09/20/2012 Live Update

[Cobra]

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Big gap down below yesterday's low so the gap might not be filled.

Global ES formed a double top then broke down in the overnight session, hit 76.4% of the text book target then rebounded then down again testing the overnight low forming a higher low (so far), so now bull vs bear 50 to 50, we need see how this how low unfolds first. NORMALLY, should be another leg down but you know nowadays simply normally doesn't work for bears, so let's wait. Another target on the chart at 1438.75 is bearish 1-2-3 formation text book target which usually I won't hope it'd be fulfilled.

[Cobra]

DAX looks very calm to me, surprise, so perhaps, US won't drop much today.

[TradersF]

This is what i see.


With triple witching tomorrow though, this market could dip down then close back up for yet another nothing day.

The fed last week and triple witching this week is really playing havoc with my system trading.
It's very close to giving a sell on TZA and a buy on TNA.

Looking forward to 'normal' trading again next week

Futures are pointing in the right direction though.
Pre-market has TZA @ 14.22

[noob]

Cobra, seems like a bear flag on the 5 mins chart.

[Cobra]

Cobra, seems like a bear flag on the 5 mins chart.

any time revisiting the previous extreme, there's a chance of reversal, so wait.

[Cobra]

the open.

[uempel]

Sideways and then some move at the close?

[Cobra]

target I won't hope. Maybe from now on I should drop calling 1-2-3 formation target, simply mostly don't work.

[fehro]

lower red channel? first target?

[TradingJackal]

ClarkW, DDD set the 35.37 low today a open to finish a 5 wave down. This is 127.2 target and 32.80 should be 161.8 extension. This should be the A down.

[ClarkW]

ClarkW, DDD set the 35.37 low today a open to finish a 5 wave down. This should be the A down.

English please

[Jack12]

Morning all, Thanks for a cool forum.
Mainly trade futures and some cfds.
At the moment net short spx target 1445

[ClarkW]

$SOX Daily breaking down to anyone else as well

[ClarkW]

ClarkW, DDD set the 35.37 low today a open to finish a 5 wave down. This is 127.2 target and 32.80 should be 161.8 extension. This should be the A down.

I see, makes sense based on your updates. Thanks TradingJackal! Great stuff!
I monitored it but never got in thanks for your comments in the weekend thread

[TradersF]

This is what i see.


With triple witching tomorrow though, this market could dip down then close back up for yet another nothing day.

The fed last week and triple witching this week is really playing havoc with my system trading.
It's very close to giving a sell on TZA and a buy on TNA.

Looking forward to 'normal' trading again next week

Futures are pointing in the right direction though.
Pre-market has TZA @ 14.22

Target reached!!!
Is there more to come?

[TradingJackal]

ClarkW, DDD set the 35.37 low today a open to finish a 5 wave down. This should be the A down.

English please

DDD is most likely putting in a zig zag (5-3-5) move down. A should be done at 35.30s or will soon be at 32.80s. Then a retrace up in B. 32.80 has a better chance because it is 423.6 fib extension of wave 1 down. When two fibs meet, the probability increases of becoming a turning point.

[ClarkW]

ClarkW, DDD set the 35.37 low today a open to finish a 5 wave down. This should be the A down.

English please

DDD is most likely putting in a zig zag (5-3-5) move down. A should be done at 35.30s or will soon be at 32.80s. Then a retrace up in B. 32.80 has a better chance because it is 423.6 fib extension of wave 1 down. When two fibs meet, the probability increases of becoming a turning point.

Thanks again TradingJackal for taking the time to provide a thorough explanation! Always respect your opinion

[Petsamo]

We can't possibly have an all-day sell off

[amalgamator]

[TradersF]

We can't possibly have an all-day sell off

I hope so