this is my take. I think they need to run this thing up
some more to get people bullish like we bottomed. a number of
friends who always loose in the stock market called or emailed me
yesterday that they were buyers on the dip. That tells me we
have a long way to go before the psychology changes
Posted by cwa82675 on 10th of May 2010 at 12:26 pm
here is an update to the chart posted last week. I took
some starting short positions now, but I want to see how the market
closes out the day before I put some real money back into this
casino. It still seems like 1165-1180 should be formidable
resistance. something interesting to not is the rsi does not
seem like it wants to move higher, that along with the sto now into
the 90's makes me think the risk is to the downside.
my take
Posted by cwa82675 on 7th of May 2010 at 12:06 pm
this is my take. I think they need to run this thing up some more to get people bullish like we bottomed. a number of friends who always loose in the stock market called or emailed me yesterday that they were buyers on the dip. That tells me we have a long way to go before the psychology changes
here is an update to
Posted by cwa82675 on 10th of May 2010 at 12:26 pm
here is an update to the chart posted last week. I took some starting short positions now, but I want to see how the market closes out the day before I put some real money back into this casino. It still seems like 1165-1180 should be formidable resistance. something interesting to not is the rsi does not seem like it wants to move higher, that along with the sto now into the 90's makes me think the risk is to the downside.
the move down from todays
Posted by cwa82675 on 10th of May 2010 at 01:28 pm
the move down from todays highs easily counts as an abc. if that is the case we may run into the close to form a divergent high.
Yes, that's what I'm thinking
Posted by cw12 on 10th of May 2010 at 01:37 pm
Yes, that's what I'm thinking too. It looks like we're flagging on the intraday charts for a move higher.
5 min aggregation shows contracting
Posted by babyface0721 on 7th of May 2010 at 01:12 pm
5 min aggregation shows contracting triangle. As the moment at 12:11 pm cst has broken to the downside.
Recently sent chart to Thomas Sweeney.
Tonii
Wave 4 triangle now?
Posted by kalinm on 7th of May 2010 at 12:28 pm
I am no EW expert...but you have labelled it as if 3 subdivided and now wouldn't that put us in 4 and the 5 down to come to form end of 1?
Posted by hurricanemalta on 7th of May 2010 at 12:14 pm
Yes hurricanemalta - that would
Posted by steve on 7th of May 2010 at 12:30 pm
Yes hurricanemalta - that would be Wave 3 down. The other alternative is that the move down is a C wave as part of a correction.
thanks Steve..I see it pretty much as Kalinm has labelled it with 5 to come and that would set up potential 60 min divergence etc ..but MACD still looks bad!
Posted by hurricanemalta on 7th of May 2010 at 12:34 pm