I now have a swing sell signal for the first time, since that buy signal from 10/24. It appears we are selling off in a A-B-C fashion here, with wave A complete at today's bottom. We should churn around sideways until tommorow and selloff in a wave C to complete around SPX 1505-1510. Then the uptrend towards SPX 1600+ should continue.
The only way the swing sell that i have today can be negated here is a complete reversal into the close, closing above yesterday's highs, which i highly doubt given the stinky A/D line at 84:17 (decl:adv).
Plan is to scalp on the upside and swing on the downside. Currently flat and watching...
Here's what i think....
Started by
NAV
, Nov 01 2007 11:40 AM
28 replies to this topic
#2
eminimee
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- TT Member
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I don't care who's fur is flying...
Posted 01 November 2007 - 11:52 AM
with yet again another ED on SPX.... this time a "c" wave of B ...I'm pretty sure we should be visiting last weeks lows and taking them out....I think we are about to start a wave 3 of C down....target is C=A at 1466 ...could get uglier than that.....
#3
pedro
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- Traders-Talk User
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Posted 01 November 2007 - 11:53 AM
I now have a swing sell signal for the first time, since that buy signal from 10/24. It appears we are selling off in a A-B-C fashion here, with wave A complete at today's bottom. We should churn around sideways until tommorow and selloff in a wave C to complete around SPX 1505-1510. Then the uptrend towards SPX 1600+ should continue.
The only way the swing sell that i have today can be negated here is a complete reversal into the close, closing above yesterday's highs, which i highly doubt given the stinky A/D line at 84:17 (decl:adv).
Plan is to scalp on the upside and swing on the downside. Currently flat and watching...
NAV, you have company:
.... Technically, it appears yesterday's spike rally after the FED cut, topped off the first wave up of Minute wave 5. Today's selling is being labeled as Micro wave 2, the second wave subdivision to Minute wave 5. There is a small support level at 1520, with greater support at the 1506 pivot. Expecting the market to make new highs after this pullback concludes. Best to your trading!
MEDIUM TERM: bullish, still targeting SPX 1620
from tony's OEW website this morning
#4
SemiBizz
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Volume Dynamics Specialist
Posted 01 November 2007 - 11:57 AM
http://bigcharts.mar...&mocktick=1.gif
Both the high and the low on this chart will be tested. You are more bullish than I am and expect the low to be tested first... I expect the high to come first.
Both the high and the low on this chart will be tested. You are more bullish than I am and expect the low to be tested first... I expect the high to come first.
Price and Volume Forensics Specialist
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#5
NAV
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Posted 01 November 2007 - 11:58 AM
with yet again another ED on SPX.... this time a "c" wave of B ...I'm pretty sure we should be visiting last weeks lows and taking them out....I think we are about to start a wave 3 of C down....target is C=A at 1466 ...could get uglier than that.....
Where's the ED ?. I don't see any on the SPX.
#6
eminimee
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- TT Member
- 14,307 posts
I don't care who's fur is flying...
Posted 01 November 2007 - 11:58 AM
...and we'll close on the lows today...probably at 1500 spx..selling may be ruthless this afternoon.
#7
ogm
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Posted 01 November 2007 - 12:01 PM
with yet again another ED on SPX.... this time a "c" wave of B ...I'm pretty sure we should be visiting last weeks lows and taking them out....I think we are about to start a wave 3 of C down....target is C=A at 1466 ...could get uglier than that.....
I don't know what is a wave 3 down, but I think either tomorrow or Friday is a big down day. Not that today isn't a big downday, but I think it will get worse.
#8
denleo
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- Chartist
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Posted 01 November 2007 - 12:10 PM
Both the high and the low on this chart will be tested. You are more bullish than I am and expect the low to be tested first... I expect the high to come first.
[/quote]
Semi, I need highs first. I am not done shorting yet.
And is there a person in finance who does not expect 1620?
Denleo
#9
SemiBizz
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Volume Dynamics Specialist
Posted 01 November 2007 - 12:11 PM
Come on guys... it's not that bad... Look at last week's disaster setting up a bullish spring...
http://bigcharts.mar...&mocktick=1.gif
http://bigcharts.mar...&mocktick=1.gif
Price and Volume Forensics Specialist
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#10
NAV
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Member
Posted 01 November 2007 - 12:19 PM
Ok, i have a countertrend signal to scalp for a long today here at SPX 1528. It's only for a quick intraday trade. I am in, but will be quick to exit, if cash trades below 1522.
If a setup arrives, i will go short later in the day.
Edited by NAV, 01 November 2007 - 12:26 PM.
