12/20/2011 Intraday Watering

[Me XMan]

Took 1/2 profits yesterday. Now back to full shorts.

I would say down for rest of the day to 1210

I would say 1225

pullback to 1230? or 1225 Blue channel retest?

If test SPX 1225, it would not be a dip any more. Loss of momentum is way too big for bulls.

How can you say it will go down to freaking 1210??? makes me laugh so hard, there is absolutely no logic. Are you trapped?

[SB73]

I would say down for rest of the day to 1210

I would say 1225

pullback to 1230? or 1225 Blue channel retest?

If test SPX 1225, it would not be a dip any more. Loss of momentum is way too big for bulls.

Playing longs today after the overnight short drubbing. Statistically we will close near the high of the day. I must assume that will be true today as well. A break below 122.81 will change my opinion.

[BullBear52x]

Trade what's in front of you lets pretend that Santa is not real.

a trade above 5dma is uptrend to me, buy the dip, but since now the trend change is fresh we need to see more evident that it will sustain, lets stay focus make money together shall we? be nimble per se in any direction.

[99er]

Me XMan

Done.

[johnnywa]

Me XMan

Only 1210?

SPX http://99ercharts.blogspot.com/2011/12/spx_5269.html

I'll wager 1200 or lower. "How about $10,000?"

99er did you hit your head coming out of the Gondola

[StrikePrice]

I love getting to sleep in because the market already gave me the buy signal. Positive D on ISEE was a confirmation to my signal and the /ES moving back above 1,206 had me turning off the alarm. Clear 21 waves down for EW fans which me know creates a great trade point with at minimum 2 waves up. I seriously don't think the Bears can extend this drop to 34 waves so with the trend line broken I am fully long and will buy the dips. I hope no one gets run over by the reindeer.

@Strike,

Good work. How do you count waves ? I mean, i look at your chart and sometimes i can see an wave or two extra ( between 8 and 13 for example ). Thanks

I use a channel (45 degree angle usually) and a new wave must completely clear the channel . Also there are times you can skip horizontal moves, in other words not count that as a wave. You may be right about between 8 to 13. It could then be considered be an extension, so my count takes into account that a Wave 3 of 5 waves down typically extend.

What I found most helpful in trading is fibonacci over trying to be exact in Elliott Wave. Fibonacci says if you going lower past 13 you need to get to 21. If you're going lower past 21 you need to get to 34, etc, etc. So as most know with trading EW, waiting for a completion point (5,8,13) and taking a trade in the other way is pretty good for at least 3 wave (A-B-C).

I would never profuse to run a good long-term count. I'll always say here, especially because intraday forum, count waves to find great short-term trading opportunities like going long at yesterday's close, but use other Grand Master Cobra-style analysis to keep the big picture in mind.

[cougar]

We are seeing now a consolidation in the 123.44 area = 6/8 MM (see chart this morning).
As Cobra pointed out many times: consolidation at a critical high level is bullish!
I would not go short now, unless I get a strong, impulsive down move…all IMHO.

[jarbo456]

I don't think Euro bottomed. this looks like a breakdown and consolidation below the breakdown point which only to make the breakdown as real as it gets.

i agree that the breakdown in EUR looks real. however, i'm concerned by the overwhelming short interest in EUR, and the heavily bearish reporting on the EUR across all types of media.

with that being said, you can't trade on sentiment alone, so i think we could see 1.27, but i can't see us getting much lower at the current level of short interest.

[johnnywa]

Me XMan

Done.

Wow Done deal your playing for 10 G's

[99er]

johnnywa

Sometimes you just know it's all bullshit.

Will be back at 3:30 Eastern.

[Me XMan]

I'm gonna have your HONEY!

Me XMan

Done.

[Bezz]

Me XMan

Only 1210?

SPX http://99ercharts.blogspot.com/2011/12/spx_5269.html

I'll wager 1200 or lower. "How about $10,000?"

99er did you hit your head coming out of the Gondola

Watch the EURO 10min H&S. Right shoulder near complete now. Breakdown should take us to around 1.3, which means 1210 or lower

[Me XMan]

It's looking /ES 1231 is good resistance so far.

johnnywa

Sometimes you just know it's all bullshit.

Will be back at 4:30 Eastern.

[99er]

Go Bezz!

[Nomorework]

I'm gonna have your HONEY!

Me XMan

Done.

I want to see the paypal screen shot of this transaction!

[chocobee]

Trade what's in front of you lets pretend that Santa is not real.

a trade above 5dma is uptrend to me, buy the dip, but since now the trend change is fresh we need to see more evident that it will sustain, lets stay focus make money together shall we? be nimble per se in any direction.

Play nimble - I cannot agree more

[johnnywa]

johnnywa

Sometimes you just know it's all bullshit.

Will be back at 3:30 Eastern.

sigh you mean you dont own the mountain the ski hill is on

[stucap]

Me XMan

Only 1210?

SPX http://99ercharts.blogspot.com/2011/12/spx_5269.html

I'll wager 1200 or lower. "How about $10,000?"

99er did you hit your head coming out of the Gondola

Watch the EURO 10min H&S. Right shoulder near complete now. Breakdown should take us to around 1.3, which means 1210 or lower

H&S on the EURO is bullish we go to 1260.

[BullBear52x]

I see selling pressure is too great right now for Bulls to hang up here today HOD double top is a sell for the hard core bears WDIK?

[stucap]

I see selling pressure is too great right now for Bulls to hang up here today HOD double top is a sell for the hard core bears WDIK?

you have huge bear balls. i am envious. i hope this evil plan works.