Waiting until next week

Monday should be up. Waiting to see if we get a bounce. If not much improvement in new highs by Wed. I might be looking to short. I think this first drop gets bought, but maybe not. NYSI is not moving up the way I would like.

Edited by CLK, 16 October 2009 - 03:10 PM.

Monday should be up. Waiting to see if we get a bounce.
If not much improvement in new highs by Wed. I might
be looking to short. I think this first drop gets bought,
but maybe not. NYSI is not moving up the way I would
like.

Still short here. I got a false short signal at the end of the day Monday. Awaiting another short signal here... Upward targets have been met. We are medium term overbought.

Some bullish divergences showing up, they could slip, but they never take 10,000 the first try either.

Monday should be up. Waiting to see if we get a bounce.
If not much improvement in new highs by Wed. I might
be looking to short. I think this first drop gets bought,
but maybe not. NYSI is not moving up the way I would
like.

Still short here. I got a false short signal at the end of the day Monday. Awaiting another short signal here... Upward targets have been met. We are medium term overbought.

Upward target set by whom? There is no top set unless it is your top!

Monday should be up. Waiting to see if we get a bounce.
If not much improvement in new highs by Wed. I might
be looking to short. I think this first drop gets bought,
but maybe not. NYSI is not moving up the way I would
like.

Still short here. I got a false short signal at the end of the day Monday. Awaiting another short signal here... Upward targets have been met. We are medium term overbought.

Upward target set by whom? There is no top set unless it is your top!

I would say that Fib targets on the Weekly, Daily, and 60 minute charts have been met.. EW waves also are confirmed on all 3 time frames... This has been shown in previous ABCDE posts earlier in the week...

 Fib.bmp   398.22KB   74 downloads

With that said... there is a count that I am looking at where on the daily charts the orange Fib can be extended quite a bit higher.. In this scenario, I am looking for abc down on the 60 minute chart from the top. So far the wave is still being formed and can't be put together yet. Regardless, if we make it up to the top again the resistance of so many signals should make it difficult to get over.. The targets I set are usually minimal targets, so this is why I didn't use the word top ( you did ). On the downside on my 60-min charts I have not posted my minimal downside target yet. I'm assuming we are now in a downward trend because during the upward trend NYSE McClellan topped below 50 and is now below 0.

What's your target for being long.... What are your signals for staying long.. I always want to know the bullish scenario in case I'm wrong. I require some charts are numbers to back it up.... I would go with the TREND argument here, because the TREND is quite strong. McClellan Summation is the only thing keeping me from not being long, and it is really weak.... However, TREND indicators only tell you strength, and you miss the top...