Morning gang!Well this chart is ugly. Many of you that follow me there are some patterns I look at on all time frame and 3 drives to a high/low is one one of them. This is a weekly chart of the spx and looks to be tracing out this pattern and is what I have been looking for. I did expect us to give a bigger up move and we may have one last gasp at it to the 20 period red line before the weekly move to moves to #3. Market does what it wants to and can turn on a dime...most traders can't....Again 2/20 in my work suggests a cycle turn so one last hook up may be in the cards before #3 comes. Market with its weekly close below 836 is now in a weak stature. Hit em hard
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I'm flat from close on Friday looking to go short on the technical bounce as we were imho overdue. 836 would be a nice place to fail
ReplyDeleteWhat do you think about this developing into a rule of 4 break out?
ReplyDeletehttp://i726.photobucket.com/albums/ww261/jeffreyb_30319/2009-02-02-TOS_CHARTS.png
I meant Rule of 4 set up?
ReplyDeleteI've recently started watching charts for ORB's, but am not that familiar with them, so just wondering if the SPX today shows a test of the ORB at about 11:20am ET, which would be bullish going forward for today. Any help with this is much appreciated.
ReplyDeleteWe r in a test of the orb now and 50% of that range.
ReplyDeleteThe triangle will support a rule of 4 up or down. Everyone is expecting a big down woosh. a break to the upside would get some serious cover going
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