Replies to post #9674 on ajtj99's Market Pulse

[ajtj99]

Well check this post, as it argues against a close below NDX 1314 tomorrow:

http://www.investorshub.com/boards/read_msg.asp?message_id=1498187

We are definitely pointed down early tomorrow. I don't think that's something that can be argued. I think our opinions differ in the degree of the move down tomorrow. I think the weekly and 50% fib support will act as circuit breakers and keep the drop from spiraling out of control.

I do have one tool I use to flag large trend reversals, and it has not hit yet. What's that mean? It indicates that while this move down seems relentless, up, even if it's a wave 2 up, is still going to happen.

If you are counting this as a wave 3 down on the NDX, 1.618 times the drop from 1406 to 1358 is 1309, which lines up with the previously mentioned levels of support.

Looking at the 30-minute, could you make a case for this as the iii of 5 of 1 down? If that's the case, it would line up with the 1305-1309 levels.

http://stockcharts.com/def/servlet/SC.web?c=$NDX,uu[h,a]faclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!c...

[Mustache Pete]

Shack, "extremely bearish" in which timeframe(s)?

a.