Here's a 5 min SPX, obviously we had a strong move up in the
morning off oversold conditions so now we are consolidating, might
be some kind of inverse H&S setting up.
Here's a 10 min SPX chart, a good target area over time would be
the 1115 - 1116 gap area above and the Fibs.
Again I view a move higher as a counter trend choppy move,
therefore it will likely take a couple days or longer to play out,
and yes it will be choppy wave B or 2; which are choppy
waves. I think only aggressive traders should be playing the
long side, not those of you who work jobs and can't watch
because you will need to take profit
market intra day comments
Posted by matt on 1st of Feb 2010 at 12:16 pm
Here's a 5 min SPX, obviously we had a strong move up in the morning off oversold conditions so now we are consolidating, might be some kind of inverse H&S setting up.
http://stockcharts.com/c-sc/sc?s=$SPX&p=5&b=3&g=0&i=p29720729498&a=168119545&r=3043
Here's a 10 min SPX chart, a good target area over time would be the 1115 - 1116 gap area above and the Fibs.
Again I view a move higher as a counter trend choppy move, therefore it will likely take a couple days or longer to play out, and yes it will be choppy wave B or 2; which are choppy waves. I think only aggressive traders should be playing the long side, not those of you who work jobs and can't watch because you will need to take profit
here's my updated 5 min
Posted by matt on 1st of Feb 2010 at 01:09 pm
here's my updated 5 min SPX chart, the inverse H&S pattern appears to be morphing out
rally
Posted by rkelman on 1st of Feb 2010 at 12:30 pm
matt would you be selling into this rally for stock you have not sold>