Here is a thirty minute bar chart of the day session e-mini action over the past two weeks. Today the market got to within a couple of point of the top of my range estimate which was 773. Volume steadily decreased as the market rallied. Even though this is normal for mid-day trading, I thought it was significant because the market usually rests in mid-session, and only rarely trends then. If it does trend on low volume as it did today, a substantial reaction is generally not long in developing.In any event I estimate that this reaction will run somewhere between 20-23 points, roughly the same size as previous reactions in the uptrend (blue rectangles). Midpoint resistance near 748 catches my eye (purple dotted line). A reaction to that level would be exactly 23 points. So I am guessing that the market is now on its way down to 745-50.
6 comments:
Glad I shorted at 773! That was a FANTASTIC call CARL... and, from so early in the morning!!!!
What a call! Wow!
That was a great call. I had shorted earlier today at 773 and was looking to cover at 759-760 which i thought was a pivot point. I covered where i thought i should but obviously the market blew right thru and headed straight for Carl's reaction low.
Hi carl
after looking through the market
ill make a few comments . my cycles that have been working are now calling for a cycle low into march 23rd 27th . technically i can make the case for a 5th wave to around 6200 on the dow . that is the scary part . if my cycles are going to fail then we should see the dow hold above 7015 tomorrow and then the market would have to turn around and make new highs , since im not convinced
my own work cyclical wise is going to fail i have a very mixed feeling about this market over the next week and possibly 2 weeks .
this will be difficult is the best i can say for now .
good luck
joe
Carl,
If we stay below 760, i have us possibly going down to 716 where we have good support and then a move higher... I know my correction is deeper than yours, but these are my estimates.
ex
Wow another one for dreamers. 840 just like 1000 will never happen. keep the world dreaming for your targets while we sink lower and this system collapses.
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