Contrary to my expectation the market has put in a longer down wave and broken below the lower of the two purple dotted lines. This means that it is headed for the bottom edge of the blue rectangle. I think a low will develop in the 685-90 range late today or early tomorrow and that tomorrow will be a bullish day.
Tuesday, March 03, 2009
Update at 3:45 pm
Contrary to my expectation the market has put in a longer down wave and broken below the lower of the two purple dotted lines. This means that it is headed for the bottom edge of the blue rectangle. I think a low will develop in the 685-90 range late today or early tomorrow and that tomorrow will be a bullish day.
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5 comments:
I really hope that you are correct, I cannot take much more of this.
Carl, Do you think margin call liquidation may create lower than predicted lows in th AM?
Thank You,
Carlos
Carl,
ES already printed 681.5. Evidently Google warned that it wasn't immune to the "recession." I think we will see 650 this week. I'm hoping for 690 tomorrow, so that I can sell my longs.
there is a long term trendline from the 1982, 1984 and 1987 lows coming in right here.
Hi Carl,
I covered my short and went long here at 700.00.
Thanks.
Kindest regards,
PM
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