Monday, August 25, 2014 6:29:47 PM
and these days, I place alot of focus on what wall street manipulation seems to be doing to all markets. as they have their computer algorithms and HFT systems. Its so blatant the manipulation, hard to believe in the rationale for placing ones life savings into such a rigged casino.
I do expect we will see another colossal stock market crash again. and I try to think and guess how to trade,take profits, buy bottoms, and sell before the crash happens. raise as much dry powder in the mean time and be prepared to buy the crash bottom when it comes. might as well train to jump thru hoops of fire as well while I'm at it.
Its hard to visualize what the top zones will ultimately be for a stock like GALT. the 19 area was a technical top zone,shown in the chart (18-23 area)...but now, after this collapse to 4.25.... there appears the mountain of stair steps to climb back up....and in my view, this first wave up, as a rally, if it will recover the momentum, and play out in 5 or 7 elliott subwaves, ought to find its first wave completion around the 6.40-6.70 area, maybe extend to test 7.00.....and then make its first pullback to retest the support zone around 5.30-5.60 area. Thats the current pattern I'm looking for here.
4.60 to 6.60 then 5.60 to 7.60 and completion of an ABC pattern.....or 4.60 to 6.70, then 6.00 area to 7.70-8.00 area as 5-7 subwaves in a potential Wave 3 of 5...followed by extention to target 8.00 area. as a Larger Wave 1 , or Larger Wave A.
I Dont want to get too convoluted too early in describing it. other than my own target to sell a little is around 6.70 maybe, and then 7.70 maybe. and target to buy might be under 5.00 , now, and or later, around 5.35-5.50 in the larger pullback. Then stair steps up would offer the 6 dollar zone as a base. better to buy at 5 now. under 5....now.
My current bids are around 4.65 at the moment. but the technicals are pointing to anything under 5. IF the bottom is In.
Recent GALT News
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