Remember it's still possible that
the whole move down from Aug 13th was still a wave B, if so then
this would be Wave C. Again that's uncertain at this point
and it's a Friday.
For the Ultra Short SDS and DXD,
make sure to decide where to place your stops.
The one thing that bothered me is
that the Nasdaq and NDX were strong and above their 20 MA's.
Again we are now in the process of retesting the wedges, so they
could still play out, but they cannot go up too much higher if the
bear case is going to play out
Posted by dallahoo on 22nd of Aug 2008 at 11:10 am
matt, it can be 1-2-i-ii down as well, wave possiblities in
situations like this are good mental execise, but, can overwhelm
some people. on lower time frames, I'll personally be focussing
more on trend lines and oscillators and try to guage strength of
swings, as you guys do, and wait till market tells me what waves I
can eliminate with confidence.
One other thing is since high of august 11, on 60 min, we have
had one lower high and 2 lower lows, SPX, if it wants to squeeze
the bears,has to start making higher highs, and lowe lows. We may
get the short term answer today or monday.
Yes that goes with my thoughts from last night, HOWEVER, as
nothing goes straight up, we are at the perfect point where the
markets can leave us in the dark by pulling back from here for a
correction in wave C up OR the end of the correction up on the way
down still.
never easy...if it were we would have all the $$$.
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Remember it's still possible that the
Posted by matt on 22nd of Aug 2008 at 10:30 am
Remember it's still possible that the whole move down from Aug 13th was still a wave B, if so then this would be Wave C. Again that's uncertain at this point and it's a Friday.
For the Ultra Short SDS and DXD, make sure to decide where to place your stops.
The one thing that bothered me is that the Nasdaq and NDX were strong and above their 20 MA's. Again we are now in the process of retesting the wedges, so they could still play out, but they cannot go up too much higher if the bear case is going to play out
matt, it can be 1-2-i-ii
Posted by dallahoo on 22nd of Aug 2008 at 11:10 am
matt, it can be 1-2-i-ii down as well, wave possiblities in situations like this are good mental execise, but, can overwhelm some people. on lower time frames, I'll personally be focussing more on trend lines and oscillators and try to guage strength of swings, as you guys do, and wait till market tells me what waves I can eliminate with confidence.
One other thing is since high of august 11, on 60 min, we have had one lower high and 2 lower lows, SPX, if it wants to squeeze the bears,has to start making higher highs, and lowe lows. We may get the short term answer today or monday.
Yes that goes with my
Posted by perthx on 22nd of Aug 2008 at 10:34 am
Yes that goes with my thoughts from last night, HOWEVER, as nothing goes straight up, we are at the perfect point where the markets can leave us in the dark by pulling back from here for a correction in wave C up OR the end of the correction up on the way down still.
never easy...if it were we would have all the $$$.