Looks like we are close to support right now and are in an area where we should find a temporary bottom, allowing for a bounce tomorrow I believe. This morning I expected an ABC move back up, but the tape was too weak I guess. Now it looks like tomorrow will produce the rally. For how long or high is unknown, but after the rally, we still could have another move down coming.
Another way to look at it is… today is 5-4-11,…5×4+11=31. 31+The indian’s game score total last night (the day after Bin Laden news) of 4-1 = 36. 36x (simpson’s clock 5 of 6) 56= 1960,.. I think that is the target for the Nasdaq based on my analysis.
The DIA print has been filled. I take this as a buy level with the IWM print as the target. We’ll see. I played both trades and took profits on puts this morning.
Did you see the FP for appl? 321.87 at 10:51
sent screen shot to Red
Looks like we are close to support right now and are in an area where we should find a temporary bottom, allowing for a bounce tomorrow I believe. This morning I expected an ABC move back up, but the tape was too weak I guess. Now it looks like tomorrow will produce the rally. For how long or high is unknown, but after the rally, we still could have another move down coming.
Thanks
This is classic re-test of the breakout, which is normally a buy.
This is classic re-test of the breakout, which is normally a buy.
Another way to look at it is… today is 5-4-11,…5×4+11=31. 31+The indian’s game score total last night (the day after Bin Laden news) of 4-1 = 36. 36x (simpson’s clock 5 of 6) 56= 1960,.. I think that is the target for the Nasdaq based on my analysis.
ES Hour chart: http://niftychartsandpatterns.blogspot.com/2011/05/es-hour-chart-analysis.html
Uncle Ben, I thought u said iwm 82.5buy, dow126area buy
The DIA print has been filled. I take this as a buy level with the IWM print as the target. We’ll see. I played both trades and took profits on puts this morning.
http://1.bp.blogspot.com/-KTyA-eYSN_s/TcCdNHSaCmI/AAAAAAAAABc/An0jedkGhyA/s1600/sc.png
Falling wedge of silver: http://niftychartsandpatterns.blogspot.com/2011/05/falling-wedge-of-silver.html