Cobra's Market View

It does look good, i got it wrong yesterday damnit, here's the 30 year bonds chart, it's kind of inverse to ES in that it just broke down, unless it's a bear trap but I doubt it... so you can buy that TBT you've had your eye on so long ...

100% Measured Move target met.

No More Bears!

Fib 61.8, Rectangle Bottom target plus very high ChiOsc, again may or may not work, let's see.

SPX
61.8% retracement from 1207 local top.

Surf's up.

SPX http://99ercharts.blogspot.com/2011/08/spx_3882.html

I saw exhaustion bar here, so may be a pullback of some kind here. the pullback shall fail, the up push is not over yet.

cobra, it's a bit confusing, no red day anymore?

A red day at this time is very unlikely. If we pass 10:30AM EST, it is even less likely.

We are approaching basing resistance, trades under here bulls are not out of the wood just yet.

GOld is dropping like a stone!

Down...

bull seems stronger and stronger.

Cobra wrote:I saw exhaustion bar here, so may be a pullback of some kind here. the pullback shall fail, the up push is not over yet.

Hi Cobra,
push up not over yet, meaning higher high or is also lower high possible?

Daytrading with a weekly chart is kind of

the weakest link, XLF and SMH. a trade back below 1std BB (red line) Bears will take over, or I will

Cobra wrote:I saw exhaustion bar here, so may be a pullback of some kind here. the pullback shall fail, the up push is not over yet.

Excellent call, Cobra! Congrats!
I also have, on daily, some resistance right above that level, for SPY ~118.3

SPX
Update.
http://99ercharts.blogspot.com/2011/08/spx_7833.html

99er wrote:SPX
Update.
http://99ercharts.blogspot.com/2011/08/spx_7833.html

But, but... that's bearish...

cougar

so you are trying to show an ending diagonal in your yellow 5?

Or that your purple 2 of three retraces more than your yellow 2 of 1....is that a problem for you?

one basic rule that has saved some serious trading pain with elliott wave is that corrective wave 2's of lesser degree do not retrace more than larger degree wave 2's in the same formation.

pullback as I said, now I see H1, not sure if the rebound has started. I expect a rebound to at least test the morning high anyway, if not this time, then the next time.