Cobra's Market View

Huge gap down, normally such a gap shouldn't be filled. It's no ordinary time, so let's wait and see. If you remember what I said in the last night report: the yellow area will be exceeded and in shorter time than that of the last time. Well, I think it's fulfilled today, so it proves again, the selling is getting stronger and stronger.

Global ES is a straight down, now testing the previous low which is the support now, I don't think the support will be broken on this attack, so probably a rebound of some kind at the open, but NORMALLY, such a strong push down rarely is one legged, so the rebound if any is sell.

BEAAAAAAARRRRRRRRZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ

I said yday that 1172 needed to be taken out for the bears to come. Hopefully everyone got short into the close as that happened! Its go time!

Good Morning.

So honey...
EURUSD http://99ercharts.blogspot.com/2011/09/eurusd_22.html

Let's visit the travel agent.

downside targets? bottom of channel in the days to come?

Sure?
ES http://99ercharts.blogspot.com/2011/09/es_22.html

Wouldn't you rather be surfing?

holding my shorts

added a small long UPRO position @ 45.65 premarket for a quick bounce hopefully.

Before we go...
EURJPY http://99ercharts.blogspot.com/2011/09/eurjpy_22.html

Let's have some toast.

Cobra wrote:Huge gap down, normally such a gap shouldn't be filled. It's no ordinary time, so let's wait and see. If you remember what I said in the last night report: the yellow area will be exceeded and in shorter time than that of the last time. Well, I think it's fulfilled today, so it proves again, the selling is getting stronger and stronger.

Global ES is a straight down, now testing the previous low which is the support now, I don't think the support will be broken on this attack, so probably a rebound of some kind at the open, but NORMALLY, such a strong push down rarely is one legged, so the rebound if any is sell.

Do you think it's a 3 leg down? I heard that but I don't know enough to confirm.

Thanks, love the board, it's been a huge help.

This gap dn brings my SPY short to a profit.I got trapped in it because I went against my trading rules.Lets not let that happen again.

And so what does Dr. Copper say?
HG http://99ercharts.blogspot.com/2011/09/copper_22.html

Um...bummer.

99er wrote:Before we go...
EURJPY http://99ercharts.blogspot.com/2011/09/eurjpy_22.html

Let's have some toast.

nice

gap on /cl below at 79.30. i don't think it will get filled though but there will be an attempt at it to suck in some late shorts and then we should get some kind of reversal. if 79.30 goes, look out below.

Hi guys, I am new here, and post my first 2 cents here

According to statistics, any gap after a major distribution day will most likely be filled intraday, especially when yesterday is a almost 3% down day. (I forgot the result, but maybe 100% chance a gap after a 3% down day will be filled since many years ago? Cobra can you check it?)

A possible picture:
113-114 area is a support. If really rebound from here, a 40% retracement is expected. 122-113=9, so 116.6 could be the target.

the open. I think it's way too stretched, so should be a rebound of some kind here.

99er wrote:And so what does Dr. Copper say?
HG http://99ercharts.blogspot.com/2011/09/copper_22.html

Um...bummer.

Hey 99er -- just wanted to say good call for 1124 for the ES this week. Your bearish cup runneth over!

near support? could be a very weak bounce

way too stretched and it's consolidation area in the past, so strong support here, still expect rebound of some kind. The only thing is guaranteed to work on earth is the distance to moving average, because of gravity, anything cannot be too far above or down a moving average, simple as that.

wow miss the big wave, and this is actually what i am waiting for
anyway, i feel better today. let's do some trading. 1125-1130 area was heavy battle field. i expect to be the support. if broken, we will see new yearly low very soon. (low possibility)
in case of reb, i think 1145 is a good bifurcation point.

SPX
Wolfe Wave target just hit.
http://99ercharts.blogspot.com/2011/09/spx_22.html