Beautiful, classic formation...
Starting to get Hurst projections of 1435-1440 on 30 min charts (not shown). Iffy here whether it fulfills or not (bulls expecting that last big bottom, and bears, well...hmm...they're bearish):
http://quote.prophet...p;frequency=60m
Best of trading to everyone.
Deva
Complex Rounded bottom forming on SPX 60 min
Started by
dowdeva
, Jan 08 2008 02:41 PM
4 replies to this topic
#2
ogm
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Posted 08 January 2008 - 02:48 PM
Looks shaky.
If you look at the DOW ... 4 stocks are up very strongly... MRK, PG, KO, MO... all 4 very defensive. There is real frenzy in these 4 today, and the rest looks like crap.
Look how fast they sold this last bump.
#3
dowdeva
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Posted 08 January 2008 - 03:02 PM
Looks shaky.
If you look at the DOW ... 4 stocks are up very strongly... MRK, PG, KO, MO... all 4 very defensive. There is real frenzy in these 4 today, and the rest looks like crap.
Look how fast they sold this last bump.
Good point, and if it does pop up there again, might be a good place for a short, as it is bumping up against one of my shorter trendlines.
#4
NAV
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Posted 08 January 2008 - 03:11 PM
dowdeva,
Complex bottoms on hourly have good risk/reward when the daily momentum is up. When the daily is down, i ignore the formation, cuz it's too risky.
#5
pdx5
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I want return OF my money more than return ON my money
Posted 08 January 2008 - 03:11 PM
The market just reversed to the downside when AT&T pronounced
softness in sales. Those darned funnymentals again 
"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule
