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Carl, the waveup looks more like a retest of the old high, like a wave B of an ABC correction. There has been no demand shock, from the low of 1180, to propel it to 1270.
Slow and steady, no demand shock required. We having marathon now!
I am also very curious about Carl's reason for being long here. Not only long, but long with two units, something has not often been doing lately. Hopefully he will enlighten us later in the day with one of his analysis posts.I am actually expecting another move down, could be a fast one, to Carl's original target of 1160 or so.
pimaCanyon...here is my thought, Carl has stated he has seen a bottom and is expecting a significant move higher, he is also inclined to hold for longer than a day this past while so I assume this is a buy and hold (for a bit) trade.As usual Kishore is short and wrong.
We have island gaped up in many many charts. Nice morning star chart pattern in progress. Good enough. Bears are trapped.
Are you curious? i think it's a matter of sensibility to spot good entry points. Experience as well.
Curt, thanks. Yes, Carl has said that he believes the biggest mistake a trader can make is being out of the market when his analysis tells him the market should go up. So there you have it. Carl believes the bottom was made yesterday, so he's long today. We shall see whether we make a double top and go down again or whether we continue higher to Carl's next target of 1270. Either way, Carl will bank some coin on this trade.
Curt says, "As usual Kishore is short and wrong."Curt, not yet.With Ben and Timmy talking this morning, anything is possible.
Curt, i think the same, Carl is going to hold the position overnight.
Carl,Thanks for posting your change of mind this morning about the correction. That was such a great call again.Rule #1 in this market: never go short.Rule #2 be very quick to go long again.Joe
TMG2010 said... "We may have just set the right shoulder of the H&S on the chart. If that is the case, then it is down to 1166-1170 on cash S&P. I may be taking a gamble but I added to my short position at 1196 cash S&P."TMG2010, the conspirators are very good at nullifying H&S formations. With the blessings of Ben, Timmy and SEC, they are also very good at shooting bazookas even at docile bears.The insiders at Goldman Sucks bought puts on Thursday at $ 0.02 and sold them on Friday at $ 10.00I hope you covered your short position at or around 1180.
Joe Rules, "Rule #1 in this market: never go short.Rule #2 be very quick to go long again."Joe, please add another rule:Rule #3: Follow rules 1 & 2 until the market changes her mind.
Suggest we might be going back to close the gap down on the Goldman news, last Friday.
hope you sell soongood luck as divergences are rampant!!!
Yes, my short was covered...
Carl,W have comments here that raised doubts and questions. You are right (on the long-side) until posters all think that you are God and they all believe that the market can only go higher.I have learned from your book.
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