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jxy, I think you need to expand your timeframe more than 20 days and recheck your fork/parallels with the bigger picture.
jxy, I'm not familiar with the "Phantom Waves"
jxy, I see you have a set of parallels with a fork inserted. I remember BT used extra parallels with his forks. However I don't see a clear fit with your parallels, the bottom has only one data point and the top is across one at the left and current price and I don't see much if any respect to the in between data and the lines.
I take it you are looking for a reversal back down here?
jxy, I understand your comment yet I don't follow your actual post, the fork in your post is not steep and it's not anchored to any data points, just kinda floating there. My post you referred to has two forks, a down one that we've broken from and a predictive fork that we still need to see price data on Monday to confirm or not.
NDX and RUA, I'm still looking for the pink ascending triples to be taken out. RUA is shown with a Feb 5 top, NDX which still needs to take out the 2000 high (which COMPQ already did) at 4816. Now to take out the triple which is a bit steeper than RUA, it needs above 5300 by Feb 1 and above that if the top goes out to Feb 5 and my chart is not big enough to show it. It now appears that the FOMC meet is not a party crasher, but rather part of the rally.
Wacky Wolly Wed. was the big drop last Wed and the theory is that options ex Friday will take a reverse action
Interesting, Oil hit 27.50 yesterday which is the inflation adjusted level of 20.00 in 2001 which OPEC had stated as their "happy price" At that time oil was hitting about 10.50 a barrel at it's low point. If we were to retest the 10.50 or so low from that time in inflation adjusted dollars it would be about 14.50
The big economic news for the week will be china's GDP and other tonight.
just past the red TL
http://screencast.com/t/K3H2xsAG
I don't think so, just taking those triples out I'm thinking
SPY 60, I often ignore SPY in favor of the SPX chart, yet this chart is looking really good. The blue and green up and the orange down forks are all at orthodox anchor points with perfect tags. The red down fork seems like the 220 high is right, however the time frame is questionable. The triple tops on RUA,WLSH,NDX seem way too steep at a JAN 26 top, NYA has one that could take us out into Feb.
There's a pair of light blue dotted equal length parallels, one for "W" wave and the other for "Y" wave ending at the green ML in less than a week which is interesting and could possibly be evidence of an unbelievable top at the JAN 26 date, however the W wave was after an even steeper drop than current one and to go that much farther than W did seems unlikely at that pace.
Here's a good chart, NYA stopped just a few points from the August low. RUT did make a lower low, and is some concern, but small caps are tricky to depend on. Look at the wave ratio notes on the chart here, nearly perfect golden ratio. That along with the last two charts with the fork tine tags are pretty convincing we hit a bottom.
NASA, Yes, It does seem too steep to catch those triples on the upside by Jan 26, but the triple tags have been working really well. In any case 2200 should be in the cards fairly soon