8 replies to this topic

[NAV]

follow thru selling, then bears will be rare species. My indicators are in a zone where slingshot rallies occur. But it need not. Ideally any rally should be capped below ES 1530 and fail. A sustained move above ES 1530 is an indication that a slingshot is in progress. This whole decline from yesterday can be reversed in day !. I am not kidding. I have seen at least 15-20 instances of such slingshots, since this bull market begun in 2003. Again please do not intrepret this as "A slingshot shoud happen cuz i have certain momentum configuration". Rather intrepret it as a strong possibility, given the current configuration. Just sharing what i am seeing. Good luck folks !

Edited by NAV, 11 July 2007 - 08:34 AM.

[OEXCHAOS]

Statistics say we should bounce. I just fear that we've been "trained" to buy this dip for next Friday. Maybe we just get a bounce and then a failure? Regardless, I've got some lower targets and unless I see volume come in on some up sticks, I'm going to be very open to more selling. Nimble, however, is the word. Mark

[NAV]

Mark, Bounce is 99% odds here. What is more important is "Is it just a bounce ?". I always give the benefit of doubt to the trend and so i always work with the assumption that the bounce will fail. But i have a rare momentum configuration which is strongly hinting a "Slingshot" a.k.a violent reversal. We'll see.... P.S. To me it will be much easier to play here, if the bounce fails.

Edited by NAV, 11 July 2007 - 08:40 AM.

[rkd80]

I agree a boucne would be much simpler to play. Although this strikes me as an add place to mount the slinshot rally. How is this scenario? We bounce in morning to your target...something like ES 1527-30ish...then sell off with low targets at about 1510ish. Then tomorrow another big green bar.

[NAV]

I agree a boucne would be much simpler to play. Although this strikes me as an add place to mount the slinshot rally.

How is this scenario?

We bounce in morning to your target...something like ES 1527-30ish...then sell off with low targets at about 1510ish.

Then tomorrow another big green bar.

If the bounce fails then forget about slingshots. I am sure you would seen a deep selloff one day and full recovery (plus some) the next day. Those are rare, just like the "V" bottoms.

[bobalou]

you just have to love www

[eminimee]

Would be quite the bounce.. lol
Just messin'....but ya never know.....think "payday"
http://stockcharts.com/c-sc/sc?s=$SPX&p=60&yr=0&mn=5&dy=8&i=p02658730886&a=93045759&r=5256.png

PS: the distance between head and neckline is a fib 55 points

[SemiBizz]

so far.. "da bounce" is pretty ugly. A quick review of the Nasdaq 3 min chart volume shows that the selling is coming on stronger volume. And the SOX... da leader filled a downside gap this morning, after making a new high yesterday on the silly news that MRVL could actually produce a financial statement...

Edited by SemiBizz, 11 July 2007 - 09:09 AM.

[rkd80]

so far.. "da bounce" is pretty ugly. A quick review of the Nasdaq 3 min chart volume shows that the selling is coming on stronger volume. And the SOX... da leader filled a downside gap this morning, after making a new high yesterday on the silly news that MRVL could actually produce a financial statement...

ay, i jumped on a small long, but waiting to flip quickly - 1527+ on the ES is a possible target. Something that will probably cause more covering from yesterday.