Cobra's Market View

SPY has a nice-looking bear flag. We'll probably finish at support and rely on overseas markets to determine direction. Since the Nikkei, Hang Seng, & India rallied some, they'll wanna sell off. Europe determines whether to rally or continue to sell off.

I have to think that some mutual fund managers sitting on profits are looking very carefully at this chart. PLUS, the Dow has lost 13,000.

I have this wave count as preferably 1-2-i-ii (to day's high and the first 3rd wave is coming) or 1-2 and a 3rd wave is coming. Whether the PTB want to try to put $50 billion+ into this mkt to rally it, and have it fall of its own weight like after last June's $76 billion infusion, is the question. Timing wise, better to rally this coming into the fall from lower levels:

Power Hour crept up on us during this turmoil.

alphahorn wrote:So far so good with the count I posted earlier today. Drop right on schedule

Don't you think that calling that "" (which is subdivided with a parenthesis i-ii-iii-iv-v of 1 lesser degree inside it) has a violation of wave "(iii)" not exceeding wave "(i)"?

Trend or no Trend?

I know we have one more day but so far strong bullish candle on weekly

HUGE bot buying on this one

I saw a 3 million buy on SPY

KeiZai wrote:I know we have one more day but so far strong bullish candle on weekly

RSI(5) weekly now back under 50 this time is different, I yelled shorts hands off once this was above 50 well, not any more.

Ah..late day corporate fascism strikes again (looks like an A-B-C right now). I posted a lengthy explanation of why the HFT computer activity is destroying these markets at the end of yesterday's "Watering". This NOT a benefit to the mkt and I posted a very clear example as to why this must slowly be curtailed or the markets are going to die. And this economy cannot survive without free markets. Anyone not thinking that's mkt related needs a new hobby:

Al_Dente wrote:http://www.youtube.com/watch?v=eXHlALI- ... re=related

Sure like your music Al...

http://www.youtube.com/watch?v=0LzNNgct ... re=related

KeiZai wrote:I know we have one more day but so far strong bullish candle on weekly

another weekly.... sitting on the 10week EMA

BullBear52x wrote:

KeiZai wrote:I know we have one more day but so far strong bullish candle on weekly

RSI(5) weekly now back under 50 this time is different, I yelled shorts hands off once this was above 50 well, not any more.

Im with u

the pullback didn't make a lower low, now we have a huge volume, not sure what it means. wait.

one min

This is close-up of the daily, I guess bulls will do everything to take the market higher so that it closes above 1377 (perhaps my drawing ain't precise, but break of the channel is in the 1375/1379 area)

KeiZai wrote:

BullBear52x wrote:

KeiZai wrote:I know we have one more day but so far strong bullish candle on weekly

RSI(5) weekly now back under 50 this time is different, I yelled shorts hands off once this was above 50 well, not any more.

Im with u

I spoke too soon, (like always ) now RSI is back above 50, well well well.......

Good, as long as we don't close at LOD it's ok for bears.

BullBear52x wrote:

KeiZai wrote:

BullBear52x wrote:

KeiZai wrote:I know we have one more day but so far strong bullish candle on weekly

RSI(5) weekly now back under 50 this time is different, I yelled shorts hands off once this was above 50 well, not any more.

Im with u

I spoke too soon, (like always ) now RSI is back above 50, well well well.......

show me

so far still a bear flag though.