*~1Best~* Market Timing & Trend-Signals

[was greenstreet]

2 cents worth: The index showing a rally today is not unusual since the wide range down day would likely need to be consolidated. If the index did move below that 839 low of the 10th and rally but not get back above the low of today at 865 it would be a strong indication of a continuation of the fast trend down. If this is a higher low then the index will now show the second degree counter trend rally of 7 to 13 days. Seems unlikely at this time. The size of the two days down is enough to bring in a rally even if the trend is down. If it is down then 790 level is likely. But it will take another day or two to determine what is going on in the short term. Looks like the index is either going to run up into the time window of 7 to 13 trading days and stop at some around 1050ish or show a one or two day rally and drop below the low of the 10th and hit one of the targets around 790. Seven days is the 23rd and 13 days is the 29th. How the index moves up from here will likely tell the story.