but in a micro sense, yesterday's bounce into today... may have been a wave 4, now we have a wave 5...
after this we should get a wave B upmove....
according to idiot wave...
and this wave 5 may not make a new low.
Tuesday, December 23, 2008
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Starting B wave now?
there is a 1pm sell off normaly,
look at the 14:30 or 15:30 time frames.
but I dont know, we may get a decending triangle on that 28.75 level on the qqqq, and what ever the lows were on the spy yesterday...
From EWT, are you calling the upslope from yesterday at 3:30pm to this am as the B wave? Then the C followed?
If so, we should be looking for a new cycle, no?
that 10:30 high could be the top of the B wave... and we may bounce on that low for a few days.
yes we could be in the C wave...
but it's sketchy....
Who will unload into the close today, shorts or longs?
My vote: shorts, again.
day traders...
it will depend if we are up or down...
I was thinking more of a sell off by now
it's possible nobody wants to play into that rally from yesterday...
so they are being extra cautious.
well that got me out
So... could still see the low, or we could see a nice big Bear flag.
Brian Shannon always refers to daily VWAP; it would be interesting to know what percentage of traders in etf's are day traders. Especially on a week like this, I would think people will be unloading into the vwap... like yesterday.
my bet is on a higher low at this point.
I'm trying to stop myself from buying rig.
Your boy Terranova explained it all!!
Looking at him, I'm thinking of buying a teeth whitening stock (PG) and maybe a mousse manufacturer (CL).
RIG baby!!
He did stumble through it, Oil won't be a long term hold for years.
Well... technically we didn't touch the low.... Maybe tomorrow...
else Higher low.
Did you notice how we seemed to game theory all that out so we didn't get that rally..
but the 50% retrace is 86.70
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