There is pos divergence on the MACD,RSI and STO. Divergence in
itself is not a buy or sell signal. The breaking of the trendline
on the falling wedge would be convermation. But great caution
advised, I am only taking small positions!
Posted by traderdave on 23rd of Feb 2011 at 02:16 pm
I was thinking another red resistance line extended down on
the RSI would help signal a reversal, although I see you've
added a blue support line underneath.
has the midpoint of its BB dropping , now below 1324 so that
area could indeed be a good target or just below!!! Also with two
gaps filled perhaps (if this is an ABC) that C wave down from
a 1324 area would target that 3rd gap around 1286?
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spx15,target for megaphone=1304
Posted by kobie on 23rd of Feb 2011 at 11:19 am
...best stategy would be to sell on a oversold bounce from the 1324 area(a clear reversal from there or about).....if we get the bounce.
spx15,downside target reached. Buy only on a clear reversal up.
Posted by kobie on 23rd of Feb 2011 at 12:08 pm
RSI trendline
Posted by traderdave on 23rd of Feb 2011 at 12:54 pm
Kobie,
Would it be helpful to have another trendline (down) drawn on this chart?
-btw great work capturing and relaying these moves.
traderdave, I have drawn in some trendlines,dont know if that is what you ment?
Posted by kobie on 23rd of Feb 2011 at 01:06 pm
There is pos divergence on the MACD,RSI and STO. Divergence in itself is not a buy or sell signal. The breaking of the trendline on the falling wedge would be convermation. But great caution advised, I am only taking small positions!
http://stockcharts.com/h-sc/ui?s=$SPX&p=15&yr=0&mn=0&dy=8&id=p33090858032&listNum=1&a=221919384
I was thinking another red resistance
Posted by traderdave on 23rd of Feb 2011 at 02:16 pm
I was thinking another red resistance line extended down on the RSI would help signal a reversal, although I see you've added a blue support line underneath.
NBD, I appreciate your work.
spx15,can be bought with great caution(stop=breaking of the low of the reversal bar)
Posted by kobie on 23rd of Feb 2011 at 12:35 pm
http://stockcharts.com/h-sc/ui?s=$SPX&p=15&yr=0&mn=0&dy=12&id=p91028862462&a=221919384&listNum=1
SPX 30 min also
Posted by perthx on 23rd of Feb 2011 at 11:22 am
has the midpoint of its BB dropping , now below 1324 so that area could indeed be a good target or just below!!! Also with two gaps filled perhaps (if this is an ABC) that C wave down from a 1324 area would target that 3rd gap around 1286?