May 3rd, 2024: SP-500 Chart Update
1 day ago
Wednesday, August 4, 2010
Dollar
$USD dollar is loosing ground...continued weakness... rising diagonal or ending diagonal is still in trade, If the dollar turns.. to the upside.. we will start our Possible Spike down in stocks... Looking for dollar to go as low as $80... If it breaks that .. the ending diagonal is going to finish its move to the upside heading to 1150... The other bull working hard is the Crude oil boys.. not too many sessions that I have traded that If oil is up equities are usually following to the upside... so my count on this move at the moment... Yes we could be finished butttt the 4th wave could be getting ready to trade out...with final 5th to go... or like "R" has stated in the comments we could try to retest the JULY LOWS....another look at these move's brings in a possible decending triangle... or also know as expanding tri. too. so if that is the case. we are in only wave c on a minute scale... we would still have D and E to do... if we are in that scenerio... we actually could go to March OF 2011... before really falling hard.. my time series ...ugggg... OK, will update later just wanted to go over a few things before the bell hope you see this...>L
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L,
ReplyDeleteNo direction today. I am still waiting on the side lines. PUG is expecting a correction to 1102 or alternatively to 1059.
R and L,
Can you please give some insight on how to build a trading model. I am still a beginner in EWT so i get confused with too many primary, major, minor, minute waves. I want to use momentum and market indicators. I am struggling with available indicators and numerous settings. Any help is appreciated.
Thanks,
RK
RK, I am still working on mine, slowly due to work. I use EWT for the big picture only, and do not recommend trading just off of it. I also use pattern recognition like H&S, Cup & handle, saucer & handle, etc. I can read what volume is telling me and some candlestick. But not an expert at any yet.
ReplyDeleteToday, i see the QQQQ and DIA hit the right shoulder area, so i expect them to struggle there and maybe build a base of distribution before heading south.
My model still is BUY, BUY, SELL as EOD today. But as I said thing thing can turn south quickly since volume on up move has been pathetic. I give it maximum of another 3 weeks.
correction:
ReplyDeleteToday, i see the QQQQ and DIA hit the TOP OF THE right shoulder area