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Huge gap up but within yesterday's range, so not sure if the gap will be filled or not.
The Global ES is testing the channel top, the feeling is still missing at least a revisit to yesterday's low (either higher low or lower low). I'm not sure such a revisit would happen today or not though. Day trading point of view, since it's huge gap up, so I'm automatically in the bull's camp unless the market reverses right at the open. So revisit of yesterday's low or not, I really don't care, it's different time frame, it's the future, for trading, I don't care future, I only care what is exactly happening now...
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SigmaEcho wrote:gm Cobra,
I posted in market outlook. what you think of $AEX? stockcharts is from yesterday, but seems a lot of damage done?
thanks
Treat it the same as SPX, only worse.
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the open. funny, where's everyone? Now the market is down but no bears anymore?
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Cobra wrote:the open. funny, where's everyone? Now the market is down but no bears anymore?
Bears are bulls now, waiting for correction to short again
Now seriously, the up move from yesterday' low is one leg, i'm expecting a retest before going up. Or if we're going up the down move have more chances to produce a lower low. We'll see.
Last edited by tomsky on Wed Apr 11, 2012 9:38 am, edited 1 time in total.
The hardest thing to see is what is in front of your eyes.
Trading is the most dangerous human endeavor, short of war.
Cobra wrote:the open. funny, where's everyone? Now the market is down but no bears anymore?
Bears are bulls now, waiting for correction to short again
Dips go right to target -- sometimes a little more out of panic --- more often a little less due to the dip buyers front running the line. The target in this case was the trendline extending from the November low. According to my chart (which is not precise) we broke that line yesterday so, only natural that with two MDD days we get our pop back up and now the bulls get their turn to BUY BUY BUY and the bears must find a resistance line to hold.
All my readings yield that 1400ish must hold or else we're headed to new highs --- so i expect us to be at 1400 with haste.
stucap wrote:
Dips go right to target -- sometimes a little more out of panic --- more often a little less due to the dip buyers front running the line. The target in this case was the trendline extending from the November low. According to my chart (which is not precise) we broke that line yesterday so, only natural that with two MDD days we get our pop back up and now the bulls get their turn to BUY BUY BUY and the bears must find a resistance line to hold.
All my readings yield that 1400ish must hold or else we're headed to new highs --- so i expect us to be at 1400 with haste.
The green line is my maximum target for 4 wave. If will break it the down move will look corrective and overlapped which implies more upside (higher high).
Edit: I've uploaded the chart now
The hardest thing to see is what is in front of your eyes.
Trading is the most dangerous human endeavor, short of war.
stucap wrote:
Dips go right to target -- sometimes a little more out of panic --- more often a little less due to the dip buyers front running the line. The target in this case was the trendline extending from the November low. According to my chart (which is not precise) we broke that line yesterday so, only natural that with two MDD days we get our pop back up and now the bulls get their turn to BUY BUY BUY and the bears must find a resistance line to hold.
All my readings yield that 1400ish must hold or else we're headed to new highs --- so i expect us to be at 1400 with haste.
The green line is my maximum target for 4 wave. If will break it the down move will look corrective and overlapped which implies more upside (higher high).
20120411 indu.png
Edit: I've uploaded the chart now
seems reasonable -- 50% retrace correlates to 1390ish SPX --- my 1400 is more like a 61.8% retrace.
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The Dorsey Wright NYSEBP turned to O's last night.The trend now is dn until
we get a 6% up move.This can take awhile.11 of the 15 catagories are in O's so it looks bearish.Lots of times we do get a good pop up of 2%+/- then dn.So now lets wait and see what happens.
The entire up move from October's low seems incomplete. The way i see it is we need a retest of yesterday's low to kick off wave 4 red and then 5 to finish C blue and the up to finish 5 green.
But only TWT can enlighten us if the waves are correct.
The hardest thing to see is what is in front of your eyes.
Trading is the most dangerous human endeavor, short of war.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.