07/12/2012 Live Update

[stockcycle]

we may be in the wave iii within wave (3).

I would have expected a bigger gap if we were in 3 of 3.

Yes, but not necessary. I think deeper than 0.80% is satisfied. The fall would continue next days.

[heavenskrow]

man I really love the mini evil index calling short term tops in April 2nd, May 1st, and July 5th.

Anyone know how to measure the target pattern off a breakdown of a wedge?

[stockcycle]

we may be in the wave iii within wave (3).

I would have expected a bigger gap if we were in 3 of 3.

Yes, but not necessary. I think deeper than 0.80% is satisfied. The fall would continue next days.

I mean "Deeper than -0.80%"

[TraderGirl]

I mentioned last night that I thought we would be down today, but I didn't think we would open lower.....

If it finds support on the lower channel, it can break out to the upside....if only for a short time....IMHO...

[Cobra]

you don't want to see consolidation here as bulls.

[TraderGirl]

I mentioned last night that I thought we would be down today, but I didn't think we would open lower.....

TG, it sure looks like a Bear Flag on your chart???

Sorry, I'm out of it this morning...my response to your comment....:

"If it finds support on the lower channel, it can break out to the upside....if only for a short time....IMHO..."

[Cobra]

bulls pray for small double bottom or H&S bottom.

[victorm]

Gold on support on hourly and daily, pullback? will buy it again...

[gappy]

Gold on support on hourly and daily, pullback? will buy it again...

Read this morning volume has dried up, bottom near, 1550?

[CognitiveDissonance]

bulls pray for small double bottom or H&S bottom.

Bears can pray too

[tradematti]

hi cobra
i think your arrows shown on your chart last nite went the other way, what a jocke.............

[stockcycle]

Market can't be more bearish than this:
1. Break down the lower line of the Rising Wedge plus
2. Break down the lower line of the Falling Wedge
A small hope for bulls is a consolidation at 1326.20, the 38.2% Fib.
To me however this 1326.20 will be broken eventually, maybe not today but tomorrow

[Al_Dente]

One min internals
Nydec >2400 = “bear trend day” if she can stay above >2000

[gappy]

http://www.ted.com/talks/lang/en/kevin_ ... world.html Crazy is as crazy does.

[fehro]

closer view of 60m SPX with a possible steeper blue channel should the downside accelerate.

[Tutti]

a bounce in the next day or two and lower high set up a nice right shoulder for a H&S on the hourlys of the SPY Q's IWM & DIA...

[knock]

need the rebounce.

[Petsamo]

I see a rally

[stockcycle]

If you think the bearishness of the pair EUR/USD would negatively affect to stock markets, you may care this chart.
The Head & Shoulder target should be 1.1360. Timing is about the 1st week of September 2012 but it could be sooner.

[ClarkW]

EEM could have a little support here. Has also now filled gap from 6/29. Still long EDZ (3x bear) but might sell or buy EDC for a short pop before continuing lower. NOT A RECOMMENDATION.