Real Time e-mini S&P Trading, plus contrarian commentary on all the markets, all the time
Carl,I am just wondering, and please do not take this as criticism, for it is just curiosity.you seem to be doing day trades mainly, or short term trades, and I am curious why you trade inside such a narrow range 1085-1110, as opposed to waiting for it to resolve and if it it is the range that you would like to hit, why did you not go long yesterday at the low end of the range?regards,piazzi
Carl,For what it's worth, the Elliott folks are looking for new highs(possibly as high as 1140). They believe we are in the midst of another A-E triangle formation. Any trade above today's intra-day high would have me bullish. A fall below 1093 would turn me bearish.For now, I'm just sitting here and letting the market to tell me the action before going long or short. Lots of fun watching this market go nowhere in the last 5 or so hours...not!
Time to go long here at 1098... test the highs into the close and perhaps 1103.50!
Today's market action is very similar to the one on Dec 7. A big drop followed the "consolidation" on Dec 7. Another similar drop after today's "action" will complete a five wave sequence, on 30 minute charts, from the top at 1119.Alternatively, if the push up from 1085 is the first impulsive wave, then we will have a corrective wave down.Either way, we should be going down soon.Moreover, we are only back-testing the break of trendline on an hourly chart.
Moment of truth is coming up. the Wave a-e is just about complete. We either break-out by tomorrow or 1070 and 1030 here we come. A break above today's intra-day high will confirm another leg up is in store.
As the market is being driven primarily by program tarding, the patterns are more discernible.Moreoverr, the patterns are more regular. Only computers can generate such market patterns.If it works to make lots of money for the likes of Gold Suchs, why fix it!
The flat "action" of the market makes it confusing. However, IMHO, it is not "consolidation". It is distribution. The market has been very busy distributing for quite some time.A gap up at the open, and distribute all day, from Gold Suchs to suckers! What is the saying, one born every millisecond?
This is my take on the SPX: the index will stop its bull ride at 1309 pts approx. The pattern on daily and longer time frame charts is not very clear due to the massive amounts of money injected into the market by the money manipulators. However, looking around at other stocks, indexes, commodities etc, we may easily figure that this market has more legs to go just by simple channelling and projecting swings. Cheers. MC
Post a Comment