The market is stuck in a triangle right now… http://screencast.com/t/uHtZKkkvzke6
A breakout could happen later today if they want to close the market in the green or they could chop up and down inside it until next week. Hard too say but historically they like to close the market on Friday positive… and especially since we are going into a 3 day holiday weekend.
But there is also just as much a likelihood that they will chop it up the rest of the day inside the triangle and breakout (or breakdown?) next week so they can leave the traders clueless as to the direction. I’m sure they took out the bulls’ stops that went long yesterday with today’s gap down, but they might leave the bears stops alone until next week.
Could be? It’s hard to get the wave counts right as it’s unclear if this is a B wave down inside a wave 2 up with a C wave yet to come… or if it’s a 5th wave down as you suggested. For it to be a B wave down it must not go lower then yesterday’s low as then it will be a 5th wave down.
Ok gang, looks like that B wave down just happened at the open this morning. I’m not sure when it’s going to end but it should be done before noon today I’d think. Then the C wave up should start and carry into next Tuesday/Wednesday. After it’s done we can go back to shorting again.
FP’s like that aren’t likely to play out the next day Amy. It could be weeks before that happens or even months. No way to know in advance of the ‘when’ part on it. So I have to stick with all my charts and other indicators and go with the odds… which say we’ll be up tomorrow.
That tells me Tomorrow could be a bad one as everyone expecting higher market going into 3 days weekend. Like Geccko23 said Bonds and stocks sell off is no good sign at all.
The market is stuck in a triangle right now… http://screencast.com/t/uHtZKkkvzke6
A breakout could happen later today if they want to close the market in the green or they could chop up and down inside it until next week. Hard too say but historically they like to close the market on Friday positive… and especially since we are going into a 3 day holiday weekend.
But there is also just as much a likelihood that they will chop it up the rest of the day inside the triangle and breakout (or breakdown?) next week so they can leave the traders clueless as to the direction. I’m sure they took out the bulls’ stops that went long yesterday with today’s gap down, but they might leave the bears stops alone until next week.
criminal bankers will not make it easy on the bears…. they got trillions in QE invested and a printing press
thanks for ur insights
Could be? It’s hard to get the wave counts right as it’s unclear if this is a B wave down inside a wave 2 up with a C wave yet to come… or if it’s a 5th wave down as you suggested. For it to be a B wave down it must not go lower then yesterday’s low as then it will be a 5th wave down.
the bounce off the low was a W4 is my view…..that choppy move down is an ED 5th wave to new lows
just guessing but that looks like what is happening to me
Ok gang, looks like that B wave down just happened at the open this morning. I’m not sure when it’s going to end but it should be done before noon today I’d think. Then the C wave up should start and carry into next Tuesday/Wednesday. After it’s done we can go back to shorting again.
FACEBOOK Near 200 SMA and Golden ratio: http://niftychartsandpatterns.blogspot.in/2013/05/facebook-near-200-sma-and-golden-ratio.html
ES Support levels: http://niftychartsandpatterns.blogspot.in/2013/05/s-500-futures-support-levels.html
FP’s like that aren’t likely to play out the next day Amy. It could be weeks before that happens or even months. No way to know in advance of the ‘when’ part on it. So I have to stick with all my charts and other indicators and go with the odds… which say we’ll be up tomorrow.
That tells me Tomorrow could be a bad one as everyone expecting higher market going into 3 days weekend. Like Geccko23 said Bonds and stocks sell off is no good sign at all.
Red – just emailed you the pic. Its about 11MB ???