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I don't want to discourage questions because that's how we learn so please if you don't understand something just continue to ask questions until you do. That's what we're here for and don't mind at all. I'd rather you ask now before it happens instead of waiting until after it's over.
Make sense?
I understand what you're saying now and the answer is yes we'll see a C Wave but I'm still not sure when. That's the 64,000 question and you guys can believe as soon as I figure it out you'll be the first to know. Some think it's already started but I'm not so sure. I just can't tell from the data I have but soon for sure. We could top out here at $56 and pull all the way back to $45 just to make a run at $60+. For now the highest target I have is $57.50 if this is the C Wave. So basically all we can do is play this one out and see if it's gonna extend higher of top out and head lower first.
3rd wave, do you mean like an extended run?
I'm not sure what you're trying to ask me.
I understand your point and it is a valid concern but I have no intention on being around long enough to get clobbered by the vote results.
Yeah I'm caught up on these guys, been following them for a while.
No Worries, the volume since mid-Feb is very telling in my opinion. The other thing that catches my eye is the huge bounce. As big as it was it wasn't big enough to be a larger degree 4th wave so that means we're either hitting a long term bottom or more likely we're going to be starting a larger degree 4th wave. Translation: A minimum target of $1.50, if this is bottom of course. Just making a calculated gamble based on the DB.
Take a look at the CL chart, even I can understand that one, lol.
Questions?
You never know and entering something like a DB .01 away from a natural stop is a great way to manage risk.
I have a serious question for you guys. I can't answer it myself because I don't want to get caught answering myself, lol..... Does this pullback in oil look like a buying opportunity? Doe oil looks cheap on this pullback?
yeah, that's the $20 +/- move I was talking about. Now with that I should also add that all of the major indexes are not showing the same count. That's not unusual given the consolidation we've been seeing. I also want to point out that the second wave lower can take a while, corrective waves do that to shake out those not committed to the trade. It's usually the 4th wave that takes the longest but about 20% of the time the 2nd wave can take longer than the 4th. When you have a 2nd wave that drags out the 4th wave usually goes quicker. So we could be in a situation where IWM just grinds lower while the other indexes are doing their thing and it can certainly turn higher while the others continue lower. My whole point is they don,'t have to move together, lol.////././/./;
This is the chart I use for my long term investments. It's a simple two RSI/ two MA system that works great IMO. This is one of the most accurate investment charts I've ever used and the signals are so clear to understand you don't have to think about that it's trying to tell you.
NETE showing a possible 1-2-i-ii, as long as $1.10 holds I have a $1.90 target, if 1.10 breaks as long as 1.03 holds I have a $1.48 target. If $1.03 breaks I would expect to see a new low under .88. Now I don't like doing this because it just looks like pumping and no one takes it seriously but I want to point out that right now we only have 3 waves up off the last low and three wave down off the last high. Or in other words we have an A wave up and a B wave down with what should be a C wave higher still to come. If we do get a C wave it'll target above $6. I'm not trying to pump in the least bit because it doesn't do any good with these big board plays and the reason it's targeting over $6 is because of that monster A wave nothing else. Good Luck
No you're right or at least that's what the general perception is. I could have sworn I posted my TF charts. Will work on that tonight, very very important for guys like us to have an eye on the small cap index, at least one eye, at least, lol
My bad, I thought I've put out IWM targets. Right now as long as 126.40 hold I'm looking for $120ish on this retrace,
Have I never put out any targets for IWM?
I was just reading the uwti board and one of the guys were talking about filling the gap. I guess he's using uso. Take a look at the gaps on uso and then look at /cl, you'll see why I use futures. The gaps on stuff like NUGT and UWTI for example cause all kinds of issues with the technicals and give false readings. That's one of the reasons we go right to the source and not use the charts for the leveraged products.
I've been in XIV for a lot of the ride from $26 so I understand what you're saying. I'm just trying to point out nothing goes straight up and getting overconfident right now may not be the best thing.
Well I got a tiny cushion on RGSE, now if it would be so kind as to make it bigger for me I'd be very thankful, lol.......
That's correct. I think oil is headed to $48 (maybe lower) and if the dollar can break over $99.40 I see $102-$103. They very well could happen at the same time but it's not necessary IMO.
Don't get too comfortable here, the markets are due a pullback IMO.
UGAZ on watch. I believe that Nat Gas is very close to making a long term bottom and will make a strong reversal from this area. Not only do I think this is good swing play but I also think that traders that like to hold longer term plays should check it out as well. Again I'm already in here and can't confirm a bottom yet but I do believe it's very close.
I'm watching ES and I see what it's doing but honestly I'm not overly concerned. I'm holding TVIX and will continue to hold overnight.
lol, sounds like an acronym test
I'm telling you guys this $99.40 number for DX is huge, If DX can manage to get over 99.40 and hold it we could see that 102-1.03 pretty quickly. In turn that should help push oil lower. I'm not making the numbers up, simple math gives me both targets. Also if we do get that 102 number that finisher off a larger degree wave for the dollar which would set up that $10 drop I'm talking about.
Isn't that what's happening now?
Anyone still in ROX with me?
Took a position in RGSE with what's looks like about a .226 average.
Seeing a huge volume spike on UNG the last 5 minutes
$2.511 is the top on my sweet spot for the nat gas target. Remember this can be done at anytime. It has enough waves and the price is right where it should be. I'm not going to be shaken out here.
I want to say something about correlations, I've touched on this before but just a reminder. I'm using the dollar, gold, and oil as an example but please don't confuse what I'm saying right now as me saying there's a permanent dollar, oil, gold correlation. Just because something is correlated now doesn't mean it'll be that way tomorrow or if it's not correlated doesn't mean it won't be. You have to look at everything separately. Understand?
Something like that. I'll give specific targets but I'm a little concerned about a gap down the closer we get. I've been watching for $99.40 but it hasn't been able to break it yet.