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I continue to believe that the current "rally" is w.4.3 ... the negative
price structure is reinforce by NYSE and NASDAQ breadth models which are now
locked in sell mode. This is one of the few times I can remember a "rally"
which has violated every bullish channel I have attempted to create on the
30 minute chart ... not the stuff from which strong rallies are generally
made. When trading counter-trend (in this case rally is counter trend), I
run tight stops and have not been able to hold a position ... I now view
this rally as an opportunity to establish short position from slightly
higher levels.
Earl
----- Original Message -----
From: "Don Ewers" <dbewers@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, June 20, 2001 7:16 AM
Subject: Re: [RT] S&P index/m3 update
> Ben,
> Here is an update EW look on a daily chart. If the rally is to occur it
> would have to be sub-minor 4 of minor wave 3 (of big wave 5) since the
minor
> wave 3 has not met its min. extension of 1.618 (of minor w1-w2). It would
> end in the retracement areas shown (.382 around 1245, .50 around 1255, or
> .618 around 1265). What do you use to come up with 1273 estimate might I
> ask?
>
> Also attached is the TimeFactor projection for the second half of the
month
> of the site, which is supportive of some sort of move up to some degree
> (permission granted to post).
>
> Of course all the bad news out there needs to be ignored (which is hard to
> do) :-)
> don ewers
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