$SPX - Chart Link - nearing the 20 day MA
and the next pivot. once that last pivot was cleared it opened the
door to fill that air pocket between pivots to the 20 MA
$SPX - Chart Link - 60 min view, I suppose
that inverse H&S pattern is playing out. Anyway on the 60
min chart, the 130 MA is approximately equal to the 20 day MA on
the daily chart (20 x 6.5 hrs in the trading day)
maroonk1- I'll let
Steve answer that, but also something to point out, the SPX has
retraced just over 50% of the decline, that's normal for wave B's,
so nothing has been invalidated, wave B's often retrace 62%
or even more. That said could the 'bottom' be in and we go to
new highs without retracing to new lows, sure anything is possible
in this market as we know and have seen in this QE driven market.
But that said - it's not really that important at the moment,
last week we saw a capitulation sell off on Wed and Dojis on Thur,
so shorts should have covered or significantly lowered stops.
one could also have went long off the doji from Friday's
bullish morning start pattern.
Remember my comments and these are tutorial concepts - if long
from Friday, move stops up to 50% of each successive large
candlestick, so if today closes like this with a large candle, I
would move the stop up on longs to 50% of today's candle, notice
the lines I drew in the middle of yesterday's candle and the day
before?
Also let's say that Steve comes back and says, okay the bottom
was in, would you buy now or wait for a pullback? You'd wait
for a pullback vs chasing here.
Now regarding the price action on this move up, if today closes
near the highs,
we could have 3 white soldiers in place, that
would be one for the bulls and something to pay attention to.
Anyway I'll let Steve examine it in more detail
maroonk1...my primary view is that Primary wave III completed at
2019 and was supported with a break in symmetry on the weekly
charts. I will review tonight. With that said, the SPX was
extremely oversold and thus expecting a rally so now we'll see how
this unfolds.
SPX views
Posted by matt on 21st of Oct 2014 at 10:55 am
$SPX - Chart Link - nearing the 20 day MA and the next pivot. once that last pivot was cleared it opened the door to fill that air pocket between pivots to the 20 MA
$SPX - Chart Link -
$SPX - Chart Link - 60 min view, I suppose that inverse H&S pattern is playing out. Anyway on the 60 min chart, the 130 MA is approximately equal to the 20 day MA on the daily chart (20 x 6.5 hrs in the trading day)
End of correction?
Posted by maroonk1 on 21st of Oct 2014 at 11:19 am
What criteria would you use to consider the correction over and we started wave 5 of III to SPX 2300 or even wave wave V to even higher target?
maroonk1- I'll let Steve answer that,
Posted by matt on 21st of Oct 2014 at 11:31 am
maroonk1- I'll let Steve answer that, but also something to point out, the SPX has retraced just over 50% of the decline, that's normal for wave B's, so nothing has been invalidated, wave B's often retrace 62% or even more. That said could the 'bottom' be in and we go to new highs without retracing to new lows, sure anything is possible in this market as we know and have seen in this QE driven market. But that said - it's not really that important at the moment, last week we saw a capitulation sell off on Wed and Dojis on Thur, so shorts should have covered or significantly lowered stops. one could also have went long off the doji from Friday's bullish morning start pattern.
Remember my comments and these are tutorial concepts - if long from Friday, move stops up to 50% of each successive large candlestick, so if today closes like this with a large candle, I would move the stop up on longs to 50% of today's candle, notice the lines I drew in the middle of yesterday's candle and the day before?
Also let's say that Steve comes back and says, okay the bottom was in, would you buy now or wait for a pullback? You'd wait for a pullback vs chasing here.
Now regarding the price action on this move up, if today closes near the highs, we could have 3 white soldiers in place, that would be one for the bulls and something to pay attention to. Anyway I'll let Steve examine it in more detail
maroonk1...my primary view is that
Posted by steve on 21st of Oct 2014 at 11:22 am
maroonk1...my primary view is that Primary wave III completed at 2019 and was supported with a break in symmetry on the weekly charts. I will review tonight. With that said, the SPX was extremely oversold and thus expecting a rally so now we'll see how this unfolds.
Thanks Steve
Posted by maroonk1 on 21st of Oct 2014 at 11:24 am
Thanks Steve