Replies to post #464 on Real Time Day Trades (Intraday)

[cottonmather]

Well.........

I think it is a continuation pattern - a negative symmetrical triangle. http://chartpatterns.com/symmetricaltriangles.htm If you measure the apex and subtract it from the breakout area, that product should be close to a price target. (6800?) This formulation depends on where the price line configuration actually begins. The product could be smaller resulting in a higher end result. 6800 is a worse case determination.

The Dow is only thirty stocks so I watch with a discount. I believe the S&P a better index to monitor. Both are on my list (page 2) http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2939893

The Dow opinion therein is one probably to experience an overall adjustment downward...... to 7300 or so. The S&P opinion is one of swings and short term..... probably to 840 this coming week and possibly 725 if people get crazy.

I am short in many ETF's

Of course, we will probably get a good bounce for the holidays. But I believe we will see a prolonged bear trend. I did not fear "depression" until last week. I tend to believe this crap stays around for two more years

glta