8 replies to this topic

[eminimee]

Apart from some individual stocks that I see are worth posting...I'm taking a break on most indices. Basically I believe we will top in the spx 1440/45 area and/or OEX 670/74 area. A weekly close over 675 OEX would put my belief that a 7 to 8% correction due is not forth coming. Daily chart of OEX I've posted many times over the past few weeks...not included here. NDX I believe has topped and we are in a wave 2 up of and A wave down. More big picture stuff here.

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. Comments on first chart....just some interesting observations.
Where we find the top that's forming is obviously up in the air (670/74 oex still looks good to me)...but I do believe a 7 to 8% correction is forth coming and at this point I'm quite bullish if we have a successful test of the 1325 area or slightly higher.
If we close a weekly bar below that 1325 number that would probably nix the two bullish counts shown in the second and third charts here.
Second chart would be a quick over lap of the May 06 high and then a 5th up to test the all time highs in a big ED.
Third chart is even a more bullish count if SPX does not overlap 1325 but shown on OEX. Lot's of TEALEAVES I know..and a weekly closing bar above 674/75 OEX would put me in doubt of all the above.
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Edited by Teaparty, 24 January 2007 - 08:53 AM.

[Net]

Many thanks for your posts, and all the charts you've been putting up for all to see (especially the index charts). I'm sure I speak for many by saying they're great and always look forward to seeing your perspective.

[eminimee]

thanks Net...but as you say..it's only perspective.
My take on oil is also helping to form that opinion of that 7/8% correction......if oil is headed to 40 I think it's a tell on a temporary slow down (ie Soft Landing?)...but the equity markets have yet to price it in.
Thoughts/Count on OIL here:
http://www.traders-t...showtopic=65330

[mss]

Apart from some individual stocks that I see are worth posting...I'm taking a break on most indices.

Crap TPee, now I will have to do my own charts with the indices. How am I and others going to know what the markets are going to do without your nice charts?

But thanks for all of your great work and contributions to this board and me individually.

Here is the way to rest:

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[Woody]

TP, I'm not much of a wave counter that is why I appreciate the effort put into your charts, please give us a periodic update, i do not think anyone here would accuse you of posting too much, you have obviously put alot of thought and effort into each post and chart.....good trading CW

[eminimee]

Hey Scott...Heehee:....let me put it this way....if I'm wrong....I'll be right back posting as I do have another view if we aren't topping here. LOL But in the mean time....I think I've said all that can be said with what I see right now. And by the way....your stuff ain't shabby mate! Thanks Woody...I wasn't expecting all these accolades....but like any other trader with a massive ego......I'll take them!!

Edited by Teaparty, 24 January 2007 - 09:46 AM.

[NAV]

eminimee, I always look at your charts (not for the indicators cuz there's too many ), but for your approach to using trendlines and channels to identify supports and resitances on various timeframes. Good work as always. Rest well and come back.

[slatedrake]

Thanks for all your contributions Teaparty, they are always appreciated. Slate

[eminimee]

I'm not going anywhere...just though I was repeating myself far too much about what I was expecting in the intermediate/ long term. But thanks all for the comments...they are very much appreciated.