Cobra's Market View

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Small gap up so the gap might be filled.

The Global ES is in a resistance area, hard to say whether it'd break up. The FEELING though, it still misses a dip, either with higher low (good for bulls) or lower low (we'll have to see then).

7.13.2012
Bears need to defend 1343.47 to maintain the fall from 1374.81 impulsive

The yesterday's bounce from 1325.41 was a bit strong that made a price overlap and because of this, I think wave iii was not seen.
The yesterday's low at 1325.41 seems just the end of the first wave i within wave (3). We may be in wave ii and we might see its final stages within the anticipating channel (yellow). I expect wave ii to end somewhere below 1343.47.
With this reading the bounce from yesterday's low 1325.41 would end at around 1343.47 before a resumption of decline to form wave iii of (3).

stockcycle wrote:7.13.2012
Bears need to defend 1343.47 to maintain the fall from 1374.81 impulsive

The yesterday's bounce from 1325.41 was a bit strong that made a price overlap and because of this, I think wave iii was not seen.
The yesterday's low at 1325.41 seems just the end of the first wave i within wave (3). We may be in wave ii and we might see its final stages within the anticipating channel (yellow). I expect wave ii to end somewhere below 1343.47.
With this reading the bounce from yesterday's low 1325.41 would end at around 1343.47 before a resumption of decline to form wave iii of (3).

i'm watching this channel too. Bears need another leg down to keep this moving (and a new low) or else bulls can just churn their way (flat) out of channel and then we could see a bounce like last week of June. Hard to say who wins here. Good time to be neutral as I think we are near a major inflection point.

Some good risk reward for bulls in the 1310-1320 range. 1310 fails? IMHO adios 1400+ hopes for a while and perhaps cancel xmas.

the open.

stucap wrote:

stockcycle wrote:7.13.2012
Bears need to defend 1343.47 to maintain the fall from 1374.81 impulsive

The yesterday's bounce from 1325.41 was a bit strong that made a price overlap and because of this, I think wave iii was not seen.
The yesterday's low at 1325.41 seems just the end of the first wave i within wave (3). We may be in wave ii and we might see its final stages within the anticipating channel (yellow). I expect wave ii to end somewhere below 1343.47.
With this reading the bounce from yesterday's low 1325.41 would end at around 1343.47 before a resumption of decline to form wave iii of (3).

i'm watching this channel too. Bears need another leg down to keep this moving (and a new low) or else bulls can just churn their way (flat) out of channel and then we could see a bounce like last week of June. Hard to say who wins here. Good time to be neutral as I think we are near a major inflection point.

Some good risk reward for bulls in the 1310-1320 range. 1310 fails? IMHO adios 1400+ hopes for a while and perhaps cancel xmas.

Yes, Those who bought the yesterday's dip are seeing good profit. But for a bull market back, I think 1344.56 must be taken away by the rise.

stockcycle wrote:7.13.2012
Bears need to defend 1343.47 to maintain the fall from 1374.81 impulsive

The yesterday's bounce from 1325.41 was a bit strong that made a price overlap and because of this, I think wave iii was not seen.
The yesterday's low at 1325.41 seems just the end of the first wave i within wave (3). We may be in wave ii and we might see its final stages within the anticipating channel (yellow). I expect wave ii to end somewhere below 1343.47.
With this reading the bounce from yesterday's low 1325.41 would end at around 1343.47 before a resumption of decline to form wave iii of (3).

I guess no more wave ii

Bad luck day for da bears

the ew counts really ius giving me a headache. It's good thing I dont know how to count waves.

nice covering before weekend, like it

now, the next resistance area.

Bears are in the Hamotons giving the Bulls a low volume bounce to take out weekly lows open pump.....

wayne0708 wrote:the ew counts really ius giving me a headache. It's good thing I dont know how to count waves.

Sometimes overbought, oversold, sentiment, moving average work better than EW.
If I cannot eat EW. I will consider EW counts as a spices in a soup.

136.65 is roughly the 100% bull flag measurement, it's too high for a friday though. Most likely retrace, then for the big bull run next week...

"Scott Bleier ‏@CreateCapital
just look at the $DXY on no news (yet). Have you ever seen anything like it? QE or NEW BAILOUT ANNOUNCEMENT OVER THE WEEKEND?"

Petsamo wrote:Bad luck day for da bears

How did this play out in comparison to your spreadsheet?

waiting for 1347.5 in ES to open shorts - just for scalp

very strong open, so at least it's 2 legged up.

pezhead9000 wrote:"Scott Bleier ‏@CreateCapital
just look at the $DXY on no news (yet). Have you ever seen anything like it? QE or NEW BAILOUT ANNOUNCEMENT OVER THE WEEKEND?"

DX now on support
EDIT: no more

I love you, man.

Cobra wrote:now, the next resistance area.

stockcycle wrote:

wayne0708 wrote:the ew counts really ius giving me a headache. It's good thing I dont know how to count waves.

Sometimes overbought, oversold, sentiment, moving average work better than EW.
If I cannot eat EW. I will consider EW counts as a spices in a soup.

Im with you and I prefer Cobra's techniques over ew any days