paulfirth - this remains possible and was discussed prior to
even the RS forming. Again, we have seen some fakeouts and
this has yet to even trigger so always respect the market.
Posted by racerick on 15th of Sep 2010 at 09:25 pm
Been looking at this all day, plus on mine if you draw a
trendline from head to the next higher low it extends up to about
1220 which is about where it measures out to.
Posted by paulfirth on 15th of Sep 2010 at 09:09 pm
Thanks for the chart. I don't see any negative
divergence. I feel like a gambler (and I hate
gambling) but my guess is this formation will play out eventhough
fundamentally I don't think it should. To many people are
bearish... Were seeing any dips get
bought... 200 ma for support. Bears appear
to be covering? Soon new money will enter the market???
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Older SPX Chart
Posted by steve on 15th of Sep 2010 at 08:26 pm
paulfirth - this remains possible and was discussed prior to even the RS forming. Again, we have seen some fakeouts and this has yet to even trigger so always respect the market.
SPX Chart
Posted by racerick on 15th of Sep 2010 at 09:25 pm
Been looking at this all day, plus on mine if you draw a trendline from head to the next higher low it extends up to about 1220 which is about where it measures out to.
http://screencast.com/t/ODhjNDc4Njkt
Thanks for the chart. I
Posted by paulfirth on 15th of Sep 2010 at 09:09 pm
Thanks for the chart. I don't see any negative divergence. I feel like a gambler (and I hate gambling) but my guess is this formation will play out eventhough fundamentally I don't think it should. To many people are bearish... Were seeing any dips get bought... 200 ma for support. Bears appear to be covering? Soon new money will enter the market???