Nav pointed out: "NYSE Breadth MCO took out the 2/21 lows"
For myself, breadth leads price- breadth just spoke. Also, in the absense of posting the smiley and other faces-my spx count is that we were in a small 4 flat that ended in an a,b,c,d,e triangle. After finishing the e, I have a 1 down, 2 up, and 3 playing now of 5 of the larger 4 down. I'm sure Tea can tell me why my count is impossible-he's light years better than me, but, this is how I've traded what I see as the pattern-and so far,so good. When Tea clears up for me why my take has to be wrong, I'll learn from him again-but keep the money I already made.
Spooky
can't comment on wave counts... but will put out there that risk/reward to the downside is very good... would have been nice to see this happen on any other day than a friday... weekend risk of holding usually deters me from it... so the risk of a gap up above stops could blow the whole thing our of the water... but the momentum down is still strong... and daily oscillators are still overbought w/ MA type indicators trying to turn... classic TA... statistically looking to break a tri consolidation in direction of the trend... is rarely wrong... especially after a false breakout to the upside has failed... 100 spx points down... would be a lot more confident after an underside test of the tri break... maybe we'll see it monday... stay tuned...
edit: that risk of a gap up monday has led me to remove my stops... as i believe that if it does happen... it will be sold off very rapidly... (i'm long qqqq puts at close... and long xhb calls since mid day) -TA
Edited by TheArchitect, 29 February 2008 - 07:21 PM.
) ...is the theory behind "testing the low" that it's the mutual funds that we're waiting for to either save the day or not? I can't see program traders or hedgies being the ones since they make money short or long. So it seems only the mutual funds have the firepower and the vested interest to make the save. Right or wrong?
