is now in progress.....it might bottom pretty quickly if that is
the case. Gotta set things up for the Monday rally dontcha know!
Already bounced off .618 of wave 1.... 100% of wave one down
targets 1101.73.
... this bounce could be an ABC corrective wave 2
again....yikes...a 1,2 and then another 1,2 and now a
possible third 1,2 this could get ugly fast if the market
decideds to collapse here.
wedge's upper trend line holding any advance in check for
now...we need a nice blast north of there above 1115.71 would be
nice.
looks like a small wave 5
Posted by perthx on 22nd of Jan 2010 at 09:40 am
is now in progress.....it might bottom pretty quickly if that is the case. Gotta set things up for the Monday rally dontcha know! Already bounced off .618 of wave 1.... 100% of wave one down targets 1101.73.
from my 9.40 am post
Posted by perthx on 22nd of Jan 2010 at 02:47 pm
"100% of wave one down targets 1101.73."
the next question is will this area hold or is this the start of the real wave 3 down????
i think we are very
Posted by perthx on 22nd of Jan 2010 at 10:22 am
i think we are very close to short term bottom maybe a couple more S&P points ...all it needs is some confirming STO and macd turn ups
You nailed it down, man!
Posted by junkie on 22nd of Jan 2010 at 11:09 am
You nailed it down, man! I hope that we can retest the EMA(50) now for an excellent shorting opportunity.
nailed it? well, maybe, maybe not
Posted by perthx on 22nd of Jan 2010 at 11:15 am
... this bounce could be an ABC corrective wave 2 again....yikes...a 1,2 and then another 1,2 and now a possible third 1,2 this could get ugly fast if the market decideds to collapse here.
wedge's upper trend line holding any advance in check for now...we need a nice blast north of there above 1115.71 would be nice.
$SPX backtesting the wedge breakout?
Posted by perthx on 22nd of Jan 2010 at 11:58 am
or is that the end of saturn's wave 4 and down we go again??
see my 5 min SPX
Posted by matt on 22nd of Jan 2010 at 10:42 am
see my 5 min SPX chart bull wedge.
saw it and looks good,
Posted by perthx on 22nd of Jan 2010 at 10:45 am
saw it and looks good, if wave 2 up has started then the upper trendline of the wedge should be no problem.
Let's not forget that Monday is supposed to be another "up" day simply because the last 18/20 have been....
GDX may be ready to bounce in tandem too.....the dollar needs a rest and gold needs to bounce also, its too oversold....
I sold FAZ near the
Posted by junkie on 22nd of Jan 2010 at 10:14 am
I sold FAZ near the 61% of the wave 1 for a good profit. Thanks you for posting the targets here, they really aid in trading!