here's a 1 min SPY, the bounce stopped at the 200 SMA, remember
I've talked about this many times, that the 200 SMA on a 1 min
chart acts like a magnet, acts as support and resistance fairly
well, we stopped there.
Here's the 5 min Renko, the bounce may have been a 4th wave
bounce, that would be the bearish scenario, we'll have to
see....
On the daily charts if the 20 day MA is sufficiently lost, that
opens the door for a move to the 50 day MA possibly.
Usually 5th waves have positive/negative divergence. New lows
would set up a divergent low on the 5 min charts. Maybe we get a
better bounce there. Would fall in line with the SSO system scaling
into this pullback.
Market
Posted by matt on 27th of Apr 2010 at 02:24 pm
here's a 1 min SPY, the bounce stopped at the 200 SMA, remember I've talked about this many times, that the 200 SMA on a 1 min chart acts like a magnet, acts as support and resistance fairly well, we stopped there.
Here's the 5 min Renko, the bounce may have been a 4th wave bounce, that would be the bearish scenario, we'll have to see....
On the daily charts if the 20 day MA is sufficiently lost, that opens the door for a move to the 50 day MA possibly.
was a 4th wave bounce
Posted by matt on 27th of Apr 2010 at 03:47 pm
was a 4th wave bounce intra day as I said, now we are making new lows in the 5th wave, need the market to close to end the selling
Usually 5th waves have positive/negative
Posted by cw12 on 27th of Apr 2010 at 02:33 pm
Usually 5th waves have positive/negative divergence. New lows would set up a divergent low on the 5 min charts. Maybe we get a better bounce there. Would fall in line with the SSO system scaling into this pullback.
So do we go long
Posted by 11111 on 27th of Apr 2010 at 02:31 pm
So do we go long or short here? I'm confused on the point ur making
matt wasn't making a point,
Posted by Michael on 27th of Apr 2010 at 02:36 pm
matt wasn't making a point, he was making observations.