|
Ben
What is your target below ?
Regards
Ron
-------Original
Message-------
Date: 06/05/05
22:17:32
Subject: Re: [RT]
market
tomorrow should be an up day(sp500) and
small gain in nasdaq
use it as gift to short
Ben
----- Original Message -----
Sent: Monday, June 06, 2005 12:40
AM
Subject: Re: [RT] market
Been doing some different work with
cycles. Based upon that there should be an S&P low about June
16. Let's see how it works out. If this is correct then your
wedge should break south. Of course there is always the chance
that the low is substantially higher then where we are right now.
There currently is substantial downside
pressure on Price. We shall see how effective it is.
Have a good week. Ira.
----- Original Message -----
Sent: Sunday, June 05, 2005 7:58
PM
Subject: [RT] market
Are Rising Wedges a cause for
concern?
Historically, most rising wedges are 5
months long or less. These rising wedges are 29 months
long.
Just over half of the rising wedges have a
pullback. So far, these have all had a pullback on the DJI, NYA,
and
S&P ... in other words, they failed the wedge's support, went down,
and then moved backup to the resistance line.
The S&P's Rising
Wedge chart below has a classical formation
appearance.
On all the rising wedges studied
that were 5 months long or less ... there was a 90%+ down-further
success
rate if it failed after the pullback. We don't know two
things right now. 1. Will these historical statistics
apply to a
29 month wedge? ... and 2. We don't know if this rising wedge will "fail
its pullback" yet.
Right now it is sitting right on its pullback
resistance line.
That brings up t he third
possibility ... some rising wedges have failed and then continued on
after a pullback
to rise to the apex (meeting point of both
resistance/support lines) and then have made a serious drop
of around
20%. Some have gone down much further. If this turns out to be the case,
then the latest
it would take to get to the top of the apex is the
end of this September or the first week of October.
The Rising Wedge
for the DJI will peak on October 12th.
This Wedge
resistance test is as important as any Major test has been, so be
cautious and watch
these wedges carefully in the coming days.
If you want to share today's update with a friend or relative,
I
have provided a link below that you send them the link to this
page.
![]()
No virus found in this outgoing message. Checked by AVG
Anti-Virus. Version: 7.0.323 / Virus Database: 267.6.2 - Release
Date: 6/4/2005
No virus found in this incoming message. Checked by AVG
Anti-Virus. Version: 7.0.323 / Virus Database: 267.6.2 - Release
Date: 6/4/2005
|