ES Journal Archive (2009 - 2010)

[Bigpipn]

Great chart Sal. That is bone chilling.

We're so oversold that we truly do need a 3-4month rally just to neutralize these conditions.

The middle of the keltner channel on the weekly is around 898, the upper at 1080. I expect to at least touch the middle at some point before we see a 5 or 6 handle. I agree that we are nearing an intermediate term low (13 momo buy about to be printed).

As you can see, we are in such an oversold condition that +6-7% days are HIGHLY likely on rumors or Obama socialistic banter.

The big fast money is to be made on the big up days.

 

[kinggyppo]

Bigpipn, I am guessing you are using DeMark indicators, what is the significance of a 13 print, what chart software are you using?
Thanks.

 

[romik]

bounce shmounce, it will go down, look at Saliva's charts

 

[Bigpipn]

Quote from kinggyppo:

Bigpipn, I am guessing you are using DeMark indicators, what is the significance of a 13 print, what chart software are you using?
Thanks.

Correct.

13s are quite significant for trend exhaustion.

That's Ensign Software.

Here's the daily 13...

 

[ammo]

big picture and small picture supp areas

 

[ammo]

big picture

 

[saliva]

Folks, like I said above, 1 week does not make or end a bear market. I pegged my projection on 2013. Anything can happen between here and then. Can we get a 20% bounce before another 50% drop? I don't see why we can't.

There will always be opportunities to fade the market all the way down to the bottom just as there were plenty of chances to short the uptrend when the DOW shot through the roof to that frothy 14,000.

 

[saliva]

Quote from ammo:

big picture and small picture supp areas

Thanks for the heads up, but you seemed to have overlooked the importance of them trivial TRENDLINES. So have I in the past, often at my own peril. Guess where this trendline ends? That's right.

*edit*

Sorry, I do see the same TL in your chart. But it seems to be misdrawn (??).

<center>
<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=2327142" height="600" width="800">
Click to enlarge
</center>

 

[ammo]

sal the last leg on the m in your chart ,the last 14 months,couldnt be any steeper,we are in no mans land chart wise,i had to go to horizontal price lines,they are 702,680 and 667(665),my next diagaonal is 570-600,i believe we will get there ,just think that in 9 weeks of '09 ,we have had 8 down weeks,we are due for a bounce,all mrkts bounce

 

[saliva]

Don't get me wrong. I also feel this market needs a breather. But it ain't looking very good for the moment. We should have gone straight up after hitting the lower channel on 2/24. If I had to draw a line in the sand, I say we hit 700 (or lower) before reversing.


<center>
<img src="http://www.elitetrader.com/vb/attachment.php? s=&postid=2327185" height="600" width="800">
</center>