Cobra wrote:testing the previous high. I think it'll be broken, not today then in the following days.
If it is broken, then it is double bottom?
depends on how breakout and the back test.
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alvian33 wrote:cobra does this count as a W on a daily, looks like it's breaking upside
depends on how breakout and the back test. I think I've made this clear in the weekend report: 2 cases.
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little piggy wrote:Cobra, looks like today spy will stand up above the ema 13, and will test ema 34 on daily chart, but I have a concern about the volume, not higher than Aug 17, the volume is not supporting the breakout. What's your opinion?
nowadays nobody cares about volume. We've been up in the past 2 years with volume kept going down.
StrikePrice wrote:A pretty calm day after the storm. Channeling has been solid today so we must assume we're in an Elliott Impulse Wave. I believe a 3 of 3. My target remains 122.85 area but we could extend into the R3 up at 124.35 because of the short covering many have spoken about.
Cobra's weekend report showed the down wave pattern still looking for Wave 5. http://lh6.ggpht.com/-tvQY5FlHhA0/TlkvA ... 25255D.png
But it must be made clear that a Wave 5 can truncate, we may have gotten that, the only way to fully know is a 100% retrace back to 121.20. I see we're a few pennies away so my evil plan that it was a Wave 5 truncation looks solid.
This is not to say Cobra isn't right about a revisit to the lows of August. I think, and believe he has already stated, those lows may not be revisited for weeks to even months, or maybe not at all.
A backtest of the breakout line (Triangle) may happen this week but I'd be surprised if it's before Friday's Employment report. And if that employment report is good, I wouldn't be surprised if the Daily 50MA and 200MA gets tested in the coming days to weeks. There's plenty of cash out there and it's going to go somewhere. The Swiss Franc and Gold don't look like the obvious place to go right now.
Small Caps lead the way higher, this is quite bullish really
The 1208.47 HI on AUG 17 has been broken broken today.Mkts now getting over bought.Tomorrow do we Gap dn.It would seem so by looking ahead.We will know tomorrow.
KENA wrote:The 1208.47 HI on AUG 17 has been broken broken today.Mkts now getting over bought.Tomorrow do we Gap dn.It would seem so by looking ahead.We will know tomorrow.
better gap up tomorrow, bears are all trapped. squeeze the heck to 1250 area is easy.
KENA wrote:The 1208.47 HI on AUG 17 has been broken broken today.Mkts now getting over bought.Tomorrow do we Gap dn.It would seem so by looking ahead.We will know tomorrow.
That's what I was thinking too....... very extended right now.
Breaking 1208.47 should've gotten covering - but that's all that today was = covering.
KENA wrote:The 1208.47 HI on AUG 17 has been broken broken today.Mkts now getting over bought.Tomorrow do we Gap dn.It would seem so by looking ahead.We will know tomorrow.
That's what I was thinking too....... very extended right now.
Breaking 1208.47 should've gotten covering - but that's all that today was = covering.
Watch it close below that.
Don't discount running corrections. That's all we had today. Not a single red bar on the hourly.
We could gap up and move sideways or just go sideways to work off overbought. We don't HAVE to go down to get more buyers in, in fact sideways and up always brings in more buyers as they fear missing more of the move.
Mkt did not hold.This may be called a double top for only one point overshoot.We will know tomorrow on the open.Wait and see if we go over in the next few min.
well, guess that's it for today, should be more high ahead. Thank you guys I'll see you tomorrow.
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