No Ordinary Correction

We can blame it on Libya, Lebanon, or Lisbon, and we can blame it on oil, foil, or toil. The bottom line is that the rally had run its course (maybe it's toil after all).

One may or may not be able to tell from the price pattern, but the volume distribution had been saying for days that this is not going to be your run-of-the-mill 3% correction. This is what had prompted me, perhaps the only one here, to call for a down Tuesday amidst all the bullish posts about strong uptrend and big Tuesday rally over the President's Day weekend. And, amidst all the rebound calls for today, I pointed out that the selling should continue on any rally based on my comment before the bell about yesterday's peculiar volume distribution.

On 2nd thought, the price pattern did show us the sign. Here's my "3 Hooks and a Flip" pattern started 5 days ago. You can hardly see the hooks now that they're so far up there. Here's the link to the original post. Maybe I should register that pattern.

http://www.traders-t...howtopic=127967

So, that's that about the past 2 days. As for tomorrow.... to be continued.

We can blame it on Libya, Lebanon, or Lisbon, and we can blame it on oil, foil, or toil. The bottom line is that the rally had run its course (maybe it's toil after all).

One may or may not be able to tell from the price pattern, but the volume distribution had been saying for days that this is not going to be your run-of-the-mill 3% correction. This is what had prompted me, perhaps the only one here, to call for a down Tuesday amidst all the bullish posts about strong uptrend and big Tuesday rally over the President's Day weekend. And, amidst all the rebound calls for today, I pointed out that the selling should continue on any rally based on my comment before the bell about yesterday's peculiar volume distribution.

On 2nd thought, the price pattern did show us the sign. Here's my "3 Hooks and a Flip" pattern started 5 days ago. You can hardly see the hooks now that they're so far up there. Here's the link to the original post. Maybe I should register that pattern.

http://www.traders-t...howtopic=127967

So, that's that about the past 2 days. As for tomorrow.... to be continued.

Nice job Techman! People notice, don't feel like your not appreciated here, you are!

Nice job Techman! People notice, don't feel like your not appreciated here, you are!

Thanks. JJC.

BTW, my image hosting site may be down. If you couldn't see the chart, please try again later.

Demark says its either 11 or 16% down from yesterday's levels. Today was follow through and confirmation.

when bears fight bears and bulls go 200% short.. Time to go long

when bears fight bears and bulls go 200% short.. Time to go long

Well, you'd still need to get the crash call campaign going again although this time I'm not so sure.

Yes, no ordinary ones. This one may be done by now

Yes, no ordinary ones. This one may be done by now

Can you elaborate on that?

Demark says its either 11 or 16% down from yesterday's levels. Today was follow through and confirmation.

Thanks, Otis, for the info. I'm with that school of thought as well.

Edited by TechMan, 23 February 2011 - 07:43 PM.

Yes, no ordinary ones. This one may be done by now

Can you elaborate on that?

Here is one early warning sign:

http://stockcharts.com/h-sc/ui?s=$CPC...id=p90252966843

Edited by redfoliage2, 23 February 2011 - 08:05 PM.

You seem to be a bit too uptight for my criticisms, and I just tell it the way I see. You should continue to post your thoughts, I don't want to be the one responsible for discouraging you, I shall leave you alone. Your comments are not worth elaborating for me, I will simply respond the only part I have to... I usually make it clear where I stand. The market does something and I comment, just like every market wiggle, not every comment means something big, but they add up. I called a top in January as the upside was not worth the risk --several weeks in advance, I tried to pick a top with my published trades here up to 1324 and I decided to wait thereafter since I had no price projection and no intention to chase a parabolic blow off or fight an up trend anymore. Once again, I say it the way it is and I see a low later in March or early April. I firmly said that 1350 should not be exceeded or 5% chance of exceeding it. Given this market was busy beating the odds, I stood aside, I respected the trend at that point, but these should've been clear and yet I was not interested in the long side. My comments mainly focuses on the neutral trades and I was interested in selling short the growth as it was fully priced in --and I said it, and going long the inflation --as it was the only thing left pushing the indices up. I made this clear I hope. This is how I trade. This is where I get a lot of criticism, but I somewhat refuse these, bullish or bearish do not mean anything when I cannot have any such price projection --and I publish them when I do and I say how likely they are. When the market acts absurdly, I just make simple comments based on the clues, but no directional swing trades. When I cannot take a clear directional trade, I have to look for neutral trades. OTOH, I scalp the whole day, but not worth mentioning here. Nobody here takes neutral trades --or post them, I guess it is not the macho thing to do. We used to have another fund manager (denleo) who used to post neutral trades, he doesn't post anymore though... Best of luck to you.