom and effectively started going up like screaming just to reverse Thursday morning and dropped like 5% in less than 24 hours.

Friday started the reversal, the one that I was expecting yesterday so I just keep waiting outside to see if it was going to do some funny thing but no, the structure of the move was like I imagine so today I went long SPY and kept going up in a way that resembles the June move up.

So the two "surprises" were that the drop didn't get below the current range (the up and down moves were fine) but the end of the month move (the 4th leg) started one trading day before, which doesn't look too big of a deal when studying a complex formation but exit the risk to throw someone off balance because it started Friday instead of Monday so is hard to know if it's going to produce a different kind of tape or it just came earlier.

Is much better to see something and expect a nice multimonth move in one direction but it didn't happen that's why I'm trying to get more creative and trying to spot this complex formations with four movements that don't change dramatically the price values, maybe a 7% but are good for getting better timing. And trying to see if I can get the different "legs" with some accuracy.

Not too bad but not that good. Maybe I'm becoming a glutton pig but I would like more accuracy in the timing and if possible a better idea about the drop (first move) percentagewise.

Back to the drawing board

The current up movement should keep the correctionless structure till early Thursday morning before facing the first obstacle (which I don't know how strong could be) with chances to generate a nice correction or create a push down more important.

I still don't know but at leat till early Thursday I favored going up withouth too much of a challenge.

Will see if it works that way.

Dan