3 replies to this topic

[beta]

Further to yesterday's SDS chart update (8/8), my posted target 56 was HIT TODAY on the close !

Here's a further annotated update; my take is that short-term, SDS has a bit more downside work to do before busting out of that lower channel. My short-term target is 54 (corresponds to about 2% upside on SPX or 1484).

Longer-term, unless it falls out of the rising channel, SDS should retest 58's and head to the high 60's (hang in there, bearz). Just NOT tomorrow

(I wont be watching the tape or posting Friday).


http://stockcharts.c...4572&r=4874.png

Edited by beta, 09 August 2007 - 09:17 PM.

[selecto]

Interesting, as a gartley on the SPX I am watching (not my work) taged reversal point "C" today.

[arbman]

If 1450 does not hold immediately from here and it probably won't since the BBs started to expand already, the 1425 is my target for a low for tomorrow. There is a lot of positive divergences for that low to work pretty well, the VIX is also pretty high and the new lows did not expand as much and RUT did pretty well despite the large cap performance...

If the indices decisively break 1430 and close below 1425, the last support is around 1405, probably a big crash of 120 points or so might be in the cards thereafter...

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=6&dy=0&i=p68777768297&r=8769&.png

- kisa

[beta]

Thanks, Kisa.

IF SPX 1450 does not hold, your scenario is a definite possibility, though 1440 should put up some resistance.


***

Hi Selecto,

Agree that Gartley patterns are quite interesting -- I need to study those more when time permits.



Good trading tomorrow ! (i'll miss the action, catching an early flight).

Edited by beta, 10 August 2007 - 12:27 AM.