02/22/2012 Intraday Watering

[Cobra]

well, guess that's it for today, still looks missing one leg up, so I assume bulls will try to revisit yesterday's high tomorrow. overall, not bad for bulls, at least I don't see any top pattern yet. Thank you guys, I'll see you tomorrow.

[jimme]

Selling puts and flipping right here. Have a good night. GLTA jimme

[Petsamo]

No significant last buys or sells, so even the big boys didn't place bets on the gap tomorrow.

[TradingJackal]

Two red days on SPY with a close lower than yesterday's low => trend change for me. Not long term trend mind you. I guess a bounce off lower BB is in due. For the EW folks, this could be the long anticipated wave 4.

[btran874]

Two red days on SPY with a close lower than yesterday's low => trend change for me. Not long term trend mind you. I guess a bounce off lower BB is in due. For the EW folks, this could be the long anticipated wave 4.

[SWalsh]

There is a "possibility" that those who look at wave movement have made two incorrect assumptions:

1: that the move up from Nov 28 was a 5 wave impulse move (I say maybe)

2: that the move from Dec 19 to Jan 26 is wave 3 (I think that is impossible. It's a series of corrections labeled a 3 wave move [not to be confused with wave 3] and not a 5 wave impulse wave)

At the top of Jan 26 it looked like a-b-c. But a characteristic of this market has been that when the top is considered in it has always had one more leg upward to do. This has been happening for at least 18 months. Well, we may have just done that last wave up.

If by some chance this plays out, this has been an Ending Diagonal since the December low and a property of that formation is that it retraces 100% quicker than it was formed.

[TradingJackal]

If this is a correction, then may have put in A and B. Tomorrow should be a gap down.

[thanos]

So quiet here! Okay okay i'll guide you folks. A big Cramer triple SELL SELL SELL. 1368 was the short term top. So long as we don't past 1370 we should have a short term correction first to 1340 but probably 1300 but who knows! Know go out and short. boooyyyaaaahhhh!

[btran874]

If this is a correction, then may have put in A and B. Tomorrow should be a gap down.

I love your count. Please keep it coming. Thank you!