Here is the e-mini wave chart. The market held support line B on the last down wave and then put in a longer up wave. Volume showed a modest tendency to increase along the way. Support now comes up to line C which is a little below the midpoint of today's current range at 765. If this market is about to breakout to the upside I think support at line C and 765 is going to hold on any reaction.
Wednesday, February 25, 2009
Wave Chart at 3:30 pm
Here is the e-mini wave chart. The market held support line B on the last down wave and then put in a longer up wave. Volume showed a modest tendency to increase along the way. Support now comes up to line C which is a little below the midpoint of today's current range at 765. If this market is about to breakout to the upside I think support at line C and 765 is going to hold on any reaction.
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5 comments:
Carl,
Any comments on that spectacular sell off at the end of the day?
yeah, this looks like abc up. and after it, an impulsive wave down follows on volume, also today and yesterday it's just another inside day , i will be betting on more downside tomorrow or friday
2 inside days now on high volume shows churning (is it accumulation?) and seems to go very well with Carl's analysis that buyer/seller getting balanced. But the last 30 min action was pathetic.
Carl, would like to hear your thoughts on the late day sell off as well.
Thanks for your good work!
carl - you are a great trader...you remind me of a fx trader i know who was constantly bullish on the dollar the past 2 years but everytime i asked what his position was he would be short. he traded what he saw, not what he thought. keep up the good work.
Hi Carl,
If everyone already "knows" that "things are going to get worse before they get better," as everyone is saying, then maybe the "worst" is already in the market. With a current double bottom chart pattern for the SP's, the possible low of a 14 weeks cycle, an extremely oversold condition, and record negative sentiment, it seems this may be the ideal climate for a market bottom. We know these markets don't pay attention to today's headlines, they always look 10 months down the road. The gold and crude oil markets are signaling a change in sentiment, i.e., gold is falling back and crude oil is beginning to rally. This tells me that people are less worried and that industry is beginning to rev its engines.
Time will tell.
I'm long the SP's, crude oil, and the agricultural markets.
Thanks.
Kindest regards,
PM
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