after sticking under the trend line...we fliped over it... now I expect a correction.....
....
after probably a good time to get short again... But maybe a sideways trend...
UPDATE... actually ... it's looking to fail... but it is a good example of how a correction of a trend happens.....
and what waves are those 2 and 4 are corrective waves.
When I'm unsure about the motion of a particular chart.....
What I do is look at the other indexes, and when as now, the down and the nasdaq and IWM look like they are not following the trend of the SPX... it says that the SPX could be the outlayer.
in an uptrend where we are looking for the SPX to lead.. it can actually drag the other indexes up... behaving as a market leader instead of a laggard.
1 comment:
Did the BSC buyout rumor give false buoyancy to the SPY and financials?
Are some traders passing rumors to give them an opportunity to unload the brokers?
Will the down trend pick up again Monday where it left off?
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