ajtj99's Market Pulse

[rimshot]

no need to reply to this question unless you have a chart or trade action about this subject:

Poll question:

do you believe this is data that can be acted upon now? in spite of bullish chart data that indicates a recent attempt to hold on price pullbacks.

Poll answer options:


1. yes, look to trade short now.


2. no, more time or price action is necessary before trading the short side.


"The most common retracement rate is 50% of a previous trend. A minimum retracement is 1/3rd and a maximum is 2/3rd of a prior trend."

IF the retracement back Up of the current downtrend becomes MORE than a 2/3rd retracement of the recent swing declines for SPX, NYA and XAU, then we can consider a reversal of the 2008 downtrend may be CONFIRMED.

SPX swing decline is:

$1,007 to $741

last week's high represents a 66.6% retracement of this swing decline

NYA swing decline is:

$6,352 to $4,607

last week's high represents a 62% retracement of this swing decline

XAU swing decline is:

153.84 to $63.52

today's $115.55 high represents a 57.6% retracement of this swing decline...more on the XAU here -

http://www.websitetoolbox.com/tool/post/fib_1618/vpost?id=3169752