Instead of looking for those downtrend lines to hold , I expect
to see more upside.
In the SPX. the wave 2 may not have topped at 1332.09 but only
the A wave and then yesterday's low at 1302.58 was a nice fib 78%
wave B and this is looking like a sweet 5 wave C heading up
now....
From yesterday's lows, I only see wave1,2 and 3 completing
now(thought it may already be done, I was looking for 1329.62
target), so I expect a nice wave 4 correction to make thos bear
wedges play out and then a final 5 wave to over 1332 {if wave C=A
looking for 1340.41 but may overshoot to fill the gap and make a
better double top for a wave 2 high....}
Perthx - that would be the bearish view. Could also be forming a
larger FLAT with Wave A at 1294 and Wave B now playing out to be
followed by a Wave C down instead of a Wave 3. It all depends
upon how you view the initial decline from 1344 to 1294 (was it an
impulse or a corrective double zig zag).
And don't forget about the other bullish views......
but I am also considering some cyclical studies a friend has
showing a possible top into the 4th or 12th or maybe both!! Just
trying to keep all the optional counts in front until the market
shows the direction it wants.
I count the decline off 1344 as a 5wave impulsive move as my
prefered ...so far!!
In terms of cycles etc, Bradley Model projected a turn date of
17th (which is accurate +/- 2 days). So far, this has held up with
the top in at 1344 on 18th.
The 17th Feb turn is a "major" turn highlighted by the model and
will persist through to around the end of Q2
However, todays strength is slightly worrying and hopefully
Bradley hasn't been impacted by POMO aswell!!!!!
could be yes. I hope my stops don't get hit. It should be a top
given that prices are lower now than on 17th and we have a break of
the rising wedge and force/MACD etc are showing bearish signals
BUT, today is not exactly giving me warmth for the bearish
stance. If the dollar gets a bid, then it may be the turning point.
But I feel tomorrow is make or break either way given its NFP
be careful with those triangles
Posted by perthx on 3rd of Mar 2011 at 12:22 pm
Instead of looking for those downtrend lines to hold , I expect to see more upside.
In the SPX. the wave 2 may not have topped at 1332.09 but only the A wave and then yesterday's low at 1302.58 was a nice fib 78% wave B and this is looking like a sweet 5 wave C heading up now....
From yesterday's lows, I only see wave1,2 and 3 completing now(thought it may already be done, I was looking for 1329.62 target), so I expect a nice wave 4 correction to make thos bear wedges play out and then a final 5 wave to over 1332 {if wave C=A looking for 1340.41 but may overshoot to fill the gap and make a better double top for a wave 2 high....}
Perthx - that would be
Posted by steve on 3rd of Mar 2011 at 12:33 pm
Perthx - that would be the bearish view. Could also be forming a larger FLAT with Wave A at 1294 and Wave B now playing out to be followed by a Wave C down instead of a Wave 3. It all depends upon how you view the initial decline from 1344 to 1294 (was it an impulse or a corrective double zig zag).
And don't forget about the other bullish views......
good point
Posted by perthx on 3rd of Mar 2011 at 12:35 pm
but I am also considering some cyclical studies a friend has showing a possible top into the 4th or 12th or maybe both!! Just trying to keep all the optional counts in front until the market shows the direction it wants.
I count the decline off 1344 as a 5wave impulsive move as my prefered ...so far!!
In terms of cycles etc,
Posted by vimal on 3rd of Mar 2011 at 12:38 pm
In terms of cycles etc, Bradley Model projected a turn date of 17th (which is accurate +/- 2 days). So far, this has held up with the top in at 1344 on 18th.
The 17th Feb turn is a "major" turn highlighted by the model and will persist through to around the end of Q2
However, todays strength is slightly worrying and hopefully Bradley hasn't been impacted by POMO aswell!!!!!
bradley turn on the 17th
Posted by perthx on 3rd of Mar 2011 at 12:40 pm
could be a low too ...just never know...waiting on triggers to trade in any case
could be yes. I hope
Posted by vimal on 3rd of Mar 2011 at 01:02 pm
could be yes. I hope my stops don't get hit. It should be a top given that prices are lower now than on 17th and we have a break of the rising wedge and force/MACD etc are showing bearish signals
BUT, today is not exactly giving me warmth for the bearish stance. If the dollar gets a bid, then it may be the turning point. But I feel tomorrow is make or break either way given its NFP
not sure on the NFP.
Posted by john9o9 on 3rd of Mar 2011 at 01:06 pm
not sure on the NFP. In the past the runup prior to NFP has led to selloffs???
"11 days"
Posted by zach06 on 3rd of Mar 2011 at 12:37 pm
March 4, 2011 is an "eleven" day.... Might get a catistophic wave down..... as Prechter or Mchugh might say.
man if that's your technical
Posted by john9o9 on 3rd of Mar 2011 at 12:38 pm
man if that's your technical indicator..........