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Hi Mup, Do you also follow USD.CAD? Or do you have any comment on its daily chart with EW? The huge move of USD.CAD in the recent months is just unbelievable. Hope the weather in your area will soon be back to normal.

Stocks tumble on lack of detail in Treasury's bailout plan according to AP report. SPX has fallen over 40 points today and the bulls are still hiding away in late afternoon :(

The up move's over?

That's true. And obviously, manipulation is often involved in the price movements (especially the short-term movements). That’s one of the factors we need to consider.

"Buy the rumour sell the news" may be part of the reasons in this case. I said "part" because there have been some factors do not fit into the rule very well. For one thing, if the released number was better or in line with the forecast and the market rallies, that’s quite normal. But the...

Checking on the Nonfarm payrolls announcement days for the last several months, SPX rallied each of these days following the very bad reports and closed higher. The rallies continued on the next day (Monday). This has become a pattern for the Nonfarm report days lately. But Past performance does...

What I was watching was the daily down trend line this afternoon. It seemed to be the resistance and pushed the intraday price back at around 851. But if SPX returns to that level again tomorrow, the line could be broken. We also want to see how the market reacts to the Nonfarm number tomorrow.

The Parallel line.

Hi Mup, I had been watching SPX knocking at the down trend line at around 851 this afternoon:eek:. Yep, the resistance worked and pushed the bull back, gee :) I bot a small put there too:cool: I would not make forced EW count either.

I agree, it could be a good one.

Even SPX had moved roughly as predicted, but the price move was not significant enough and fell quickly again.

Almost, but not quite:mad:

Yes, it's a 1min chart.

Is this abcxabc ?

Thanks Mu and Mup, It seems many EW followers believe Neely has improved the counting methods and forecasting accuracy. I bot his book recently and start working on it. I also learned that it’s a heavy reading book. I’ll see. Mup's 813 looked good.

Mu, I think the bear-trap call you made was a good one for the short-term traders at least. Price went up about 10 points after you issued the warning. Any one reads Glenn Neely’s book here?

More evidence. http://news.yahoo.com/s/ap/20090129/ap_on_bi_ge/meltdown_no_thanks

Yes, let's watch how it unfolds. The market appears to have made a head-fake move in the last three days, similar moves happen quite often lately.

Hi Circadian, I'm not familiar with VIX, so I will be watching and learning from you guys rather than making comments at this point. Good trading

I think people here are mainly focusing on S&P 500 index and occasionally on Forex, oil and gold.