All traps that propelled the market to new highs had this same
look. Non-impulsive waves meandering up and raking in the
bears. Then POOF! Off to the races. I have no
idea what happens this time, but I have the same feeling now that
I'm about to be bamboozled!
Raise your hand if you've been served on the devastating "3 of
3" thesis.
Bullish bias is only after 1090 is retaken, and 1079-1084 is a
strong resistance. The market turns around at strong resistance
points. I did believe the 1 of 3 of 3 scenario, however now I doubt
it. If something is confusing or does not make sense, just ignore
it and look at what makes sense to you!
All bear traps looked this way
Just throwing out a possible count
Posted by kalinm on 10th of Feb 2010 at 12:25 pm
Steve,
All traps that propelled the market to new highs had this same look. Non-impulsive waves meandering up and raking in the bears. Then POOF! Off to the races. I have no idea what happens this time, but I have the same feeling now that I'm about to be bamboozled!
Raise your hand if you've been served on the devastating "3 of 3" thesis.
Bullish bias is only after
Posted by junkie on 10th of Feb 2010 at 12:38 pm
Bullish bias is only after 1090 is retaken, and 1079-1084 is a strong resistance. The market turns around at strong resistance points. I did believe the 1 of 3 of 3 scenario, however now I doubt it. If something is confusing or does not make sense, just ignore it and look at what makes sense to you!
We will adjust if necessary
Posted by steve on 10th of Feb 2010 at 12:29 pm
We will adjust if necessary as I discussed last evening. I discussed the fact that so far this decline is best counted as 3 waves at this time.