I think the breake above 1130 that was a well-established
resistance level was significant and the index looks more and more
like forming a inverse head and shoulders pattern with the neckline
at 1130-1129 spot price. The target is pointing to 1250. If we had
a top like some claimed yesterday on the blog and the top beeing
wave 2 and the dreaded wave 3 coming next we should see a much more
dramatic decline as wave 3 kickes in. That has not happened sovar
so short term the bias must be to the upside. Me thinks its 1 up
for the bulls at the moment!!!
I couldnt agree with you more. I would have expected some
massive selloff, and a takeout of the 1130 shelf. It sure seems
that mr market has an eye on the cheap dollar and the inflation not
reported by the govt liar committees.
I think we could actually see 1350 eventually before inflation
kills us all. and that would put the right shoulder in for the 20
year chart permanently.
So the ABC correction that EWI has been espousing for the last 4
years will get relabeled, and the new shoulder formed in the next
year ;(
I went long at 1132 with stop at 1128 to give it some room. Any
other traders welcome to post trades as they make it. Nothing more
irratating than braging about trade long after they have made
it. Dont want to fight , just challenging some traders out
there.
The Dow futures looks like forming a descending triangle. The
hight of this triangle is 130 points. A breakout looks likely at
10730 so 130 to be added to this. Support 1060.
when I stop to consider the left shoulder on the bigger H&S
bearish pattern was also at 1150 back in January, well now, I am
thinking this may well be ready to roll over. They probably want as
many folks trapped long as they can get before allowing a real
correction.
Someone show me the solid growing volume for the past two weeks
and i might believe this run has legs...all it is is the insiders
and hedgefunds and govt QE trading back and forth, imo.
What is stopping the low volume to push this market higher, it
has done so likeyou pointed out the last 2 weeks. I am just saying
that a wave 3 down should be kicked started by a more urgent move
down. And as Matt and Steve pointed out the nature of this
correction will tell us if a top is in.
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$SPX inverse head and shoulders
Posted by kobie on 22nd of Sep 2010 at 02:33 pm
I think the breake above 1130 that was a well-established resistance level was significant and the index looks more and more like forming a inverse head and shoulders pattern with the neckline at 1130-1129 spot price. The target is pointing to 1250. If we had a top like some claimed yesterday on the blog and the top beeing wave 2 and the dreaded wave 3 coming next we should see a much more dramatic decline as wave 3 kickes in. That has not happened sovar so short term the bias must be to the upside. Me thinks its 1 up for the bulls at the moment!!!
one more thing.....
Posted by jimsava on 22nd of Sep 2010 at 03:12 pm
Eve & Eve double bottom chart pattern in play (Bulkowski)
the measure rule is 2 months......it fits
bulls vs bears
Posted by vaellen on 22nd of Sep 2010 at 02:46 pm
I couldnt agree with you more. I would have expected some massive selloff, and a takeout of the 1130 shelf. It sure seems that mr market has an eye on the cheap dollar and the inflation not reported by the govt liar committees.
I think we could actually see 1350 eventually before inflation kills us all. and that would put the right shoulder in for the 20 year chart permanently.
So the ABC correction that EWI has been espousing for the last 4 years will get relabeled, and the new shoulder formed in the next year ;(
either way, we will not have a say in the move.
$SPX swing trade
Posted by kobie on 22nd of Sep 2010 at 03:01 pm
I went long at 1132 with stop at 1128 to give it some room. Any other traders welcome to post trades as they make it. Nothing more irratating than braging about trade long after they have made it. Dont want to fight , just challenging some traders out there.
$Dow futures descending triangle?
Posted by kobie on 22nd of Sep 2010 at 02:44 pm
The Dow futures looks like forming a descending triangle. The hight of this triangle is 130 points. A breakout looks likely at 10730 so 130 to be added to this. Support 1060.
possible but
Posted by perthx on 22nd of Sep 2010 at 02:44 pm
when I stop to consider the left shoulder on the bigger H&S bearish pattern was also at 1150 back in January, well now, I am thinking this may well be ready to roll over. They probably want as many folks trapped long as they can get before allowing a real correction.
Someone show me the solid growing volume for the past two weeks and i might believe this run has legs...all it is is the insiders and hedgefunds and govt QE trading back and forth, imo.
What is stopping the low
Posted by kobie on 22nd of Sep 2010 at 02:52 pm
What is stopping the low volume to push this market higher, it has done so likeyou pointed out the last 2 weeks. I am just saying that a wave 3 down should be kicked started by a more urgent move down. And as Matt and Steve pointed out the nature of this correction will tell us if a top is in.