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Channel structure

Started by AChartist , Mar 15 2008 10:54 AM

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8 replies to this topic

#1 AChartist

Tim

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5,800 posts

Posted 15 March 2008 - 10:54 AM

Going to need nomex underwear for this scorch.

It followed the 60 min path exactly in pattern but I understated magnitude.
It has moved out and above the latest down channel and tested from above
at the 60 min timing cluster.
My stop is a close below 1272. 1365-1372 is the easy part, after that I don't
like the wave pattern at all but it probably goes higher into April. This might be all part of a
large A-B-C from Jan 22, with a very convincing C subdividing into five waves up into April.
And then the main event into May-June lows. This April move can test that overhead trendline over
1400.

If we get 1365+ this week you already know I'm out of longs there and will reenter
when I see it.

Posted Image

"marxism-lennonism-communism always fails and never worked, because I know

some of them, and they don't work" M.Jordan

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#2 humble1

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Posted 15 March 2008 - 11:04 AM

what worries me (a little bit as a bear) is that we had surprise bad news within three trading days of an important re-test low AND the bad news did not cause a new spx low to print. but, then again, ms. market is as tricky as br'er fox.

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#3 AChartist

Tim

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5,800 posts

Posted 15 March 2008 - 12:24 PM

Yes all that should have killed it and couldn't, is a clue. They can do it, they can do anything, we just dont know where their stand is. Having seen several of the those instataneous erroneous sticks pop up when we know no one pays .50 over ask on the spy, they are in there working it and these are the masters that own 90% of the planet, they can scorch anytime they want. It is not a market of stocks. Watch the minute charts move all together, all programs and participants will do the same thing within seconds. They can help it happen. On another hand, forced selling of fine companies not related to brokerage corruption, doesnt mean anything. Their price could return to it's true value in one tick. Have you seen the Banes index ?

Edited by AChartist, 15 March 2008 - 12:25 PM.

"marxism-lennonism-communism always fails and never worked, because I know

some of them, and they don't work" M.Jordan

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#4 humble1

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Posted 15 March 2008 - 12:56 PM

do you mean The Barnes Index ? no haven't seen it for awhile. lay it on me !

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#5 AChartist

Tim

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5,800 posts

Posted 15 March 2008 - 01:10 PM

Here it is, not too useful for timing I guess.

Posted Image

do you mean The Barnes Index ? no haven't seen it for awhile. lay it on me !

"marxism-lennonism-communism always fails and never worked, because I know

some of them, and they don't work" M.Jordan

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#6 beta

lasergirl

Validating
4,384 posts

Posted 15 March 2008 - 02:24 PM

Very nice chart, AChartist.

Here's another interpretation -- I think SPX 1305-1315 limits any upside this week:

http://stockcharts.c...58556&r=289.png

If this interpretation is correct, then wave "3" down of 5th primary wave down is underway, and should hit SPX 1230-1250 before any bounce.

"Daytrading -- An Extreme Sport !"

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#7 StillLearnin

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Posted 15 March 2008 - 02:30 PM

Nice Charts Guys! Stuff to consider... Thanks. SL

http://www.collectiv.../system73738932

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#8 AChartist

Tim

Traders-Talk User
5,800 posts

Posted 15 March 2008 - 05:33 PM

Yikes, could be unless some of the buy signal conditions kick in immediately.
One thing I mentioned, there are other problems like MCO top below zero
that will need a strong launch to overcome.

Very nice chart, AChartist.

Here's another interpretation -- I think SPX 1305-1315 limits any upside this week:

http://stockcharts.c...58556&r=289.png

If this interpretation is correct, then wave "3" down of 5th primary wave down is underway, and should hit SPX 1230-1250 before any bounce.

"marxism-lennonism-communism always fails and never worked, because I know

some of them, and they don't work" M.Jordan