3 replies to this topic

[eminimee]

..............http://www.traders-talk.com/mb2/index.php?showtopic=72054.

[rkd80]

tea, sorry to bug you, but can you explain what 1522 is and how did you get that number. i am trading oex and es, so if you can use either of those -- that would be cool. rkd

[Woody]

TP, looking at the Cash SnP I see 1507-1508 as tough resistance as follows:

1508 is target for H&S Pattern shown below on 15 min chart
Previously, the 200 EMA (Red) stopped the Rally dead in its tracks Jun 21/22, Currently 1508.51
I believe that IT low is not in and benefit of doubt goes to short side ie short rallies

Now if we take out 1508, then its possible that a lager H&S is in play, that targets 1525 Cash


http://stockcharts.com/c-sc/sc?s=$SPX&p=15&b=5&g=0&i=p96693202671&a=109269069&r=9633.png

Edited by Woody, 27 June 2007 - 03:07 PM.

[eminimee]

it's the measured move of the H and S....neckline to head added to breakout point over neckline , in this case neckline was parallel....that is an ES chart...1522 also a pivot number from earlier in the week.

Woody...I wrote this ..this morning...still applies....I agree with you.



the problem I might have here

with entertaining the bottom of a 4th...is the 8 over 34 cross. Price may only come up to give both the 8 and the 34 a kiss before turning back down...but if we get over those two on a close and it turns out that the 8 is just kissing the 34 before turning back up...it will be bullish for new highs. The other thing is....the fact that OEX did make a new high and a possible B wave on an expanded flat...it would allow for a much deeper C wave. fwiw


A chart to go with that too.

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=1&mn=4&dy=3&i=p66590671443&a=104588994&r=7390.png