Replies to post #49728 on SPDR S&P 500 (SPY)

[GLENO34]

lefty..Here is one of the best ways to use it..I like it best on a 60 min chart because that is where I do most of my trading..When ADX gets above both DI+ and DI- then price is overdone..It might not change direction right on the spot when it crosses abo=ve, but I would start to lighten up on my position and start loading up on the turn...

[GLENO34]

left..If you look at that Weekly chart of QQQQ..you will see that when ADX crosseed both DI+ and DI- we turn up almost at the exact time of the cross..It was just overdone..So now we want to do it all over again...

[GLENO34]

left..Better yet, look at what happeded on the 60 min chart today..We turned down on the exact cross of the ADX over the DI's

[Fox13]

Leftyg: if we are indeed in a bear market… we might have witnessed the completion of an ABC - X - ABC formation. IF so, the last C wave was an “ending diagonal” (accomplished with some help from above). It could be dissected into a minor “abc” ascending complex, consisting of only 3 minor waves (as it should be, in a bearish general condition). Today, the price tried to penetrate inside the famous gap of 1/03/08, crossing the fractal resistance (white dotted line) which coincides with the 0.618 retracement of the large WAVE1 down, based on price, and with the top of the channel. But... we know what happened. A strong support could be expected at 1952, where the 2 retracement levels coincide: 0.5 (price) and 0.618 (fractal).