Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Thursday, April 10, 2008

???


I put some little black arrows to show .... there is the pattern that keeps repeating itself....
the Green pattern looks like a repeat of that smaller pattern..... I've done this before, where I think that this is the 5th wave by wave counts... and we get one more big wave down
That Red trend line... Normaly if we break it.. "segnificantly" the trend is over.... Wierd thing is we have that blue trade channel.......
That smaller pattern would come up to the blue.... Fail and we have our "Big Down Wave".
normaly... we don't get quite as large a sell off as we had yesterday.. usually that sell off is much weaker....
With all these patterns... most of the time what we are getting is a down move... then a muddled sideways move... then another down move... Which shows an ABC correction.
But... most the down moves in the past few days do have a 5th wave..
So......
I'm still unsure... no idea... If we have big down futures, we could get a snap back rally large enough to cause the reversal....

2 comments:

new comer said...

Morning

me too, no idea for today trade. Futures are bouncing off from their lows.

Eric said...

Morning Melissa,

well.. I'm going to look for that move to the 135.80 level on the spy,then maybe the heavy breakdown.... or we break hard to the upside...

just be ready for both I guess

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