in case you didn't notice, I re-drew the 5 min chart as more of
a channel
and again for anyone new here, the watch list shorts are not
managed by 5 min charts, these posts are for day traders etc.
The reason I say this is because some one sent me a PM who was all
angry because they sold their SDS earlier in the day for a lower
price because they saw the 5 min wedge chart earlier.
guys, these charts are for day traders and have nothing to do
with watch list trades, use your head a little and of course define
yourself and what your objectives are, what type of trader you are
etc
I re-drew the bull wedge on the 5 min and added some Fibs.
Actually via the wedge looks like 5 waves was in, therefore once
the wedge breaks out, targets could be the Fibs highlighted in
yellow.
If this is a wave 2 up, it looks like this wave will be an ABC
and we may still be in a B wave with wave C yet to come but we go a
bit lower first.
Or C up is taking its own sweet time...waiting for the PPT push
Monday, hehe...won't it be just like them NOT to push the market up
as we all seem to know about it now!!
Still think a complex B is doodling around here. Same
thinking on the GDX too, imo.
Steve, I will take it, thanks. I don't have stockcharts
membership, so I am shown only a daily chart of $tick, which is not
as useful as intraday $tick. If Matt could figure out a way to add
it to his 5-minute charts, that will be extra useful. No big deal
if he can't.
SPX 5 min
Posted by matt on 22nd of Jan 2010 at 10:30 am
5 min SPX chart
here's a URL for non-Stockcharts members
http://stockcharts.com/c-sc/sc?s=$SPX&p=5&b=3&g=0&i=p22733021927&a=168119545&r=2123
in case you didn't notice,
Posted by matt on 22nd of Jan 2010 at 02:18 pm
in case you didn't notice, I re-drew the 5 min chart as more of a channel
and again for anyone new here, the watch list shorts are not managed by 5 min charts, these posts are for day traders etc. The reason I say this is because some one sent me a PM who was all angry because they sold their SDS earlier in the day for a lower price because they saw the 5 min wedge chart earlier.
guys, these charts are for day traders and have nothing to do with watch list trades, use your head a little and of course define yourself and what your objectives are, what type of trader you are etc
I re-drew the bull wedge
Posted by matt on 22nd of Jan 2010 at 11:01 am
I re-drew the bull wedge on the 5 min and added some Fibs. Actually via the wedge looks like 5 waves was in, therefore once the wedge breaks out, targets could be the Fibs highlighted in yellow.
updated 5 min SPX chart,
Posted by matt on 22nd of Jan 2010 at 12:34 pm
updated 5 min SPX chart, as you can see the SPX broke the wedge, then pulled back and back tested the wedge.
Looks like a symmetrical triangle
Posted by pebs on 22nd of Jan 2010 at 12:46 pm
Looks like a symmetrical triangle has formed...let's see which way it breaks.
Triangle??
Posted by perthx on 22nd of Jan 2010 at 12:58 pm
Could be.
If this is a wave 2 up, it looks like this wave will be an ABC and we may still be in a B wave with wave C yet to come but we go a bit lower first.
Or C up is taking its own sweet time...waiting for the PPT push Monday, hehe...won't it be just like them NOT to push the market up as we all seem to know about it now!!
Still think a complex B is doodling around here. Same thinking on the GDX too, imo.
adding $tick to $SPX 5-minute
Posted by junkie on 22nd of Jan 2010 at 01:22 pm
Matt, could you please add $tick to your $SPX 5-minute chart? Many thanks!
For you Junkie
Posted by steve on 22nd of Jan 2010 at 01:28 pm
http://stockcharts.com/h-sc/ui?s=$SPX&p=5&b=3&g=0&id=p35093147555&a=168119545&listNum=39
Steve, I will take it,
Posted by junkie on 22nd of Jan 2010 at 01:50 pm
Steve, I will take it, thanks. I don't have stockcharts membership, so I am shown only a daily chart of $tick, which is not as useful as intraday $tick. If Matt could figure out a way to add it to his 5-minute charts, that will be extra useful. No big deal if he can't.
challenging the upper wedge trendline
Posted by perthx on 22nd of Jan 2010 at 11:03 am
challenging the upper wedge trendline now...look at that GDX looks like it is bouncing too.