We are definitely in wave 3 of some sort, MACD stochastics are
pointing straight down of 5 minute charts. Perhaps, 1085 would be
the target for the end of it. I am not betting on it, as the market
could go lower.
Well, I was surprised of that prediction too; I got it from
somebody on this site who subscribed to Corey Rosenbloom. I would
ask for a similar thing from Steve and Matt, when they do an
intraday update. Although with all fairness, this could have been
predicted: a support band would usually mean the bottom of that
band, as far as stopping a decline. I remember seeing the same
thing in fall 2008 on HUI as the final target of the drop: the
support band there turned out to be the bottom of that band,
150.
This market is very tricky, so giving multiple targets and a way
to check which one would be next depending on how the market
behaved on the preceding one, is a must, IMO.
Also, perhaps Matt and Steve could provide an additional service
of providing their intraday indicators from TS, such as $tick,$add,
slopes for those who check the site intraday or for those who have
a special subscription for extra $5-10 a month. This is similar to
Matt's idea of providing real time intraday data for an small extra
fee. I personally don't like trading blind, and I cannot afford to
watch the screen all day: I have a day job. I am reconsidering
going against the market to play the market without having enough
intraday information to make informed decisions. I closed a half of
my shorts too early this morning :(
I can count 7 waves down so far so this decline is not yet
complete if it's an impulse. My advice is to take all the shorter
term counts with a grain of salt and to respect any triggers you
get when trading. Take care.
ok here's my count
$SPX...
Posted by perthx on 22nd of Jan 2010 at 04:00 pm
since no one has a clue (or is willing to stick their neck out, hehe) here's a guess....
wave 1 from 1150.45 to 1129.50
wave from 1129.25 to 1141.57
wave 3
wave 1/3 from 1141.57 to 1114.84
wave 2/3 1114.84 to 1122.93
wave 3/3
wave 1/3/3 1122.93- 1104.89
wave 2/3/3 1104.89 to 1114.89
wave 3/3/3 in progress and heading LOWER!!!
We are definitely in wave
Posted by junkie on 22nd of Jan 2010 at 04:29 pm
We are definitely in wave 3 of some sort, MACD stochastics are pointing straight down of 5 minute charts. Perhaps, 1085 would be the target for the end of it. I am not betting on it, as the market could go lower.
junkie...
Posted by saturn6 on 22nd of Jan 2010 at 04:34 pm
a day earlier would have been more appreciated.
yeah, ouch!
Posted by junkie on 22nd of Jan 2010 at 05:49 pm
Well, I was surprised of that prediction too; I got it from somebody on this site who subscribed to Corey Rosenbloom. I would ask for a similar thing from Steve and Matt, when they do an intraday update. Although with all fairness, this could have been predicted: a support band would usually mean the bottom of that band, as far as stopping a decline. I remember seeing the same thing in fall 2008 on HUI as the final target of the drop: the support band there turned out to be the bottom of that band, 150.
This market is very tricky, so giving multiple targets and a way to check which one would be next depending on how the market behaved on the preceding one, is a must, IMO.
Also, perhaps Matt and Steve could provide an additional service of providing their intraday indicators from TS, such as $tick,$add, slopes for those who check the site intraday or for those who have a special subscription for extra $5-10 a month. This is similar to Matt's idea of providing real time intraday data for an small extra fee. I personally don't like trading blind, and I cannot afford to watch the screen all day: I have a day job. I am reconsidering going against the market to play the market without having enough intraday information to make informed decisions. I closed a half of my shorts too early this morning :(
SPX 10
Posted by steve on 22nd of Jan 2010 at 04:40 pm
I can count 7 waves down so far so this decline is not yet complete if it's an impulse. My advice is to take all the shorter term counts with a grain of salt and to respect any triggers you get when trading. Take care.
http://stockcharts.com/h-sc/ui?s=$RUT&p=60&yr=0&mn=2&dy=18&id=p65637302382&a=182215102&listNum=61
Thanks for all the wonderful input here today.