As I posted earlier this morning; the market made a 5th wave
move up this morning, now it's pullback back some, there was
clearly some negative divergence on the 1 min chart. so we
got a little pullback.
I'd be pickier here with breakouts unless they have really good
volume
but again, that divergence is ONLY ON A ONE MIN CHART
assuming this wave up today was a wave 5 it was very close to
being 2.618 X wave 1 up from 1086.06...That is cool. Of course this
could be only wave 1 of a bigger 5 wave up lasting a lot longer
couldn't it?
Yes that is the bullish case, wave 1 of 5, so even under the
bullish case you would get a wave two pullback, which would provide
a buying opportunity, then another rally in wave 3 for a bullish 5
wave pattern. But either way, not matter what count, a
pullback could occur
Just trade stock picks, far easier than trading market indexes,
unless you have a system for trading futures
SPX 5 min and 1 min
Posted by matt on 1st of Mar 2010 at 10:39 am
As I posted earlier this morning; the market made a 5th wave move up this morning, now it's pullback back some, there was clearly some negative divergence on the 1 min chart. so we got a little pullback.
I'd be pickier here with breakouts unless they have really good volume
but again, that divergence is ONLY ON A ONE MIN CHART
wave 1 to wave 5 correlation
Posted by perthx on 1st of Mar 2010 at 10:43 am
assuming this wave up today was a wave 5 it was very close to being 2.618 X wave 1 up from 1086.06...That is cool. Of course this could be only wave 1 of a bigger 5 wave up lasting a lot longer couldn't it?
WAVE 1
Posted by parki48 on 1st of Mar 2010 at 01:08 pm
YES PERTHX, L ALSO BELIEVE THIS COULD BE A WAVE 1 OF 5
I do think we will see and ABC correction of it too back to this mornings low.
Yes that is the bullish
Posted by matt on 1st of Mar 2010 at 01:52 pm
Yes that is the bullish case, wave 1 of 5, so even under the bullish case you would get a wave two pullback, which would provide a buying opportunity, then another rally in wave 3 for a bullish 5 wave pattern. But either way, not matter what count, a pullback could occur
Just trade stock picks, far easier than trading market indexes, unless you have a system for trading futures
Matt, how does a system
Posted by junkie on 1st of Mar 2010 at 02:14 pm
Matt, how does a system for trading futures help in trading market indexes? I am curious.