Thanks, I did close my long position with profit that I bought at the lows today . If there is a bounce tomorrow I will go short. At what level do you expect the bounce? do you still think it will fill the gap tomorrow?
I wouldn't do anything long right now, as that's very risky. I think it will peak tomorrow because the 60 minute chart is still rising. It should push up a little tomorrow morning and then roll over into the close.
I was hoping it will close above 1055, I am watching the close, does not look good so far, why do you think it will peak tomorrow ? I am now tending towards closing my long and go short again?
Seems likely as the 60 minute chart is pushing up from oversold territory and should peak tomorrow and roll back down again. That could give us our gap fill, and another chance to get short.
That spot could be the very best spot to be short as it's in front of some nasty claims reports on Thursday. It will probably line up with a bunch of wave 3's down too.
Looks like the market is holding for now. We might see a bounce tomorrow if the economic news out isn't too bad? If so, I think it's just another opportunity to get short.
As long as the price trades below the support line bears are safe to hold their position. But if price enters the pattern again bears should be careful.
Thanks, I did close my long position with profit that I bought at the lows today . If there is a bounce tomorrow I will go short.
At what level do you expect the bounce? do you still think it will fill the gap tomorrow?
I wouldn't do anything long right now, as that's very risky. I think it will peak tomorrow because the 60 minute chart is still rising. It should push up a little tomorrow morning and then roll over into the close.
I was hoping it will close above 1055, I am watching the close, does not look good so far, why do you think it will peak tomorrow ?
I am now tending towards closing my long and go short again?
Seems likely as the 60 minute chart is pushing up from oversold territory and should peak tomorrow and roll back down again. That could give us our gap fill, and another chance to get short.
That spot could be the very best spot to be short as it's in front of some nasty claims reports on Thursday. It will probably line up with a bunch of wave 3's down too.
Hi red, I am thinking it will fill the gap today or tomorrow , then I will go short again?
Looks like the market is holding for now. We might see a bounce tomorrow if the economic news out isn't too bad? If so, I think it's just another opportunity to get short.
Mr. TopStep….
http://www.youtube.com/watch?v=Xkqx7vrejLM
As long as the price trades below the support line bears are safe to hold their position. But if price enters the pattern again bears should be careful.
Why would the bulls be hoping for a busted wedge? Does that increase the odds of a bullish reversal?
S&P 500 Falling Wedge updated
http://niftychartsandpatterns.blogspot.com/2010…