Posted by pthoreson on 22nd of Apr 2010 at 03:38 pm
Not a good sign for bears when the market reverses a big move
down, then moves into positive territory after an Obama
speech about regulating banks. FAS is up almost $7 off its
low.
not a bear trap for us BPT members I hope? Remember the
SPX is trading in a symmetrical triangle pattern per my newsletter
last night, when it sold off this morning, it stayed right in the
triangle, so I hope you guys didn't' short that morning sell off
low.
For now this is actually a bullish triangle, and it measures
conveniently up to about 1225, which remember is also the 61.8%
Fibonacci Retracement on the weekly chart!
However before we get ahead of the cart, remember that the SPX
still has to breakout of the triangle to the upside for that
scenario to occur and could still go either way, but for now
remains in the triangle, respect a break in either direction.
using a 30 minute chart why cant 1213.92 be the A wave and then
bcde with e finishing hereabouts now??? yeah maybe it is a
stretch....
just wish I was here and able to take advantage of the various
triggers to go long today.... will wait for the triggers for the
short term short tomorrow if they are coming....
Posted by panaspor on 22nd of Apr 2010 at 03:45 pm
Yes, you got me. I actually shorted early in am, sold,
took a profit, shorted again when it recovered about 50%. I
then took my dog for a walk, came back and whoops! I am
sitting on a small loss position and am hoping wave e plays
out.
Thanks for the chart
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
net volume has gone positive,
Posted by bkout3 on 22nd of Apr 2010 at 02:27 pm
net volume has gone positive, trendline break was at 12:05
What a Bear Trap that
Posted by panaspor on 22nd of Apr 2010 at 02:29 pm
What a Bear Trap that was!!
Not a good sign for
Posted by pthoreson on 22nd of Apr 2010 at 03:38 pm
Not a good sign for bears when the market reverses a big move down, then moves into positive territory after an Obama speech about regulating banks. FAS is up almost $7 off its low.
not a bear trap for
Posted by matt on 22nd of Apr 2010 at 02:42 pm
not a bear trap for us BPT members I hope? Remember the SPX is trading in a symmetrical triangle pattern per my newsletter last night, when it sold off this morning, it stayed right in the triangle, so I hope you guys didn't' short that morning sell off low.
For now this is actually a bullish triangle, and it measures conveniently up to about 1225, which remember is also the 61.8% Fibonacci Retracement on the weekly chart!
However before we get ahead of the cart, remember that the SPX still has to breakout of the triangle to the upside for that scenario to occur and could still go either way, but for now remains in the triangle, respect a break in either direction.
for a bullish triangle, the
Posted by matt on 22nd of Apr 2010 at 02:50 pm
for a bullish triangle, the waves are ABCDE, so here's how it may unfold, with a wave E down, then a rally to break up and out.
http://stockcharts.com/h-sc/ui?s=$SPX&p=10&yr=0&mn=0&dy=13&id=p67996192398&a=157796568&listNum=61
http://stockcharts.com/c-sc/sc?s=$SPX&p=10&yr=0&mn=0&dy=13&i=p67996192398&a=157796568&r=6815
30 minute chart can be bearish triangle, no?
Posted by perthx on 22nd of Apr 2010 at 03:58 pm
using a 30 minute chart why cant 1213.92 be the A wave and then bcde with e finishing hereabouts now??? yeah maybe it is a stretch....
just wish I was here and able to take advantage of the various triggers to go long today.... will wait for the triggers for the short term short tomorrow if they are coming....
Yes, you got me. I
Posted by panaspor on 22nd of Apr 2010 at 03:45 pm
Yes, you got me. I actually shorted early in am, sold, took a profit, shorted again when it recovered about 50%. I then took my dog for a walk, came back and whoops! I am sitting on a small loss position and am hoping wave e plays out.
Thanks for the chart