1. The market is now rallying back up in Wave II which should
complete within a few days and then would be followed by a very
strong selloff in Wave III down.
or
2. The market has yet to complete its A-B-C up and this current
move up would be Wave C. Wave A being the 1313 high and Wave
B being formed on Friday's low. This scenario would likely
have us taking out our recent highs but would also be followed by
another selloff (Major Wave C or III down). This would allow
for the market to test higher Fib retracement levels as we've
discussed since the market bottomed on July 15th.
if you are new, realize that there is no one set
to play things becasue everyone has a differnet style i.e.
different time frame objecives as well as different risk
tollerances.
Welcome. This is a nice trading site. I sent you a
PM on my thoughts of your trade. Per Matt's overview chart
your purchased at support and its in a bullish falling patten ..
good eye and entry. Now you just let those stops near $77
area protect you and see what happens.
Remember - Only you can decide what best for you therefore its
only my thoughts of what I would do if it were me trading.
You have to decide whats best ..
- Lock in total gain now (Lowest Risk / Low
Return)
- Lock in part of the gain now (Mid Risk / Mid Return)
- Let your profit ride with opp. for higher return with stop
protection (Higher Risk / Higher Return)
Only you can make the call but good luck. Personally I'm a
Midder trader :)
Market Analysis
Posted by dodgerdog on 9th of Sep 2008 at 08:22 am
One of two scenario's here:
1. The market is now rallying back up in Wave II which should complete within a few days and then would be followed by a very strong selloff in Wave III down.
or
2. The market has yet to complete its A-B-C up and this current move up would be Wave C. Wave A being the 1313 high and Wave B being formed on Friday's low. This scenario would likely have us taking out our recent highs but would also be followed by another selloff (Major Wave C or III down). This would allow for the market to test higher Fib retracement levels as we've discussed since the market bottomed on July 15th.
so whiich wave of the
Posted by gift1999 on 9th of Sep 2008 at 06:32 pm
so whiich wave of the market happened today
Wave 3 C down, the
Posted by matt on 9th of Sep 2008 at 06:43 pm
Wave 3 C down, the trending wave. The sell off last week was wave 1, the bounce from Friday's low was wave 2, and this is now wave 3.
What does wave 3 or
Posted by rlac on 9th of Sep 2008 at 07:01 pm
What does wave 3 or C measure down to?
Matt , I entered SRS at
Posted by gift1999 on 9th of Sep 2008 at 06:49 pm
Matt ,
I entered SRS at 79.42. What do I do now....sit tight with stops ? can you pls guide me
Here's a chart of SRS
Posted by matt on 9th of Sep 2008 at 07:19 pm
Here's a chart of SRS with comments: It is also now on the Watch List
SRS chart - read the comments carefully, also make sure to read the Watch List FAQ
if you are new, realize that there is no one set to play things becasue everyone has a differnet style i.e. different time frame objecives as well as different risk tollerances.
Thanks very much Matt wow its
Posted by gift1999 on 9th of Sep 2008 at 07:24 pm
Thanks very much Matt
wow its been only 2 days that I joined and I am already reaping benefit
Welcome. This is a nice
Posted by cspirit on 9th of Sep 2008 at 07:35 pm
Welcome. This is a nice trading site. I sent you a PM on my thoughts of your trade. Per Matt's overview chart your purchased at support and its in a bullish falling patten .. good eye and entry. Now you just let those stops near $77 area protect you and see what happens.
Remember - Only you can decide what best for you therefore its only my thoughts of what I would do if it were me trading. You have to decide whats best ..
- Lock in total gain now (Lowest Risk / Low Return)
- Lock in part of the gain now (Mid Risk / Mid Return)
- Let your profit ride with opp. for higher return with stop protection (Higher Risk / Higher Return)
Only you can make the call but good luck. Personally I'm a Midder trader :)
I think we are close
Posted by trade on 9th of Sep 2008 at 12:20 pm
I think we are close to a market meltdown in the next week. Friday and Monday could be interesting. More banks/brokerages in the Fed soup line soon.
dodger- what's a likely wave
Posted by trade on 9th of Sep 2008 at 09:50 am
dodger- what's a likely wave 2 target for scenario 1 that you describe?