This chart shows the overall theme that this is the Third wave of the Third wave(of maybe of the third wave.... But let's not get ridiculous)
But... The RSI Values show we are on par with the November third wave, (wave 1:wave 3).. My expectation is that the RSI now(wave 3 wave 3) should be larger than then.
Wednesday, January 9, 2008
Third Waves of Third Waves, and RSI
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3 comments:
morning, any technical rebound opportunity today?
since we are in the 5th wave... it is time to start looking for a bounce(short term reversal).... I'm looking for a move either this morning or afternoon, to the 1480-1470... Then a bounce...(300ptDow 50pt S&P) rally, then time to go short again to the 1430 level... then flip the trade,and knife catch.
I have no idea how nimble you are as an investor The safe play is to wait for the short covering rally and catch it on the way back down.
but I could be wrong.....
The smartest thing to do is to look for the 3rd waves, and play them exclusively....
But we could plunge still for another day.
I'm curious what you think? Seems like you have some good senses.
well, the market is very choppy and no any direction, furures are higher at the beginning and now they turned to negative.
I am not a technical guy as you are and the way i play is to follow the trend. Orginally I am thinking a techincal rebound to 100 points Dow something as this has been oversold after yesterday sell off, now I have to re-consider and also see what St. Louis Fed President William Poole speaks at 9:30 a.m. If he mentioned a higher probability of 50 basis points rate cut, we might then have a technical rebound.
Anyway, good luck to your trade. :)
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