09/21/2012 Live Update

[Petsamo]

Took a gamble
long RIMM 6.548, 120 shares
break even is 6.666

[TradingJackal]

Thanks Trading Jackal.

...but don't you think we'll try the top again before the new bearish pattern?

Bearish? How can one be bearish with every CB on earth printing toilet paper. I only talked about an ABC correction Corrections are healthy. Bear is a new synonym for meat. Dead meat.

PS: Looks like the Futures are giving better EW counts. Happens from time to time. Today should be choppy and range bound anyway. That would serve as a small correction of higher degree on ES and '4' on SPX. SPY counts are probably muddled. But it will all sort itself out very soon.

[CarlosDK]

Any levels you think SPY should break if we want a new high next week ?

[Cobra]

global es consolidates above the breakout point so looks not bad. it's clearer than SPY.

[dr659]

We go to new highs next week Cobra ?

no idea.

History, Next week should be down, But, These are different times

[fehro]

trend lines.

[uempel]

Update:

36.png

UEMPEL..Your charts are great..How you can come up with them is something else..Thanks.

Thanks Kena, but what do you mean with "how you can come up with them"

[fehro]

another look.

[Cobra]

could be a small descending triangle here, so the bias is on the downside now.

[TradingJackal]

Something like this would
1. Keep Bullish Fridays alive.
2. Extend the wave 5 in ES.
3. Provide for a 4 and 5 for SPX.
4. Keep corrective Mondays alive.

It is just that 5 is a 200 fib extension of 1 in the earlier chart and I have seen that relationship more often than not.

[KENA]

Update:

36.png

UEMPEL..Your charts are great..How you can come up with them is something else..Thanks.

Thanks Kena, but what do you mean with "how you can come up with them"

I think it takes a lot of know how to be able to draw chart trend lines it is amazing.

[Me XMan]

You're right on here.

Something like this would
1. Keep Bullish Fridays alive.
2. Extend the wave 5 in ES.
3. Provide for a 4 and 5 for SPX.
4. Keep corrective Mondays alive.

It is just that 5 is a 200 fib extension of 1 in the earlier chart and I have seen that relationship more often than not.

[Cobra]

H2 long setup. let's see.

[Al_Dente]

1 min sso not spy
If nyadv can stay >2000 it’s a “bull trend” day

[TraderGirl]

Could be a sell the rally kind of day....waiting for wave 5 of c??

[TradersF]

Long TNA @ 66,78

[uempel]

Update:

36.png

UEMPEL..Your charts are great..How you can come up with them is something else..Thanks.

Thanks Kena, but what do you mean with "how you can come up with them"

I think it takes a lot of know how to be able to draw chart trend lines it is amazing.

No Kena, it's not that difficult. But I've been doing this for 200 years. Check out old engravings showing fur traders at Wallstreet - you'll recognize me

[TraderGirl]

Update:

36.png

UEMPEL..Your charts are great..How you can come up with them is something else..Thanks.

Thanks Kena, but what do you mean with "how you can come up with them"

I think it takes a lot of know how to be able to draw chart trend lines it is amazing.

No Kena, it's not that difficult. But I've been doing this for 200 years. Check out old engravings showing fur traders at Wallstreet - you'll recognize me

Funny!

[daytradingES]

In the futures, we finished a 5 wave move to the upside. It began yesterday morning and finished just before open today. Should be a corrective ABC move to the downside today.

Thanks Jackal

Seems right. Looks like high pre-open took out the stops clearing the way to fall.

Does anyone else think the HOD may be in place?

(Looks like phantom bars were cleared with O/n session, as well)

[noob]

H2 long setup. let's see.

Descending triangle no longer valid?