04/15/2014 Live Update

[Cobra]

mini pullback target. bears must exceeds it to see hopes.

[Out of Bounds]

I would love to draw back to the 183.35 area - order in, I'll see if I can get an execution.

Ready to change and flee in a second.

[Cobra]

members only update at 3:28 pm
http://www.cobrasmarketview.com/2014/04 ... ay-update/

[DellGriffith]

SPY still locked into the downtrend that began April 4th.

[MrMiyagi]

Back to the morning's highs, stall or bust through?

[DellGriffith]

Rule of thumb is that you can take the first 5 or 6 candles and draw the resistance line of a pull back. That's wave A down. This gets busted once to create wave B up. When it resumes its downtrend, that is wave C down, and you draw a second resistance line between the start of the correction and the end of wave B. When that gets busted, you know the correction is over.

If we stick to the pattern, this is still wave A down.

[Out of Bounds]

CAREDUL - Yen is rolling over

[Out of Bounds]

CAREDUL - Yen is rolling over

*Careful

[Cobra]

members only update at 3:50 pm
http://www.cobrasmarketview.com/2014/04 ... ay-update/

[Cobra]

3rd test of day high, might see breakout before the close.

[DellGriffith]

Sorry I'm at work and distracted. Sometimes it goes more than ABC. But in all the corrections, the first downtrend line / resistance breaks and then it continues down more later. We're still under the first (and steepest) downtrend line.

Its only day 8 of the correction.

past corrections:
Jan 14: 10 days
Sep 13: 14 days
Aug 13: 18 days
May 13: 24 days

This has been a very steep one, but still only 8 days.

[Cobra]

guess that's it for today. Wednesday tomorrow has been a little bit bear friendly. Thank you guys, I'll see you tomorrow.

before the close, please take a little time to vote for me, thanks. https://stockcharts.com/public/1684859/tenpp

[Mr. BachNut]

Last day to trade expiring VIX contract. Expires at the open tomorrow.

It will be interesting to see where it prints.

[DellGriffith]

past corrections:
Jan 14: 10 days (broke first downtrend line on day 6)
Sep 13: 14 days (broke first downtrend line on day 8)
Aug 13: 18 days (never broke first downtrend line, but ran for a long time)
May 13: 24 days (broke first downtrend line on day 12)

This current correction is 8 days old and still on its first downtrend line.