7 replies to this topic

[eminimee]

Watch midfork (approx. 1405.50) or just a little south of it...a sharp sell off today could be the "c" wave of an expanded flat..with the gap up this morning being "b" (if we do indeed make a new high this morning). A "c" wave is going to feel like an impulse down and new lows are in the cards...only to reverse back up again. Think like a very rich option seller for the next week.

I'm having problems with stockcharts again this morning....if the image doesn't show...keep refreshing the page until it does.

2 charts:

http://stockcharts.com/c-sc/sc?s=$SPX&p=W&yr=2&mn=8&dy=0&i=p59733913034&a=98764574&r=7637.png



http://stockcharts.com/c-sc/sc?s=$SPX&p=15&yr=0&mn=0&dy=11&i=p71698993236&a=100254337&r=401.png

Edited by Teaparty, 08 March 2007 - 06:25 AM.

[spielchekr]

Or we just gap over the gap

[eminimee]

thinking like a criminal....we drop today for a low (oex 635ish) before the number tomorrow...then we rally off a poor employment number. Street will react to a misconceived idea of a lowering of interest rates...

[bobalou]

in the big chart I would like 1325 for the C on the right side to fill in the vol. ,,if we fail ,now the.min chart,put in a line ,from the low on the 5th to small 2, and just above the little a, just below mid channel,,,nice

[spoo tooth]

Tea....I don't know about the interest rate potential reaction. Seems that bias fade may be shifting to that if employment is bad, it's going to mean______bad. Street may be starting to focus on potential consumer and business being able to service Debt.. Debt service and Consumer spending, yup

[eminimee]

Spooky....I'm just talking the temporary mentality of the street into opex.

[airedale88]

tea, if you redraw that action/reaction/pitchfork using the SPX july lower low instead of the june low we came right down to the mid channel support and held. FWIW.

[eminimee]

airedale...yes..see that but that would break my forking rule...lol. None of my "divergent" indicators have shown me that a bottom is in yet...it could very well be...but would be unusual. The next trip down starting in 6 to 8 trading days to a lower low should show the divergence I'm looking for.