Thursday, April 30, 2009

through more support

if we can get to 85... we umn.. have a nice bearish engulfing shaddow.
I've said it like 4 times now.. but I think we may get a bounce...... we are to some of the horizontal levels. and I think in my lines somewhere there was a pivot.
at

22 comments:

  1. TonyApril 30, 2009 at 1:47 PM

    A bounce, but is thick red line your resistance now?

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  2. TonyApril 30, 2009 at 1:48 PM

    SRS paid my mortgage today and I'm out of it. Do you think it may have another move or not?

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  3. EricApril 30, 2009 at 1:53 PM

    I think we will build my head and shoulders now... or keep breaking down... I think in the next weeks .... period of time we will retest 85, and 83 and 78 on the spy...

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  4. EricApril 30, 2009 at 2:00 PM

    diana Olick is my fav.

    Still creeps me out that Mackie called it...

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  5. TonyApril 30, 2009 at 2:02 PM

    Kinda makes sense now that I look at it. EWT strains my occipital lobe.

    78. Whoa.

    Using the h/s I get a target of 82.4.

    88.80 - 85.60 = 3.20

    3.20 X 2 = 6.40

    88.80 - 6.40 = 84.20

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  6. TonyApril 30, 2009 at 2:03 PM

    Oops that last number should be target 82.40 (fat thumbs).

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  7. EricApril 30, 2009 at 2:08 PM

    we still have to close below 87. did you hear dennis Kneal start reading technicals.... WTF...

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  8. TonyApril 30, 2009 at 2:12 PM

    Mackie. Maybe that whack on the head knocked some sense into him. Or maybe he's got a tumor... did you ever see Travolta in Phenomonon?

    Olick: MILF. Completely different than Quick.

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  9. TonyApril 30, 2009 at 2:37 PM

    Target on top of left shoulder? Is this the roll over?

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  10. EricApril 30, 2009 at 2:39 PM

    have I mentioned how much I hate this crap...

    and watch us close on the cusp

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  11. EricApril 30, 2009 at 2:46 PM

    maybe....

    I'm getting shitty streams right now...

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  12. TonyApril 30, 2009 at 2:59 PM

    I'm sticking with 87.35 as close. Diabolical.

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  13. EricApril 30, 2009 at 3:00 PM

    ya.... the horror show is that with 30 vix we can open up or down 300pts

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  14. TonyApril 30, 2009 at 3:25 PM

    Starting wave 3?

    This may be the first time EWT made sense.

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  15. EricApril 30, 2009 at 3:27 PM

    that would be the thesis....

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  16. EricApril 30, 2009 at 3:30 PM

    the volume on that h&s sucks BTW

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  17. TonyApril 30, 2009 at 3:36 PM

    Even tho the volume is low, the MACD shows bearish divergence on he 10 minute.

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  18. EricApril 30, 2009 at 3:41 PM

    and on the 65 and the 30 and the 10... etc....

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  19. TonyApril 30, 2009 at 4:09 PM

    That h/s looks too perfect and it's sitting right on the longer term horizontal(*) support line I drew in a few days ago at 87.40. Geez.

    This wave 3 could make for a wreck. After hours, SPY is falling thru 87 as I type.

    (*)Sorry about bringing up the "h" word.

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  20. EricApril 30, 2009 at 4:29 PM

    need to watch the neck line of the Head and shoulders.

    I hate post market... I almost feel contrarian about it ... I remember stiffing people in trades that after the market closed I knew were going to reverse... and they were still buying the Momentum.

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  21. EricApril 30, 2009 at 4:32 PM

    didn't that feel like we were going to the moon this morning?

    I just try and avoid confirmation bias....

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  22. EricApril 30, 2009 at 4:33 PM

    the EWT.... well it's umn... that wasn't compleatly clear...

    We want to see wave 3 now..

    but probably we will get an ABC correction out of it....

    and this is wave 3 of wave A.

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