Again it's possible that the SPX still needs to go down to that
support area and that it the consolidation over the last couple
days was a wave 4 needing a wave 5 down still to the support zone
below in the low 1070's. we'll see.
Today is a good reminder of the oldest trading bromide out
there: The trend is your friend. We are in a downtrend. Playing the
counter-trend bounces is going to be problematic.
when we get a wave count that makes sense, seems it get dumped
on
GADZOOKS--it just occurred to me that BPT, McHugh and EW ALL 3
had the wave 2 bounce as their main counts. When the three
agree it must be wrong...must make note for future reference,
hehe.
oh yeah, Dow made fractionally lower low but SPX did not, hmmmmm
what does it all mean?
ok so today's high was probably wave 2 of 5 of 1 down? So this
would make today wave 3 of 5 of 1 down,.
Well if so wave 3 should dump SPX to at least 1080...of course
if this is wave 3 it isn't just crashing through support as one
would expect...not yet anyways.
Remember, I expect lower prices over time and I expect that the
SPX will go to test the 200 MA around SPX 1030 in like I talked
about last night. That's why the Inverse ETF's and shorts
remain on the watch list and we plan to just keep them on
there.
Short term counts are tricky especially on Fed days. but I was
pretty clear that we had lower prices coming over time so really
depends on how you play it. swing traders
can just keep the SH,
PSQ, etc and hold through a bounce.On the other hand, Short
term traders would have likely covered shorts yesterday or at least
1/2 off yesterday, really depends on your time frame etc
expecting lower prices over time is cold comfort in a choppy
market.
And I'm sorry but you really can't take credit for calling this
in light of the short term call that has failed. No big deal as
shorter term calls often get trumped by market action. ...
whoosh and down she goes in what now looks more like a wave 3 of
3 of 5...1070 looks like a lock but who knows?
The market loves to fool as many as possible. Trying to
count the short term waves is very tough. Simply put, just
honor the signals you get in accordance with the time frame you are
comfortable trading within.
SPX 60 min
Posted by matt on 28th of Jan 2010 at 11:04 am
Again it's possible that the SPX still needs to go down to that support area and that it the consolidation over the last couple days was a wave 4 needing a wave 5 down still to the support zone below in the low 1070's. we'll see.
Today is a good reminder
Posted by puma on 28th of Jan 2010 at 11:58 am
Today is a good reminder of the oldest trading bromide out there: The trend is your friend. We are in a downtrend. Playing the counter-trend bounces is going to be problematic.
hi matt can you pls provide
Posted by madaneag on 28th of Jan 2010 at 11:39 am
hi matt
can you pls provide url for 60 min chart for non stock chart members like the one you have for 5 mins
thks
Ani
irritating this is
Posted by perthx on 28th of Jan 2010 at 11:15 am
when we get a wave count that makes sense, seems it get dumped on
GADZOOKS--it just occurred to me that BPT, McHugh and EW ALL 3 had the wave 2 bounce as their main counts. When the three agree it must be wrong...must make note for future reference, hehe.
oh yeah, Dow made fractionally lower low but SPX did not, hmmmmm what does it all mean?
GDX dumped to a new low also.
alt count
Posted by perthx on 28th of Jan 2010 at 11:28 am
ok so today's high was probably wave 2 of 5 of 1 down? So this would make today wave 3 of 5 of 1 down,.
Well if so wave 3 should dump SPX to at least 1080...of course if this is wave 3 it isn't just crashing through support as one would expect...not yet anyways.
Remember, I expect lower prices
Posted by matt on 28th of Jan 2010 at 11:26 am
Remember, I expect lower prices over time and I expect that the SPX will go to test the 200 MA around SPX 1030 in like I talked about last night. That's why the Inverse ETF's and shorts remain on the watch list and we plan to just keep them on there.
Short term counts are tricky especially on Fed days. but I was pretty clear that we had lower prices coming over time so really depends on how you play it. swing traders can just keep the SH, PSQ, etc and hold through a bounce.On the other hand, Short term traders would have likely covered shorts yesterday or at least 1/2 off yesterday, really depends on your time frame etc
expecting lower prices over time
Posted by perthx on 28th of Jan 2010 at 11:32 am
expecting lower prices over time is cold comfort in a choppy market.
And I'm sorry but you really can't take credit for calling this in light of the short term call that has failed. No big deal as shorter term calls often get trumped by market action. ...
whoosh and down she goes in what now looks more like a wave 3 of 3 of 5...1070 looks like a lock but who knows?
The market loves to fool
Posted by steve on 28th of Jan 2010 at 11:41 am
The market loves to fool as many as possible. Trying to count the short term waves is very tough. Simply put, just honor the signals you get in accordance with the time frame you are comfortable trading within.
1075 looks good to me.
Posted by saturn6 on 28th of Jan 2010 at 11:07 am