here's the 5 min SPX chart with the 8/21 EMA's and 50 SMA, they
have all come together now with some divergence and the 60 period
stochastic crossed over 20%. By Steve's count however this
would be only a 4th wave bounce however and of course it's late in
the day and divergence
usually doesn't work
outtoo well this late in the day. Anyway just pointing
out the chart. If we sell down into the lows, then I would
expect the market to put in a low tomorrow morning and bounce as
the 5th wave low is put in
I agree ... Today's close was BAD and it couldn't get back above
SPX 900. We now have close below the SPX Daily 50 and I show
Daily 10EMA crossing over the 20EMA which is also bearish.
I got a couple out at SPX 898 from SPX 895 ... Not playing
longs now until we head lower.
we showed earlier that the pathetic intra day bounce as a 4th
wave bounce. Also when intra day 5 min positive divergence
failes to produce a bounce, generally it plays the the following
day in the morning. heres the QQQQ chart that was posted
earlier, that weak bounce was a 4th wave, and likely a 5th wave low
maybe early tomorrow
Posted by amp43679 on 22nd of Jun 2009 at 03:55 pm
but, you are only refering to a 5th wave completion in the 5
minute charts, right, not necessarily completion of
correction. Since we have not reach shelf support of ~ 880 on
$SPX.
SPX 5 min.png here's the 5
Posted by matt on 22nd of Jun 2009 at 03:05 pm
here's the 5 min SPX chart with the 8/21 EMA's and 50 SMA, they have all come together now with some divergence and the 60 period stochastic crossed over 20%. By Steve's count however this would be only a 4th wave bounce however and of course it's late in the day and divergence usually doesn't work outtoo well this late in the day. Anyway just pointing out the chart. If we sell down into the lows, then I would expect the market to put in a low tomorrow morning and bounce as the 5th wave low is put in
QQQQ 5 min.png
Otherwise nice day for the Shorts on the Watch List. The Longs I listed last night never triggered, so no harm done as they never triggered.
Matt and Steve, You guys are
Posted by u00sas3 on 22nd of Jun 2009 at 03:44 pm
Matt and Steve,
You guys are awesome with the analysis. Keep it coming......
Matt and Steve
Posted by ravun on 22nd of Jun 2009 at 03:51 pm
yeah they are pretty good...
PS:
BTW: SPX 5 min looking HOT for 4 being in.
OSC rehit zero, stayed within boundaries of the 0.90 to 140
Elliott trigger firing and PTI 88
Raven, I agree ... Today's close
Posted by cspirit on 22nd of Jun 2009 at 04:02 pm
Raven,
I agree ... Today's close was BAD and it couldn't get back above SPX 900. We now have close below the SPX Daily 50 and I show Daily 10EMA crossing over the 20EMA which is also bearish.
I got a couple out at SPX 898 from SPX 895 ... Not playing longs now until we head lower.
matt...could you clarify what you
Posted by amp43679 on 22nd of Jun 2009 at 03:38 pm
matt...could you clarify what you mean that wave 5 could be put in tomorrow morning? Is this based on the 5 minute chart?
QQQQ 5 min.png we showed earlier
Posted by matt on 22nd of Jun 2009 at 03:46 pm
we showed earlier that the pathetic intra day bounce as a 4th wave bounce. Also when intra day 5 min positive divergence failes to produce a bounce, generally it plays the the following day in the morning. heres the QQQQ chart that was posted earlier, that weak bounce was a 4th wave, and likely a 5th wave low maybe early tomorrow
but, you are only refering
Posted by amp43679 on 22nd of Jun 2009 at 03:55 pm
but, you are only refering to a 5th wave completion in the 5 minute charts, right, not necessarily completion of correction. Since we have not reach shelf support of ~ 880 on $SPX.
yes, it's relative to that
Posted by matt on 22nd of Jun 2009 at 03:57 pm
yes, it's relative to that time frame only.
thanks. Just wanted to clarify.
Posted by amp43679 on 22nd of Jun 2009 at 03:58 pm
thanks. Just wanted to clarify.