We got a nice shot higher and reversal today which is what we'd like to see at a top. It also fits nicely with the wave count I've been tracking the past few days and the decline from today's high looks impulsive. I'm counting it as a Submicro wave (1) down on the Dow 5min chart above. The count suggests perhaps a little more upside today before topping out below today's highs and rolling over sharply in Submicro wave (3) down. If today's highs are broken it simply means it will continue trying to get into my S&P reversal range of 1173-1181.
More later...
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.
2 comments:
I think, the situation is still open. But I have this feeling, that we have top today and a substancial decline in the stock market is coming.
I think we can reach tomorrow the 1131 (inversed SHS Formation). If the bulls lose this levels (confirmation under 1125) I see a major decline (we have a long way with more than 18 gaps up)
http://www.bilderload.com/bild/61241/sp02G0N5Z.png
I'll be watching and I'll write you later.
Good Night :)
Well things are looking good for the bears. But we've been fooled before, we'll see if we get the follow through to the downside we expect.
Talk to you later.
Post a Comment