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I scrapped volume as a primary indicator long ago. It can be useful for finding exhaustion in the markets but I tend to agree with Scat. I missed way too many moves because of looking for volume confirmation.

There are no black swans to someone who can read the markets. I say that respectfully (not looking to pick a fight with Overnight).

Way to go, Stockpredictor! Good call. Keep up the good work. Kinda funny because I was also showing that stocks were going to cycle down today and bonds up. Just took a little longer to play out. Best wishes to you!

Murrey Math.

That made me laugh.

Flash crashes rarely, if ever, occur when the market is in an uptrend. I have said this before, if you are worried about holding overnight, it usually means that you don't understand the market at a high level and/or you have too much exposure.

"Remember, the market is always right. It is the analysis or set-up that is wrong." - Peter Borish (from Foreword for "Mastering the Trade"). That being said, with the way I trade and the reliability of my indicators, I often have to assume the market is "temporarily wrong" if the initial move...

I agree. I can't imagine anyone trading this way (or thinking this way) is truly an elite trader. You can use news from the standpoint of assessing the market's reaction to the news as having relevance but not the news itself.

Definitely no gap up today! Take that scenario off the table! I thought that might happen just to suck people in.

LOL! I actually have a Zorro pattern that I labeled as such and trade.

I can't get rid of Ross and Markay Latimer -- and that "CVS trade" with Rob Booker ad. :banghead:

This is not a low-risk idea, but a gap up tomorrow might be the way this plays out. But whether that gap holds or not is another story. I keep looking at the index patterns and they just look that way to me.

Hey vanzandt. Just for clarification -- so we rally into lunchtime, but if it isn't going to hold (was that what you were suggesting?), isn't that a bull trap, not a bear trap? Just making sure I'm understanding correctly -- not trying to be a pain. Just trying to make sure I understand what...

As mentioned, there is a bearish scenario that I'm watching too. I'm now just waiting for clearer direction on which way I want to play it. But open to both bullish and bearish scenarios.

Good job, trdes! We're right back down at that level again, which makes sense to me now because I didn't see the momentum lining up to get me excited about buying that level the first time but you're younger and a bit more nimble than I am!

Good call trdes! I had that support level - I just didn't have a good read on the momentum but in hindsight, I should have scaled size down with a buy limit order there.

Zurich Axiom No. 2. Always Sell Too Soon.

I saw same potential area of support as you -- just don't like the technicals here yet.

Great question and I don't profess to be an EWT guru -- I only use it when I see obvious patterns as opposed to others who try to label every iteration. If I see patterns that fit with the market structure I'm seeing, I'll call them out. I think the identification of a wave is also dependent...

So just to look at all options, the way I read this, either last week's lows were just a pause in the bull or the top from early September is significant and last week's lows were just the first leg down. Seems like we could have just exhausted this leg up so either we get a subwave 2 pullback...