Cobra's Market View

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Small gap up, within yesterday's range, plus any gap after Major Distribution Day tends to be filled, so guess the gap might be filled.

Could be a Bear Flag on the Global ES. Yes, it can be a Double Bottom but bulls need do a lot to make it happen, so for now, I'll just read it as Bear Flag.

members only update starts here: http://www.cobrasmarketview.com/2013/04 ... ay-update/

I will look for a support right around 1548 on /ES. bearish for the moment.

Morning, russell (and other indices) at the lower BB what about wave down as a bear trap then snap back rally into next week?

it's nothing more than speculation at this point price pays so follow the price and levels .... GL

Hourly, entering sell the rip zone.

KeiZai wrote:Morning, russell (and other indices) at the lower BB what about wave down as a bear trap then snap back rally into next week?

it's nothing more than speculation at this point price pays so follow the price and levels .... GL

The attachment Russell-18.png is no longer available

I am in the sell mode on this chart.

BullBear52x wrote:

KeiZai wrote:Morning, russell (and other indices) at the lower BB what about wave down as a bear trap then snap back rally into next week?

it's nothing more than speculation at this point price pays so follow the price and levels .... GL

Russell-18.png

I am in the sell mode on this chart.

ST looks definitely as a sell look at that weak bounce oy bulls I am very disapointed

SPX:

SELLING PRESSURE CREEPS IN

• Momentum and breadth are suggesting that there is serious distribution activity, which increases the odds that SPX should be on the verge of confirming a trend reversal (The up leg from the November lows would be over)

• Elliott Wave wise, the current pullback has unfolded a corrective pattern that could mislead the bulls. Usually a corrective move does not belong to a reversal pattern.

So regardless of EW counts I know the price zone that will confirm a “temporary” top if/when it is breached ===> 1539.50

Lets look at the internal structure of the current move: Price has unfolded a 5 – wave down leg that in my opinion cannot be considered an impulsive sequence:

If it is not impulsive then it is not over yet ===> A 7-wave structure is needed

I see two options:

1. Double Zig Zag wave (A) (Of a larger Zig Zag or Double Zig Zag).

If this is the case price is now in the wave (B) rebound, which will be followed, by the last wave (Y) with a theoretical target at 1530.

2. Zig Zag with an Ending Diagonal wave (C). (Of a larger Zig Zag or Double Zig Zag)

If this is the case the assumed pending wave (V) will have to be corrective and has to bottom below 1539.50

Probably if one of the two counts discussed above is correct this bounce will eventually be sold. (Maybe a low tomorrow: OPEX day).

Once the pattern is completed I expect a multi-day rebound that will have to establish a lower high giving the absolute confirmation of the trend reversal.

KeiZai wrote:

BullBear52x wrote:

KeiZai wrote:Morning, russell (and other indices) at the lower BB what about wave down as a bear trap then snap back rally into next week?

it's nothing more than speculation at this point price pays so follow the price and levels .... GL

The attachment Russell-18.png is no longer available

I am in the sell mode on this chart.

ST looks definitely as a sell look at that weak bounce oy bulls I am very disapointed

Boss don't forget your swimming suit.

BullBear52x wrote:

KeiZai wrote:

BullBear52x wrote:

KeiZai wrote:Morning, russell (and other indices) at the lower BB what about wave down as a bear trap then snap back rally into next week?

it's nothing more than speculation at this point price pays so follow the price and levels .... GL

Russell-18.png

I am in the sell mode on this chart.

ST looks definitely as a sell look at that weak bounce oy bulls I am very disapointed

Boss don't forget your swimming suit.

I covered she yesterday I was thinking about gap up to 22.80 I have to sell it again somewhere...if i get a chance

nothing wrong yet, still can be read as Ascending Triangle here, wait.

$DAX: Probable extension of the second wave (A) of a DZZ

Might go long at 1542 15 min should bottom there for a scalp

Buyers wanted!

Bought IWM puts, this looks pretty bad. Very weak rebound so far.

Thinking it might be a dull few days because we spent three weeks here last month.
I will look for the breakout.

142.25 should be ST bottom

This was me this morning. http://www.youtube.com/watch?feature=pl ... Lk1v5bSFPw

I am out for the day - neutral See y'all tomorrow

testing yesterday's low, key time, wait.

Selling should dry up at 142