bull market has resumed

Quote from Apex Capital:

HUGE outside reversal bar in place today.
4th Quarter trading low has commenced.
The trend is now biased to the long side.
1207/1211 next resistance on SPX
:)
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Sure is Mike!

Looks impressive, agree with your resistance point too (EW pivot 2112). Like to see 1208 right quick!
 
Impulse wave minimum print requirements: NAZ 2115 and SPX 1208 by monday...

Sure I was looking for a low today and higher levels over the next few days. Obviously, I did not expect a retest of the lows in the SPX to occur the very next day! This market is full of surprises. The NAZ did not retest it's lows, and this has created a positive divergence between the two key indices. And it's happened before! See chart:
 

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interesting market...

We seem to be running into resistance here at NAZ 2098, the high today 2096. And, the SPX is having problems holding 1191, an important support level. The market seems to be at a crucial juncture: retest the lows again, or kick off the next significant impulse wave.
 
Shows how useless EW is in making money in the market.


Quote from gharghur2:

interesting market...

We seem to be running into resistance here at NAZ 2098, the high today 2096. And, the SPX is having problems holding 1191, an important support level. The market seems to be at a crucial juncture: retest the lows again, or kick off the next significant impulse wave.
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Quote from risktaker:

Shows how useless EW is in making money in the market.
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That's funny, I've been making money.

And this is a tough market: I'm sure you'd agree on that.
 
My point is that while you attribute your ability to make a profit because of your knowledge of EW, you probably would have earned more using other techniques/metrics instead of the useless EW. EW is really an ever-changing illusion.


Quote from gharghur2:

That's funny, I've been making money.

And this is a tough market: I'm sure you'd agree on that.
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Quote from risktaker:

My point is that while you attribute your ability to make a profit because of your knowledge of EW, you probably would have earned more using other techniques/metrics instead of the useless EW. EW is really an ever-changing illusion.
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Agree!
It is ever changing, but so is investor psychology and that is what moves the markets, minute by minute. Charting EW is watching the market unfold as it makes decisions at crucial technical points. Afterall, it is driven by human psychology. The waves are not predetermined.
Like today, for instance: here we are with bullish candles at yesterdays lows, a huge bar reversal day, a testing of the lows in the SPX......it should be soaring right?... but the market is eroding after it ran into resistance at NAZ 2098: a point that hasn't shown up much in this Apr/Oct cycle, but was a major resistance area in the previous Aug/Apr cycle.
Believe me, there is a lot to EW than is writen in books.
Good trading!
 
Quote from losloslos:

this market is completely done because of
its huge H&S formation inside a 1000-day-trading-range (OTDTR)
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will be interesting, when we break the shoulder line..
 

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