05/26/2011 Intraday Watering

[99er]

Silver
Update.
http://99ercharts.blogspot.com/2011/05/silver_26.html

[99er]

Crude
Update.
http://99ercharts.blogspot.com/2011/05/crude_26.html

[Cobra]

ChiOsc is way too low again, so this should support the double bottom assumption I made a moment ago.

[cougar]

I see potential double bottom here so there're some chances that the low was in today.

Gann's rule of 4 in the making?

[agnosia]

long oil 99.70, trendline support.

Careful. Fundamentals and dollar say otherwise. Inventories - crude and gasoline - were up (again). Down dollar is what's pushing up oil, temporarily. I shorted, yesterday. Breach of $101 is a good double-down for me.

i've learned fundamentals don't mean a thing anymore in this market now that "dumb money" is in the market... with commodity etf's all funds + individual investors know is buy buy buy... anyway i just sold out at 100.39...

[Mr. T]

I see potential double bottom here so there're some chances that the low was in today.

Gann's rule of 4 in the making?

Not familiar with Gann stuff = is that Bullish or Bearish?

Thanks

[BullBear52x]

Low is not in. I just clean up my crystal ball.

[Anaconda]

long oil 99.70, trendline support.

Careful. Fundamentals and dollar say otherwise. Inventories - crude and gasoline - were up (again). Down dollar is what's pushing up oil, temporarily. I shorted, yesterday. Breach of $101 is a good double-down for me.

i've learned fundamentals don't mean a thing anymore in this market now that "dumb money" is in the market... with commodity etf's all funds + individual investors know is buy buy buy... anyway i just sold out at 100.39...

I hear you. Good cover. And good luck.

[BullBear52x]

This is looking like a bear flag to me, I know many shorts etf price doesn't indicate we are going down but with this chart pattern I am betting on the down side.

[cougar]

I see potential double bottom here so there're some chances that the low was in today.

Gann's rule of 4 in the making?

Not familiar with Gann stuff = is that Bullish or Bearish?

Thanks

Mr. T: Neither, for the time being …But when the price touches the critical level for a 4th time (preferably in 4 different days), the direction of the next trend is being decided: if it drops = DOWN & if it bounces = UP!
The critical level does not have to be a horizontal line, like here. It can be a MA, or Fib. Fan line…

[Mr. T]

Thanks cougar

[BullBear52x]

Just a reminder for some that may have missed my last test post after market. here is the chart, we are in the fail state technically speaking if you are a trend and chart pattern type of guy.

[agnosia]

I hear you. Good cover. And good luck.

thanks the /cl market is my bread and butter. without it i would be broke. lol.

[BullBear52x]

zoom up after previous gap down, we can clearly see that we are in a distribution phase. I will not feel good on the Bulls side unless the price action is trading above 5ma (daily). Risk reward favor the down side IMO

[99er]

TF
Not really an Elliott Wave guy but...
http://99ercharts.blogspot.com/2011/05/tf_26.html
Potential for a "3 of 3 of 3."

[Cobra]

double bottom text book target.

[MajorEasy]

never short a dull market,
note to self

[cletus]

Although we my resist at this levels and hit the lower channel again, there is nothing terribly bearish about this price pattern.

[BullBear52x]

for the longer term traders, As far as over bought and over sold conditions, daily chart indicates more down side before the RSI is really got over sold. all other indicators/oscillators can stay imbeded for some times. also we come this far from the top to make a sharp turn from here they would not get the true dip buyers on board. the one good indication is the money flow/liquidity CMF 21 is still flirting above 0 if this one drop below 0 I will expect weeks of weakness to come. there you go my rant of the day.

[agnosia]

today's pivot=close on the days range is 1318 aka the bot magnet.

we need some participation from the XLF to get this day going!