I'm looking for about another 2% decline from here into tomorrow, tomorrow working a Gann 16+1 and also the 37 day cycle from Jan to Mar added on is due tomorrow. There is good support in the upper 1369 to mid to upper 1370's. The QQQQ should snap back to the down trend line near 47.35 or another 2% down from here. A rally into Monday out of this low should satisfy "c" of Y of the larger WAVE B. There is strong overhead resistance in the 1425 area and then in the 1437 area. The big day up should be Friday ala April 1.
Another 2% on the Downside
Started by
blustar
, May 07 2008 01:18 PM
6 replies to this topic
#1
blustar
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blustar
#2
AChartist
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Tim
Posted 07 May 2008 - 01:29 PM
That might have been all of it at 2:28, retest of the breakout
I'm looking for about another 2% decline from here into tomorrow, tomorrow working a Gann 16+1 and also the 37 day cycle from Jan to Mar added on is due tomorrow. There is good support in the upper 1369 to mid to upper 1370's. The QQQQ should snap back to the down trend line near 47.35 or another 2% down from here. A rally into Monday out of this low should satisfy "c" of Y of the larger WAVE B. There is strong overhead resistance in the 1425 area and then in the 1437 area. The big day up should be Friday ala April 1.
"marxism-lennonism-communism always fails and never worked, because I know
some of them, and they don't work" M.Jordan
#3
SemiBizz
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Volume Dynamics Specialist
Posted 07 May 2008 - 01:31 PM
1401 going to hold for a min...
Then 1393... followed by...
1385
Price and Volume Forensics Specialist
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
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Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#4
espresso
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Member
Posted 07 May 2008 - 01:39 PM
The Bulls are losing the War...!
Spesi FF
#5
ogm
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Posted 07 May 2008 - 01:49 PM
I think there is no reason to rush trying to catch the dip here. MCO and charts have only started cracking.
#6
arbman
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Quant
Posted 07 May 2008 - 02:18 PM
There will be most likely one last divergent rally, anything under 1390 would be a achievement for the bear over the next 2 sessions. I expect a slight rally and flat expirations, but you will never know if this decline scares enough bulls. Below 1375 should break the trend toward 1350 before a bounce...
#7
blustar
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blustar
Posted 07 May 2008 - 03:56 PM
Good support around 1369/71 SPX tomorrow. The QQQQ has a move to 47.26 or down about .78 more here to snap back to its uptrend line
