4 replies to this topic

[dadook]

I was 1 day off, but it did bounce big off the 200EMA as mentioned in my last weekend QQQ post. And again off my down trendline.

If right shoulder is to be symmetrical the target would be around 5/1 or 5/2. But first it must clear that upper down trendline. I think it will as today I witnessed some form of capitulation.

http://www.traders-t...howtopic=153660

bests

[dadook]

That tail today tells me a few things: 1. All the longs that placed their stop right below that horizantal support line got stopped out. 2. All the shorts that got greedy on that break shorted. And result: Once the sellers were cleared out the market rocketed. Market makers know what they are doing I guess. I hope someone else here more experienced then me can add some more insight about that. Thx

[cycletimer]

Great chart and you're so right in your second post, longs got cleared out on stops and shorts were too greedy. On your preferred dates of May 1/2nd, extend that out to May 6/7th and see where your chart target brings you, and let me know if that new target is a possibility? That's my time target for the top, based in cycles.

[dadook]

Great chart and you're so right in your second post, longs got cleared out on stops and shorts were too greedy. On your preferred dates of May 1/2nd, extend that out to May 6/7th and see where your chart target brings you, and let me know if that new target is a possibility? That's my time target for the top, based in cycles.

Hi CT, Yes it is very possible as most the time the right shoulders are not very symmetrical with respect to the left (in time, price, or both). Your timing probably better then mine.
bests

[dadook]

Few things I will be watching as it approaches that high shoulder level that might give us tell signs about if it will top there or not:

A. How it approaches there: volume
B. charateristics of the daily bars (and P/V on hourly) while around that level

I will also be watching closely my long term indicators (weekly and monthly)

and if everything I saw and said turns out wrong and this thing keeps tanking then back to drawing board. In the end this is the market, and the market is always right.