I was right, yesterday despite all the bearishness on the blog I
said that yesterdays consolidation was small wave 4 with another
push higher to come. If this is major wave 4, then this who
move up from Mar 6th is only wave A of major wave 4. So once
this wave A is complete, remember that wave A's consist of 5 waves,
then we'll get a B pullback, and then anohter C up. The B
pullback could retrace 38% to 50% of the move up, but then we
should get a C.
In the short term this move is now wave 5 of A, therefore it
shold make a divergence top soon
Posted by dallassteve on 12th of Mar 2009 at 11:17 am
Matt, I for one am listening to you closely. I like to
play the larger moves. I was not sure how much upside this
last wave 5 up would have, so I'm not trading until it
competes. Then I might short, or I might wait for B to
finish. Already I made nice profits on wave 3 and sold on
March 10. Thanks!
Posted by yawang36 on 12th of Mar 2009 at 11:07 am
there are negative divergence here and again 730-735 area
provide strong resistance. if spx unable to close above 730, I'd
think a of 4 is completeing here.
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SPX 15 min chart.png I was
Posted by matt on 12th of Mar 2009 at 10:48 am
I was right, yesterday despite all the bearishness on the blog I said that yesterdays consolidation was small wave 4 with another push higher to come. If this is major wave 4, then this who move up from Mar 6th is only wave A of major wave 4. So once this wave A is complete, remember that wave A's consist of 5 waves, then we'll get a B pullback, and then anohter C up. The B pullback could retrace 38% to 50% of the move up, but then we should get a C.
In the short term this move is now wave 5 of A, therefore it shold make a divergence top soon
Matt, With today's upside done already,
Posted by ndtrade123 on 12th of Mar 2009 at 11:01 am
Matt,
With today's upside done already, are you saying that we are going to go down from here?
Matt, I for one am
Posted by dallassteve on 12th of Mar 2009 at 11:17 am
Matt, I for one am listening to you closely. I like to play the larger moves. I was not sure how much upside this last wave 5 up would have, so I'm not trading until it competes. Then I might short, or I might wait for B to finish. Already I made nice profits on wave 3 and sold on March 10. Thanks!
there are negative divergence here
Posted by yawang36 on 12th of Mar 2009 at 11:07 am
there are negative divergence here and again 730-735 area provide strong resistance. if spx unable to close above 730, I'd think a of 4 is completeing here.