7 replies to this topic

[NAV]

still remains down on 5-min to 120-min charts. No bottoming indications so far. Intraday A/D still looks horrible. Lots of sword catching on the board today (including me ). Don't like my long probe here. Closed my SSO probe for some beer money. Will continue to hold my NQ daytrade short, which i am hoping will pay me some good money today !.

[arbman]

I think it just hit the bottom for the day... But I am not catching much of a sword, but I bought a few selective longs and keeping a few shorts. I will continue to accumulate shorts into the next rally, if it happens and get rid of these longs. I suspect an IT top is probably not further away than 6-10 sessions...

[eminimee]

Probably sounds ridiculous... and I don't have time for a chart....but on a 5 min ES. Could we be bottoming in an ED 5th of a C wave. . . with wave 3 just bottomed...doing a 4 up right now....then one more low? I know.....slap me. On a 120 min chart...I have support at 1516.25 fwiw. That would be one more low if I'm counting right...possible the 5th did bottom...very small time frame.

Edited by Teaparty, 06 June 2007 - 11:19 AM.

[NAV]

Probably sounds ridiculous...
and I don't have time for a chart....but on a 5 min ES. Could we be bottoming in an ED 5th of a C wave. . . with wave 3 just bottomed...doing a 4 up right now....then one more low? I know.....slap me. On a 120 min chart...I have support at 1516.25 fwiw. That would be one more low if I'm counting right...possible the 5th did bottom...very small time frame.

TP,

I see what you mean. Initially, that was my guess as well. But looking at my hourly momentum charts, i think we could be in for a rude surprise on the downside today and this selloff appears far from over. TWT.

[arbman]

You may be right, NAV. I think this current bounce will tell a lot. I am mostly checking the implied volatilities at the moment, they will be a better tell than the volume or internals for the day...

[eminimee]

agreed.. below 1516 es now and we should swoosh....if it holds...upside has a chance. I've had a good day.....presently flat.

[eminimee]

If we grab here....the ED looks good. Would like 16 es to get hit AND HOLD....however...but we did put in a slight new low. fwiw.

here's a picture just in case..

Would be ED fifth of a C wave

[thespookyone]

If we grab here....the ED looks good. Would like 16 es to get hit AND HOLD....however...but we did put in a slight new low. fwiw.

here's a picture just in case..

Would be ED fifth of a C wave

Overlap?