Looks too short to be all of wave 5 up to me....beside the
S&P just corrected almost 50% of yesterdays run up so maybe
yesterday was only wave 1 of 5 up??
By the way the Dow corrected just over 61.8% of yesterdays gains
before turning up.... I may be wrong but looks like we will see
wave 5 heading higher.....
I said last night and this morning that the market had a little
room to move higher, here's the chart, resistance levels are above,
780, 800, and trendline. these things take time to play
out. Everyone wants instant gratification, use paitence and
wait for setups and reversals. It could take a 1/2 a day or
longer for the market to meander higher before it tops
Posted by junkmaylbox on 18th of Mar 2009 at 11:34 am
Ravun, It looks to me like we are seeing a distribution pattern
here after the rally since 666 retraced 38% of the decline from
January highs. What's to follow is a few days of choppy action
and a slow decline to 38% of the latest move up. As an
example of this action, I have the price action of any gold stock
in the fall of last year. The key similarities are the V-shaped
action during a rise and slow but steady decline. Is this your
projected course of action? I am trying to make sense of this in
real terms of buying and then taking profits. Thanks!
I understand that wave 5s sometimes extend (primarily in
commodities) but if this is a wave 5 extending, what would the EW
count for this wave up look like? Instead of having wave
3 top where you have it now, could that be the top of wave 5
and the rest since then a wave 5 extension?
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TICK 5 min chart.png SPX broke
Posted by matt on 18th of Mar 2009 at 10:36 am
SPX broke a trendline and TICK went negative
Matt/Steve
Posted by lpant on 18th of Mar 2009 at 10:43 am
have we had enough uppage yet to complete wave 5 on the spx 30 minute chart? Or do we need more uppage to make wave 5 correct? thanks
Only Wave 1 of 5 """
Posted by perthx on 18th of Mar 2009 at 10:49 am
Looks too short to be all of wave 5 up to me....beside the S&P just corrected almost 50% of yesterdays run up so maybe yesterday was only wave 1 of 5 up??
By the way the Dow
Posted by perthx on 18th of Mar 2009 at 11:04 am
By the way the Dow corrected just over 61.8% of yesterdays gains before turning up.... I may be wrong but looks like we will see wave 5 heading higher.....
SPX 60 min chart.png I said
Posted by matt on 18th of Mar 2009 at 11:03 am
I said last night and this morning that the market had a little room to move higher, here's the chart, resistance levels are above, 780, 800, and trendline. these things take time to play out. Everyone wants instant gratification, use paitence and wait for setups and reversals. It could take a 1/2 a day or longer for the market to meander higher before it tops
Matt my take (SPX 60 Min)
Posted by ravun on 18th of Mar 2009 at 11:15 am
A distribution pattern here?
Posted by junkmaylbox on 18th of Mar 2009 at 11:34 am
Ravun, It looks to me like we are seeing a distribution pattern here after the rally since 666 retraced 38% of the decline from January highs. What's to follow is a few days of choppy action and a slow decline to 38% of the latest move up. As an example of this action, I have the price action of any gold stock in the fall of last year. The key similarities are the V-shaped action during a rise and slow but steady decline. Is this your projected course of action? I am trying to make sense of this in real terms of buying and then taking profits. Thanks!
Only Wave 1 of 5 """
Posted by perthx on 18th of Mar 2009 at 11:14 am
Matt/Steve...
I understand that wave 5s sometimes extend (primarily in commodities) but if this is a wave 5 extending, what would the EW count for this wave up look like? Instead of having wave 3 top where you have it now, could that be the top of wave 5 and the rest since then a wave 5 extension?