Here is today's e-mini wave chart as of 2:15 pm. the market has just staged a high volume breakout above the 830 level (vertical green arrows). If this is a genuine breakout I think that we won't see more than a 4-5 point reaction before the market enters the 837-40 zone in which I anticipate today's high.
Tuesday, February 03, 2009
Wave Chart at 2:15 pm
Here is today's e-mini wave chart as of 2:15 pm. the market has just staged a high volume breakout above the 830 level (vertical green arrows). If this is a genuine breakout I think that we won't see more than a 4-5 point reaction before the market enters the 837-40 zone in which I anticipate today's high.
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9 comments:
How do you differentiate between a high volume buy stops being triggered or high volume new buying coming into the market ?
don't worry this little move you suggest to will fail the economy is going down bigtime. Anyone in denial that is long will lose bigtime. The worst has yet to come.
Dear 2:42 pm:
Yours is a widely held view, but one which demonstrates how easy it is to forecast the past.
Time for a magazine cover-they have worked so well in the past- haha
Carl any comments on the volume question ? How do you know if it is just shorts in weak hands being stopped out, or buying from strong hands coming into the market ?
Because there were quite a few high volume breakouts last week that did not amount to anything.
Carl--excellent call! The negative post above is a perfect example of just how low sentiment is right now. I've never seen so many investors and traders so confident (nay, certain) that the market is destined to make new lows. Yes, the economy is in shambles--so what? This is irrelevant to day-to-day market action. If any significant buying interest shows up, this market could really take off. Thanks for your updates!
Blessings,
Jeff
Carl,
Having done this a few years myself, would like to let you know how much I appreciate you analysis and insight. Keep up the good work !
Tremendous job with your wave work the past few trading days. I am of the opinion that we are a wave 4 of the descent from the Oct. 07 top and from what I understand about them, they are frustrating for bulls and bears alike.
The funny thing is if this wave 4 is in the C wave up and it equals the A wave which traveled 200 points 741-943 this wave if it were to travel 200 it would tag 1000, with the start of it at 804.
Continue the good work and I appreciate all that you share.
Dear 3:07 pm
You have been lurking around this blog for months and have yet to contribute anything the least bit intelligent or constructive. Have you even graduated from high school yet?
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