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.
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