Price has yet again, at least as of today's action, failed to break
the 37.5% retracement level from the 5/19 move down. Once again we have hit
and bounced off (for now) of the 1291 area. If the 1290-1300 level doesn't hold,
then we are looking at a move into the 50% retracement area first at the
1321 area. I would still expect the 1300 level if achieved, to provide
resistance first, unless the market is very strong at that
time.
Lee
In a message dated 8/6/2008 9:05:26 P.M. Eastern Daylight Time,
jrosscpa@xxxxnet writes:
I’ve been
staring at the last 2 ½ days of SPY, DIA and QQQQs and I can’t refute the
proposition that all 3 have completed or are very close to completing ending
diagonals and each are near key fib levels. If so, a small amount of up
and/or topping sideways tomorrow and then down. The larger counts are
different; SPY and DIA are ‘c’ ending diagonals following a flat while QQQQ is
a ‘c’ ending diagonal following a b wave triangle which is complete.
Many will be looking for an ‘e’ down in SPY and DIA but for that to be the
case 1) I’m having trouble counting fives in the last 2 days up (3 waves
internally) and 2) QQQQ have already completed a wave AFTER its already
complete abcde b wave triangle; how can it extend its thrust if the other
markets are taking and e down and then a thrust up? The fly in the
ointment is the level of retrace for these c waves; the a is larger than the c
(all are about 62% of a) and higher fib levels are available. But, they
have made new corrective highs and this is a bear market…..I believe. It
wouldn’t even take a truncation to stop them here and now.
A twitch up
tomorrow (maybe) to reset some very short term oscillators, some topping
sideways, then down. Just an opinion.
From: realtraders@yahoogroups.com
[mailto:realtraders@yahoogroups.com] On Behalf Of Jim
White
Sent: Wednesday, August 06, 2008 8:13 PM
To:
realtraders@yahoogroups.com
Subject: [RT] coming
top
All stock indexes share Near
Impulse dates of 8/8 and 8/9 and all indexes are nearing a price levels where
reversals may be expected. I do not have explicit sell signals yet but do
expect them in the next two days. These are areas where stops should be
tightened and profits protected.
Jim White
Pivot Research
& Trading Co.
PivotTrader.com
