Tuesday, February 2, 2010

38.2% is close on Retrace

ARC,.  Very close to my 38.2% retrace...heavy resistance from here to 1120 area..  We dropped 80 pts, and if this is a possible corrective pattern from the march low(remember this march low move is a bull move in a bear mkt)  then we could have finished an "A" down and this pattern could be a B" with retrace up 40 pts. thats around 1110 area...and we have resistance there.  if this is a 2nd wave pattern in a 3rd wave down and if we finished wave 1 of 3 like most believe then we should be looking for a move down at this time...and we could be finishing wave A up of 2 of 3, looking for a B move down for 20 pts to 1090 area then a good move back up in wave C to either 1110 area again or to 1120, but remember we can retrace to 1150...I would not like that at all, that would mean the bulls are back in control...so my cut off is 1130 on s/p  resistance lies there again..but if we break that...bulls could be back and that would mean we where not finished with the march up move...and would still have a final 5th wave up to go...I really think its a coin toss at this moment...I gotta run..have a good night.  Hey C, where ya been? miss your comments..  RK, I have had a few min's to look at Investools New set up with TD Ameritrade... it looks really nice... I am impressed if you want to know the truth... so I am calling them as I type..I will give you the low down in the morning... later all..sleep well...>L
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5 comments:

  1. rFebruary 2, 2010 at 9:47 PM

    http://www.nytimes.com/2010/02/03/business/03walk.html

    ReplyDelete
  2. rFebruary 2, 2010 at 9:49 PM

    Although so far this looks like counter trend, we all need to keep in mind that it might not be and the possibility that that last bottom will propel it newer highs and top in March instead of a bottom.

    ReplyDelete
  3. rFebruary 3, 2010 at 1:50 PM

    It beats me if this is anything but a counter trend rally .. but it could go to 1120 or 1130.

    Volume is looking pathetic but that's how it looked last time. Except last time the weekly indicators didnot give sell signals for first time since March Low. But latter could be another thing that might not work in this great hope rally.

    ReplyDelete
  4. rFebruary 3, 2010 at 2:40 PM

    What you think L, Are in in b of 2?

    ReplyDelete
  5. rFebruary 3, 2010 at 10:53 PM

    Hey L, A is back; check out his site. he also said he would be dropping by here.

    ReplyDelete

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