From what I'm seeing this morning, we are in the process of bottoming if not already. The 1 hour and 2 hour oscillators are turning up. Waiting for confirmation before going long.
blu
SPY 50% Retracement Hit This Morning
Started by
blustar
, Mar 31 2008 09:56 AM
5 replies to this topic
#1
blustar
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blustar
#2
bigtrader
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Posted 31 March 2008 - 10:20 AM
Wasn't 50% retracement hit around 7AM in the futures?
No longer interested in debating with IGNORANT people.
#3
IndexTrader
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Posted 31 March 2008 - 10:37 AM
From what I'm seeing this morning, we are in the process of bottoming if not already. The 1 hour and 2 hour oscillators are turning up. Waiting for confirmation before going long.
blu
What would confirmation be?
IT
#4
blustar
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blustar
Posted 31 March 2008 - 11:45 AM
From what I'm seeing this morning, we are in the process of bottoming if not already. The 1 hour and 2 hour oscillators are turning up. Waiting for confirmation before going long.
blu
What would confirmation be?
IT
Break of short term down trend line; we got it and already snapped back. I'm fully long at 1322. Looking for 1418-20 this week.
Bought 50 OEX April 645 calls at 2.00. OEX target 659/6614 Hour oscillator turning up and should confirm at 2:30 EDT today.
blu
#5
StillLearnin
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Posted 31 March 2008 - 12:03 PM
Blu,
It may be too early to pat anyone on the back but IF $SPX made a low this morning not only did you call the level $SPX would turn at but also called the timing I believe.
Just letting you know someone noticed. Nice Job
Remember 1360-1256 = 104 1312 + 104 = 1416 1416 is 50% retracement off October 07 highs and top of highest volume candle on SPY.
SL
#6
blustar
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blustar
Posted 31 March 2008 - 01:36 PM
Blu,
It may be too early to pat anyone on the back but IF $SPX made a low this morning not only did you call the level $SPX would turn at but also called the timing I believe.
Just letting you know someone noticed. Nice Job
Remember 1360-1256 = 104 1312 + 104 = 1416 1416 is 50% retracement off October 07 highs and top of highest volume candle on SPY.
SL
Thanks SL I'm watching and expecting that level probably by late April 3 or early April 4.
This is a 'c' wave of a third wave or wave "y" and as such could end up being 5 waves with a third wave extension. We may being seeing a wave 2 running correction if we hold 1322 SPX right here.
