Remember per our update last night,
this is likely minute wave 5 of minor wave 1(green) of major wave
3, that will complete minor wave 1. Then sometime (maybe
later today maybe tomorrow, we could find a bottom and then begin
minor wave 2 bounce (remember all of this is in major wave
3)
tgh1 -read my post from this morning at 9AM, I
said we were completing wave 5 of wave 1 and would likely get a
bounce. we talked about it all day, so did you not see any of
these posts?
Secondly, you have to define yourself, are you a day trader, a
short term trader, a swing trader, etc. If you feel uncomfortable,
no problem with taking some off the table
Remember per our update last night,
this is likely minute wave 5 of minor wave 1(green) of major wave
3, that will complete minor wave 1. Then sometime (maybe
later today maybe tomorrow, we could find a bottom and then begin
minor wave 2 bounce (remember all of this is in major wave
3)
matt- September 11, 2008 10:03am
Previously posted by matt (Title: S&P 500 15 min chart)
:(
toggle)
Remember per our update last night,
this is likely minute wave 5 of minor wave 1(green) of major wave
3, that will complete minor wave 1. Then sometime (maybe
later today maybe tomorrow, we could find a bottom and then begin
minor wave 2 bounce (remember all of this is in major wave
3)
the point of the wave count is that if you didn't short the
market yet, you might want to wait for the wave 2 bounce, because
if the wave count is correct, then the maket should bounce soon
Posted by gift1999 on 11th of Sep 2008 at 05:40 pm
matt
That was a very good advice. I almost got into huge trouble
because of not defnining my trade when I bought MER@ 22.97
yesterday. But after I saw your post this morning about a possible
bounce, I added a huge position in MER and finally closed that
out with a decent profit ( but I feel ashamed about this trade- I
hate doing risky stuff like this ....What if MER tanked like LEH?
...OMG)
Posted by dbray740 on 11th of Sep 2008 at 10:50 am
Any guesses as to the approximate height of a minor wave 2
bounce on the S&P? (I'm just looking for something very rough
here.) Anyone's opinion is appreciated.
But really, we hate to get too much into wave counts, we use it
as a guideline, so don't need to get too caught up into it.
Just follow our chart patterns, trendlines and divergences
etc. WE use wave counts as a roadmap or guide, but counts can
chance, that's why we follow price action, trendliens and patterns
more
that's a substantial wave 2 bounce you've laid out in the chart,
might it be smart to cover shorts for now and reposition?
Wave 2 could go as high as 1270 per your chart or did I read that
wrong? Meanwhile Shreve from IBD on CNBC talking up retail
sector, what's with the resilience there?
the point of the wave count is that if you didn't short the
market yet, you might want to wait for the wave 2 bounce, because
if the wave count is correct, then the maket should bounce soon
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S&P 500 15 min chart
Posted by matt on 11th of Sep 2008 at 09:44 am
Remember per our update last night, this is likely minute wave 5 of minor wave 1(green) of major wave 3, that will complete minor wave 1. Then sometime (maybe later today maybe tomorrow, we could find a bottom and then begin minor wave 2 bounce (remember all of this is in major wave 3)
tgh1 -read my post from
Posted by matt on 11th of Sep 2008 at 05:10 pm
tgh1 -read my post from this morning at 9AM, I said we were completing wave 5 of wave 1 and would likely get a bounce. we talked about it all day, so did you not see any of these posts?
Secondly, you have to define yourself, are you a day trader, a short term trader, a swing trader, etc. If you feel uncomfortable, no problem with taking some off the table
--------
Remember per our update last night, this is likely minute wave 5 of minor wave 1(green) of major wave 3, that will complete minor wave 1. Then sometime (maybe later today maybe tomorrow, we could find a bottom and then begin minor wave 2 bounce (remember all of this is in major wave 3)
Remember per our update last night, this is likely minute wave 5 of minor wave 1(green) of major wave 3, that will complete minor wave 1. Then sometime (maybe later today maybe tomorrow, we could find a bottom and then begin minor wave 2 bounce (remember all of this is in major wave 3)
the point of the wave count is that if you didn't short the market yet, you might want to wait for the wave 2 bounce, because if the wave count is correct, then the maket should bounce soon
matt That was a very good
Posted by gift1999 on 11th of Sep 2008 at 05:40 pm
matt
That was a very good advice. I almost got into huge trouble because of not defnining my trade when I bought MER@ 22.97 yesterday. But after I saw your post this morning about a possible bounce, I added a huge position in MER and finally closed that out with a decent profit ( but I feel ashamed about this trade- I hate doing risky stuff like this ....What if MER tanked like LEH? ...OMG)
Any guesses as to the
Posted by dbray740 on 11th of Sep 2008 at 10:50 am
Any guesses as to the approximate height of a minor wave 2 bounce on the S&P? (I'm just looking for something very rough here.) Anyone's opinion is appreciated.
Wave counts?
Posted by myboots on 11th of Sep 2008 at 10:24 am
Matt/Steve:
New here - How profitable has the TA wave count methodology been or helpful for you guys?
I don't understand, so were can I read up on this to understand what you guys are discussing?
Thanks
Well, just do a Google
Posted by matt on 11th of Sep 2008 at 10:29 am
Well, just do a Google search etc
But really, we hate to get too much into wave counts, we use it as a guideline, so don't need to get too caught up into it. Just follow our chart patterns, trendlines and divergences etc. WE use wave counts as a roadmap or guide, but counts can chance, that's why we follow price action, trendliens and patterns more
A road map is good
Posted by myboots on 11th of Sep 2008 at 11:11 am
A road map is good for planning purposes - that would be my use since I'am a position (trend - not swing) trader!
thanks for the chart Matt,
Posted by trade on 11th of Sep 2008 at 10:03 am
thanks for the chart Matt, how high do you see the wave 2 bounce going?
wave 2's retrace generally one
Posted by matt on 11th of Sep 2008 at 10:07 am
wave 2's retrace generally one of the Fib #'s of wave 1.
again this may or may not be the correct count, we'll see
that's a substantial wave 2
Posted by trade on 11th of Sep 2008 at 10:21 am
that's a substantial wave 2 bounce you've laid out in the chart, might it be smart to cover shorts for now and reposition? Wave 2 could go as high as 1270 per your chart or did I read that wrong? Meanwhile Shreve from IBD on CNBC talking up retail sector, what's with the resilience there?
the point of the wave
Posted by matt on 11th of Sep 2008 at 10:03 am
the point of the wave count is that if you didn't short the market yet, you might want to wait for the wave 2 bounce, because if the wave count is correct, then the maket should bounce soon