Futures position is too much in the gutter. So while I still maintain a wave B/C outlook, my "guess" is that bears need some caution here.
Especially the dow 12-hour RSI. Its in bounce zone and near support.
1966 pattern, Dow 12 hour RSI
Started by
dcengr
, Mar 28 2007 11:06 AM
7 replies to this topic
#1
dcengr
-
- Traders-Talk User
- 13,391 posts
Member
Posted 28 March 2007 - 11:06 AM
Once again, I would be careful here. Sentiment, IMO, isn't ripe for a wave B top.. mostly because there hasn't been enough time factor in building sentiment...
Futures position is too much in the gutter. So while I still maintain a wave B/C outlook, my "guess" is that bears need some caution here.
Especially the dow 12-hour RSI. Its in bounce zone and near support.
Futures position is too much in the gutter. So while I still maintain a wave B/C outlook, my "guess" is that bears need some caution here.
Especially the dow 12-hour RSI. Its in bounce zone and near support.
Qui custodiet ipsos custodes?
#2
Russ
-
- Traders-Talk User
- 7,196 posts
Member
Posted 28 March 2007 - 11:39 AM
Note the Dow has gone below the two retracement highs at 12,350, after a runup to close the gap, market is going lower than previous low....11,650 minimum.
"Nulla tenaci invia est via" - Latin for "For the tenacious, no road is impossible".
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
#3
dcengr
-
- Traders-Talk User
- 13,391 posts
Member
Posted 28 March 2007 - 11:43 AM
Note the Dow has gone below the two retracement highs at 12,350, after a runup to close the gap, market is going lower than previous low....11,650 minimum.
Well my target is 11,800.. but it may take much longer than most think when we'll get there.
Up to... something, then down to 11,800.. then bounce to something, then down further.
That's assuming the bear case. I have a bull case of 1986 in my pocket.
Qui custodiet ipsos custodes?
#4
Russ
-
- Traders-Talk User
- 7,196 posts
Member
Posted 28 March 2007 - 12:14 PM
Could be but I think that high of May 2006 is likely the first support, I doubt that hold either.
[/quote]
Well my target is 11,800.. but it may take much longer than most think when we'll get there.
Up to... something, then down to 11,800.. then bounce to something, then down further.
That's assuming the bear case. I have a bull case of 1986 in my pocket.
[/quote]
"Nulla tenaci invia est via" - Latin for "For the tenacious, no road is impossible".
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
#5
dcengr
-
- Traders-Talk User
- 13,391 posts
Member
Posted 28 March 2007 - 12:17 PM
My guess is that earnings reports must assist in the drive down, and that'll get into swing a few weeks from now.
And combine that with economic data... to be released 3rd week of april.
Qui custodiet ipsos custodes?
#6
pabletto
-
- Traders-Talk User
- 194 posts
Member
Posted 28 March 2007 - 12:34 PM
My guess is that earnings reports must assist in the drive down, and that'll get into swing a few weeks from now.
And combine that with economic data... to be released 3rd week of april.
thanks for sharing your work
#7
dcengr
-
- Traders-Talk User
- 13,391 posts
Member
Posted 28 March 2007 - 01:46 PM
Just in case we're still in wave A.. though I don't believe we are...
Qui custodiet ipsos custodes?
#8
arbman
-
- Traders-Talk User
- 19,504 posts
Quant
Posted 29 March 2007 - 04:25 AM
This market looks like Feb-Mar 2005 currently, especially the leadership and breath momenum, the way the markets bottomed in Jan '05 and the 5 weeks of sucker rally that followed. If so, we should continue to see this high volatility until May, before breaking down there one more time...
