Carl Nice read off the run to 1044, I was way too bullish, I thought 960 would hold. I now see 960 as big resistance. I think we are in a wave 4 triangle, where we go to 960-975 and then down to 900-920, up to 940+/- completing the triangle late next week. What should follow would be a wave 5 down and this has a lot of possibilities that are tied I believe to how the TARP Auction starting on the 27th works out. If that somehow puts a real floor under the market, the lows should more then hold but if that does not go well the market will discount this whole financial mess in a big way. The 2002-2003 lows will probably go. JMHO. Good lucjk with your trading Carl.
3 comments:
Hi Carl,
Nice entry, I just bought at 900.00. I have no buy signal yet, but it looks like the market wants to move higher from here.
Thanks.
Kindest regards,
PM
Carl
Nice read off the run to 1044, I was way too bullish, I thought 960 would hold.
I now see 960 as big resistance.
I think we are in a wave 4 triangle, where we go to 960-975 and then down to 900-920, up to 940+/- completing the triangle late next week.
What should follow would be a wave 5 down and this has a lot of possibilities that are tied I believe to how the TARP Auction starting on the 27th works out.
If that somehow puts a real floor under the market, the lows should more then hold but if that does not go well the market will discount this whole financial mess in a big way. The 2002-2003 lows will probably go. JMHO.
Good lucjk with your trading Carl.
Dear carla
I am very happy with your honest comments and am following your blog very closely
Thank you and good luck
lara
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