Replies to post #125 on 30'S TOO OLDE

[Gixene]

makemoney18, I have an entry on the S&P 500 at 1,892.00 based off candlesticks alone. Candlesticks don't give time frames unfortunately. The candlesticks on April 4, 2014 signaled a Bullish Stop Loss. Now a Bullish Stop Loss is not a candlestick. This is when the the chart signals and confirms a bearish candlestick, but the candlesticks continue to a positive direction. Let me say this again. This is when the chart signals and confirms a bearish candlestick, but the candlesticks continue up in a positive direction. It's important to understand this. The PPS or in this case the S&P 500 continued to increase despite bearish signals.

This is what we call a "Bull Trap." Hence "Trap" or trapping of the bulls. Usually when bearish candlesticks signal and confirm a sell, we wait for a new bullish candlestick to signal and confirm. However, with a Bullish Stop Loss we must ignore all bullish candlesticks until it reaches the last PPS or in the S&P 500's case 1,892.00 until we can wait for a bullish candlestick to signal and confirm.

You're right, the market is very unpredictable. If I had to speculate on when it will hit 1,892.00, I would say around May 5, 2014. This is not based on any charting or technicals. This is only based on the positive momentum that I see in the charts. I don't know enough about these items to be able to better predict or guess when this target will be reached. However, I believe this target can be reached if the momentum continues positive. The S&P 500 is still in a channel up pattern, which is great to see. Though with the market being unpredictable we are certainly always vulnerable to a sideways movement or a downward movement. When this happens we will see a new chart pattern.

Right now I'm very optimistic on the overall market. I was stopped out of positions that I held. Capital preservation is very important to me, so I am defensive. I won't gamble until this target is reached. I see there are definitely some who are profiting in the overall market on this dip, however I am not taking that gamble.

When is your time frame on this target being reached?