13 replies to this topic

[eminimee]

and a bear @ss........so can trade both ways.



The bull and the bear of it....both are bullish actually ..just one has a deeper wave 2 retracement.

Bull on spx

Bear on oex....
Hiker:...that 1415 would be alive again if deeper wave 2.



http://stockcharts.com/c-sc/sc?s=$SPX&p=10&yr=0&mn=0&dy=8&i=p12388273364&a=110676262&r=2591.png

http://stockcharts.com/c-sc/sc?s=$OEX&p=5&yr=0&mn=0&dy=4&i=p05338910702&a=106624082&r=9913.png

Edited by Teaparty, 29 August 2007 - 05:04 PM.

[Jnavin]

That "wee gap" might be a wee problem.

[eminimee]

I've gone flat at break even on that short....not holding over night.

[Trend-Signals]

Teaparty, your intraday counts are bearish counts. We discussed wave counts a couple of days ago. Following up on the daily which we discussed, wave 1 and 2 out of 5 are done... as we are on 3 on daily. Anyway, I don't use EW as closely as you are.

[JAP]

I've gone flat at break even on that short....not holding over night.

IMO, it isn't safe to hold anything postion overnight... not in this low volume market. Only day trades for me.

A more realistic market sentiment will return when the big money comes back after the holiday.

[eminimee]

Teaparty, your intraday counts are bearish counts.


We discussed wave counts a couple of days ago.


Following up on the daily which we discussed, wave 1 and 2 out of 5 are done... as we are on 3 on daily.

Anyway, I don't use EW as closely as you are.

My intraday charts aren't bearish or bullish...they are continued work on a smaller time frame...

...How can you be sure we are in a 3 right now?....

Edited by Teaparty, 29 August 2007 - 06:22 PM.

[eminimee]

If you are biased to the upside....you'll miss this if it happens...if it's a three...we should bust through 1467 ES like it wasn't there tomorrow....or tonight..



I have a number of 1418 spx if we need a c wave low to complete 2..

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=1&mn=6&dy=0&i=p99177521183&a=113972872&r=4871.png

Edited by Teaparty, 29 August 2007 - 06:43 PM.

[thespookyone]

Teaparty-I doubt I'll ever have your competance at ewave-although I'm working hard to get better. One thing I am sure of though-is that I can NOT be sure we are in a 3 right now-and I think that says I've gotten a little bit better. Truly appreciate you always showing both sides of the coin. I like to trade charts and TA as they present themselves, and not as a bull or a bear-there is so much more money to be made, imho, when we are "free to roam" bullish-or bearish-as our TA leads us. On these paths up and down, the zigs and zags provide so many more points of profit in between-I feel two way trading will always fit me best. Got in long (Q calls) on the pullback this morning, sold at 3:55-WON'T hold overnight-doesn't fit my risk reward at all at this juncture. Not just TA wise, but also don't care for the fundamental risk of the GDP report pre-market either. CONGRATS! On your overnight longs, and the killing you made! You've been weaving in and out like a Ferrari for months now-trading at its best! Spooky

Edited by thespookyone, 29 August 2007 - 07:02 PM.

[dcengr]

Tea, My count is that we are starting 'c' up to complete wave 2. We should see higher highs, perhaps Dow 13,500 going into tuesday of next week. We are still in wave 2, where many think the correction is over, so I expect a 3 down sometime after wave 2 ends. IF we are in wave 2, we should not exceed Dow 13, 700.. The main reason why I think there's still more downside is that small SP traders are STILL LONG. They'll capitulate when others do, which will cause the Fed to cut rates next meeting. Fed ain't gonna cut rates until they piss in their pants, not with the dollar this low. But in order for wave 3 down to start, its gonna have to get mighty bullish in sentiment.

[eminimee]

decengr: I've asked before and never got an email....can you show your count please.