19 replies to this topic

[eminimee]

http://stockcharts.com/c-sc/sc?s=$OEX&p=5&yr=0&mn=0&dy=3&i=p50528919595&a=106624082&r=8024.png

[Frac_Man]

Isn't the "Third Wave" supposed to be the Longest Wave ??

http://stockcharts.com/c-sc/sc?s=$OEX&p=5&yr=0&mn=0&dy=3&i=p50528919595&a=106624082&r=8024.png

[eminimee]

I've labeled it as an ED 5th of a C wave up to end the last wave 4...if that's what you are referring to......in which case the waves are all about equal.

Edited by Teaparty, 31 July 2007 - 10:58 AM.

[hiker]

where SPX resides at that OEX level is 1483 approx with these R's closing basis SPX cash yesterday for risk management 1484 1488 1493 1500 each of these plus or minus 1 yest close was 1473.91, and today's low nearby..so today is a green day so far.

Edited by hiker, 31 July 2007 - 11:07 AM.

[arbman]

Tea, it looks like miracles do happen, it is headed higher, imho. A/D kept improving, I think the 5-6 day low is due late this week and early next week. So, maybe a double bottom or lower low there, tomorrow needs to be a doji or weak for this to happen, or a little excessive a 3 day low. This is entirely what I keyed on when I made my forecast for the week. It looks like the 20 wk low came on time late last week, if so the next 1.25 wk low should not dip below it, or make a double bottom at worse. It could work out that way if today closes strong...

Edited by kisacik, 31 July 2007 - 11:27 AM.

[eminimee]

Well....I was always confident that we will see new highs....I just wish 672 would have been hit.......I had so many fib hits there.....I'm surprised that the dead Italian himself wasn't lying there....lol.....maybe he is....

[hiker]

one way, and there are many, is simply not be long until a move above 1488 SPX cash...sure I am short and have a bias...but you all gotta know from my posts yest and this a.m. that I was long yesterday into today's premarket when 148.80 was tested on SPY and QQQQ 49.12 area was tested i am more crystal ball trading with this current position, which is not my usual style..but if you see some volume hit if and when 1484 to 1488+ is taken out, I will be a contributor

Edited by hiker, 31 July 2007 - 12:04 PM.

[beta]

one way, and there are many, is simply not be long until a move above 1488 SPX cash...sure I am short and have a bias...but you all gotta know from my posts yest and this a.m. that I was long yesterday into today's premarket when 148.80 was tested on SPY and QQQQ 49.12 area was tested

i am more crystal ball trading with this current position, which is not my usual style..but if you see some volume hit if and when 1484 to 1488+ is taken out, I will be a contributor

Hiker, I agree this is the best approach (on the long side). Also waiting to see if 1488-1490 upside resistance is broken; if so, should move to next 1500-1510 area quickly.

[skyymaster]

What weight if any do you give to gaps. I said last week that gap at 145.32-.82 looks to be filled and it did on Friday. In fact, there was an opportunity to buy SPY on the close because it was some 1 point below what SPX closed at (i.e. 1458 spx vs. 145 for spy) spy opened about a point higher to be inline with SPX on Monday. Anyone who saw this on Friday could have nabbed quick point on SPY. But, I noticed there is still one more gap at 142.46-.91. Does this mean anything in the count or are these secondaries. I know gaps can take years to fill but they do fill and when they are on a mission like I think they are in this correction, it seems they will fill it. Thanks

[hiker]

SPX needs to stay red now to the close, or this could reverse....has been a bull bear battle at yest close area now retested for third time today