5 replies to this topic

[andr99]

spx I mean.....IT top...leading to a 15 days correction, not very extended in price though

Edited by andr99, 15 March 2017 - 02:05 PM.

[qqqqtrdr]

Flip flop market on rate changes...  The first market reaction when rates change are generally the wrong one..   2/3rds of the time it reverses within a day or two....   Beyond that, I need to see how my charts look tonight...  My charts were in neutral territory as of yesterday on direction, but Long term overvalued and sentiment put/call indicated more downside..

 

Barry

[MikeyG]

spx I mean.....IT top...leading to a 15 days correction, not very extended in price though

 

No

[NAV]

spx I mean.....IT top...leading to a 15 days correction, not very extended in price though

 

15 days correction is not an IT correction. It's more of a ST correction. If you are talking about a multi-month IT correction, there is no technical signal right now.

 

I am not into crystal-balling and guessing IT tops. But i can tell with you with conviction (more than 90% odds) when one happens. I need to see a 3-4% correction in  s&p and a technical faiilure to determine that. Too early for that. But when i do call an IT correction, you wiill see the market start a mulit-month correction. And when i do call, there won't be any caveats and it will be an unambigous call.

[andr99]

I was talking about a correction lasting 15 days, starting soon (calling it ST or IT correction though, depends on one's trading style probably...I said IT because here most people are day traders and it seemed to me that 15 days are not short term for them....but in any case it doesn' t matter. What matters is understanding each other) and leading the spx possibly to 2320 more or less.

[pedro]

I'm with andr.    Any move sustained over multiple weeks qualifies as IT in my book.   In part because changes on my weekly indicators are the principal determinant of those signals.

 

And I have no IT signal for SPX coming up, because I have an IT sell already in place from early March that hasn't been wiped out yet.    I think we're in a wave 4 that still has a decent downside chunk of it left to go.   Post opex, probably.     (And in EW terms, even a marginal new high for a b wave wouldn't negate my POV here.)

 

PS - my lingo -- VST intraday, ST multi day, LT multi month, VLT  multi year.    YMMV.

 

And those are for clarity purposes, not combat.   :-)

Edited by pedro, 16 March 2017 - 10:16 PM.