Extremely Intresting Market Still Ahead: We Are At A Crossroad

[Ivanovich]

A bounce is a bounce, and not indicative of a trend.

As I said a few weeks back when the up move was beginning to wane, currencies and commodities are not following this up move (this bounce we're talking about). That means I don't put much faith in it.

I would expect AUD/USD to be rocketing based on it's almost 1000 pip down move in the last week. It's not. It's up, but not massively.

Therefore I cannot go long. I won't go short, either, but until I get a confirmation on the broader market, equity bounces don't do much for me.

 

[risky63]

there are really old indicators that fortold the correction,
and when to reverse. created 40 years ago. they still work.

 

[shortie]

Quote from risky63:

there are really old indicators that fortold the correction,
and when to reverse. created 40 years ago. they still work.

what are those indicators and why everybody ignored them?

 

[shortie]

Quote from shortie:

we had a slight change of plan and limited the squeeze only pre-market and at the open. the EOD rally is still on track.

General Market Maker Shortie Out

 

[billyjoerob]

http://stockcharts.com/h-sc/ui?s=IWM&p=W&b=5&g=0&id=p76456861137


That doesn't look like a bullish chart to me. I designate it the "two stabs at the heart and waiting for a third" formation.

 

[Ivanovich]

Holy crap, what kind of end of day move was that? You look at that and there's no way you can't say this isn't a casino. No way.

HAL9000 won that one. Just look at the volume (or lack of) of the move.

 

[Lojanica]

Quote from Lojanica:

FYI ------ I want to blow my account out......HA!!!

Bounced nicely today and gutless as I am I took a lot of money off the table because in my mind it is a coin toss over the weekend as to the action next week and I was waaaay to long too long.

Now to start drinking. Gnarly week.....