What do we trust? Chalkin Oscillator that argues for an incoming sell-off or the obvious bottoming patter?
We have a major conflict on the QQQQ. The 30 and 60 min chalkin oscillator argues for a near term top. WE should see some sort of incoming selling pressure very very soon. Yet, the pattern of multiple failed retests of the lows argues for a near term bottom. These bottoms have been some of the easiest to trade since the start of this selling pressure beginning with Egypt.
Another issue is the clear inverted head & shoulders being put in on the SPY and the potential double bottom on the two week chart. So what the hell.
Last edited by andyzaky on Fri Mar 11, 2011 4:00 pm, edited 1 time in total.
Text book target for H&S Bottom. I think target to red line (MA 200) is quite possible.
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Big picture, I think this kind of daily bar - open low close almost high of day is very very bullish. Well, still 47 minutes to go, assume we can finally close around here. The next Monday, seasonality says, Dow up 17 of last 23 times, very bullish too.
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zombiebraingoo wrote:looks like we might break up past some resistance levels...bullish to be sure if it prints!
End the day with Bullish engulfing?
Bullish Engulfing is so, then means a little down day the next Monday (71%) but after that quite bullish too.
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Well, the next resistance area. Don't tell me we'll reach it today.
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andyzaky wrote:We have a major conflict on the QQQQ. The 30 and 60 min chalkin oscillator argues for a near term top. WE should see some sort of incoming selling pressure very very soon. Yet, the pattern of multiple failed retests of the lows argues for a near term bottom. These bottoms have been some of the easiest to trade since the start of this selling pressure beginning with Egypt.
Another issue is the clear inverted head & shoulders being put in on the SPY and the potential double bottom on the two week chart. So what the hell.
Interesting pic Andy - have you looked at past corrective phases to see if there is any precedent?