Edited by NAV, 26 January 2007 - 01:25 PM.
Change in plans..
#1
Posted 26 January 2007 - 01:25 PM
#2
Posted 26 January 2007 - 01:32 PM
http://stockcharts.com/c-sc/sc?s=$SPX&p=60&yr=0&mn=2&dy=8&i=p67438202531&a=91454708&r=3751.png
....bought some at 1423.75...I'm getting a lift off signal. lol
#3
Posted 26 January 2007 - 01:40 PM
There's a strong possibility that we are tracing a expanded flat wave 2 correction. The rally into SPX 1440 was a perfect bulltrap a.k.a wave B. The slamma jamma kind of posts come right near those tops. The wave c (yesterday's scary collapse ) while giving an impression of breakout failure is a perfect bear trap to reorient most folks thinking in the bearish direction and at the same time giving the necessary compression for a wave 3 to begin - sucking even the ardent bulls into shorting the bounces, if any rally begins here.
Again 1404 SPX should not be voilated for any reason. If that happens i will throw in the towel and acknowledge that a larger degree correction has begun. This decline has unloaded most of the passengers of the bull train express (except for da_cheif of course, who never unboards). I am taking a 1% risk. Just another trade.....
#4
Posted 26 January 2007 - 01:40 PM
#5
Posted 26 January 2007 - 01:54 PM
I know it's getting a bit silly when you get down to 1 min. charts Just a thought ...ED ?
http://stockcharts.com/c-sc/sc?s=$SPX&p=1&yr=0&mn=0&dy=1&i=p59745282332&a=89521332&r=429.png
Edited by Teaparty, 26 January 2007 - 01:46 PM.
#6
Posted 26 January 2007 - 01:59 PM
Edited by NAV, 26 January 2007 - 02:01 PM.
#7
Posted 26 January 2007 - 02:13 PM
There's a strong possibility that we are tracing a expanded flat wave 2 correction. The rally into SPX 1440 was a perfect bulltrap a.k.a wave B. The slamma jamma kind of posts come right near those tops. The wave c (yesterday's scary collapse ) while giving an impression of breakout failure is a perfect bear trap to reorient most folks thinking in the bearish direction and at the same time giving the necessary compression for a wave 3 to begin - sucking even the ardent bulls into shorting the bounces, if any rally begins here.
Again 1404 SPX should not be voilated for any reason. If that happens i will throw in the towel and acknowledge that a larger degree correction has begun. This decline has unloaded most of the passengers of the bull train express (except for da_cheif of course, who never unboards). I am taking a 1% risk. Just another trade.....
I doubt we unloaded most of the passengers. I think people have been going long all the way down. But I'm wondering...are your indicators still in bullish mode?
IT
#8
Posted 26 January 2007 - 02:34 PM
There's a strong possibility that we are tracing a expanded flat wave 2 correction. The rally into SPX 1440 was a perfect bulltrap a.k.a wave B. The slamma jamma kind of posts come right near those tops. The wave c (yesterday's scary collapse ) while giving an impression of breakout failure is a perfect bear trap to reorient most folks thinking in the bearish direction and at the same time giving the necessary compression for a wave 3 to begin - sucking even the ardent bulls into shorting the bounces, if any rally begins here.
Again 1404 SPX should not be voilated for any reason. If that happens i will throw in the towel and acknowledge that a larger degree correction has begun. This decline has unloaded most of the passengers of the bull train express (except for da_cheif of course, who never unboards). I am taking a 1% risk. Just another trade.....
I doubt we unloaded most of the passengers. I think people have been going long all the way down. But I'm wondering...are your indicators still in bullish mode?
IT
We are coming out of a complex bottom on the hourly !
#9
Posted 26 January 2007 - 02:41 PM
Here's my thinking..........
..........
Again 1404 SPX should not be voilated for any reason. If that happens i will throw in the towel and acknowledge that a larger degree correction has begun. This decline has unloaded most of the passengers of the bull train express (except for da_cheif of course, who never unboards). I am taking a 1% risk. Just another trade.....
nav, that 1404 SPX cash is the 10 wk cycle low i don't want to see taken out. we're on the same page.
Edited by airedale88, 26 January 2007 - 02:42 PM.
Outspeaks the Squire, "Give room, I pray,
And hie the terriers in;
The warriors of the fight are they,
And every fight they win".
Ring-Ouzel, England
#10
Posted 26 January 2007 - 02:43 PM
Went long ES 1423. Like XD said yesterday, everyone and their granny is looking to go short on any pop. How many are looking to buy this fear ? If we have another swoon today, i will buy more. I will post my reasoning in a while.
I am with you
I am 100% long in the trading account as of today. Looking for about SPY 144.80 to cover.
KC