ChartsEdge intraday cycle map for (U.S.) equities Jan. 15, opex day

Thanks again to Mike Korell and his ChartsEdge forecasting - here's today's intraday BP map from ChartsEdge Daily Maps. Their two types of intraday cycle forecast maps (their BP map, plus their pattern recognition chart when available), plus their weekly cycle forecasts (use "ChartsEdge weekly" label most days - gain predictive power when they all look similar - follow links on their site for details, and much of that info is also posted at my NB3 blogspot - links above and at right). Mike issued a comment that he isn't doing pattern recognition maps this week because once a month, they don't align - so he's only doing them about 3 weeks each month. Mike also published comments you can see I posted here last night. While the markets are closed in the US on Monday, or maybe because they are, we might think this afternoon should see a positive movement. Whether or not it gets to or above 1160 today (or postpones that target until after another breather). We'll welcome a move up today especially if it gets well above the highs of Monday that started this opex week.

Which is fortunately what his BP chart shows - below:

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Thanks again Mike!

Busy morning with CPI and opex, and positioning for a 3-day weekend (U.S.). Maybe we get much closer to our goals, just will have to see. Also I read Prechter's new issue of Elliott Wave Theorist. Theorist indeed, as he keeps pushing the same theory over and over! I could feel better about him if he presented alternate counts and was more precise about where a count is proven wrong. Anyway, suffice it for now to say that I've considered both of the pattern structures he's pushing as applicable to equities in the current wave up. I think they're flawed because internal wave sub-structure doesn't fit well. But something more profound - one can only confirm a count when it's completely done. Until then it's, well, theoretical! And we look at other indicators. Like Tony Caldaro with his MA's and RSI. Like money flow, MACD, stochastics. Like breadth, sentiment and cycles, as Andre Gratian also does.

All of which suggest that Prechter's not wrong about an impending top. But it's what happens after that, that'll crush any trader who bets heavily in the wrong direction. That's why I've been suggesting that we ready for a turn, make sure to be positioned once we can see some kind of real top is in. Then, carefully observe for the signs whether the market crashes ... or merely descends in an orderly pullback that lays the groundwork for a resumed rally that can make great upside progress again. Given all I know from cycles, breadth, and Terry's T Theory plus Merriman's comments - we can't be very confident of an uber bearish position until August.

And if you've read and listened to Terry Laundry's updates, you even know he allows for a wild card in December. Which would make a certain "Wiley Coyote" I know, very happy ... Well that's much too far away to speculate. For now, let's manage within these small waves. We may or may not have a smaller high under 1165 and another small pullback or consoludation before a high gets dine next week ... So careful as always out there. And happy market navigating!