I don't get the shoulder idea. Do you mean for a long-market top? I think the shoulder will come when this correction is complete.
For parallels to where I believe we are right now, check out 11/13/07 and 1/8/08. It looks like we are rallying before a third leg down. How high will we go? 1109 would be high enough based on the 1/07 case.
Thanks for stopping by Jason. I'm waiting on the QQQQ's to put in a double bottom, and then I believe the rest of the market will have probably bottomed.
While we could have a pullback to 106 spy, and then another push up to 1100 spx, I believe we still need to go back down and make a double bottom for the QQQQ's before the bottom is in on the market
Looks we are going to get the gap up. Surprising since all the oscillators especially on 60 are pointing down.
So are we consolidating to for a base for a right shoulder or not. Normally i would be inclined to think this is just respite for bears that took profits and not a signal yet to go long for a shoulder.
but I do not want to bleed so I may exit my shorts w/ little loss and wait. Not my preference since the only real signal are on 5 minute where averages are bullishly aligned.
Still cannot beleive the bulls had the balls to pull yesterday off.
You either have a conviction or you don't trade. If you keep second guessing yourself you will get whipsawed. Have a plan of action from the start.
trend is down a nd a RS is within the down trend. But it can drive us shorts nuts in the shorterm. And then if we are wrong???
Until the QQQQ's put in a double bottom, the market isn't done selling. After that, then we go to put in a fake right shoulder.
Forget the shoulder people! The trend is down!
I don't get the shoulder idea. Do you mean for a long-market top? I think the shoulder will come when this correction is complete.
For parallels to where I believe we are right now, check out 11/13/07 and 1/8/08. It looks like we are rallying before a third leg down. How high will we go? 1109 would be high enough based on the 1/07 case.
Safest course would be to wait it out.
Looking at SPY, i see two 2 green bars in 3 days with > avg volume (sell stoppers). I vote right shoulder and wait for a reversal on 50ema.
Thanks for stopping by Jason. I'm waiting on the QQQQ's to put in a double bottom, and then I believe the rest of the market will have probably bottomed.
While we could have a pullback to 106 spy, and then another push up to 1100 spx, I believe we still need to go back down and make a double bottom for the QQQQ's before the bottom is in on the market
That is the perplexing problem. I got stopped out last friday and had a tough time getting back in.
But do you ride it if a shoulder decides to form and we head to 1250?
Looks we are going to get the gap up. Surprising since all the oscillators especially on 60 are pointing down.
So are we consolidating to for a base for a right shoulder or not. Normally i would be inclined to think this is just respite for bears that took profits and not a signal yet to go long for a shoulder.
but I do not want to bleed so I may exit my shorts w/ little loss and wait. Not my preference since the only real signal are on 5 minute where averages are bullishly aligned.
Still cannot beleive the bulls had the balls to pull yesterday off.