futures flat ... all 3 major indices bumping into 10dma overhead
- Thread starter gharghur2
- Start date
gharghur2
09-27-05 07:14 AM
Might be a good day to see the market roll over?
Oh man, I missed your screaming BUY this morning!
That's too bad ... posted this early this morning:
09-29-05 06:00 AM
Even though the market has barely budged off it's closing lows of last wednesday: COMPX +0.4%, INDU +0.9% and the INX +0.6%, I feel we have seen a major bottom; and the end of the ABC correction in the COMPX. I can't rule out one more shake out to get the two other indices (INDU and INX) into oversold condition, but at this point that may not be required. This is why!
With last weeks selloff into the recent lows, I can now count wave C being completed, and the entire ABC correction (minute ii) completed in the form of a flat. I had mentioned this possibly on Sept 17th.
Adding more conviction to this count is the fact that the COMPX made an intraday bottom of 2093 last thursday, retested that 2093 bottom on friday. Then rallied up 5 waves to 2133 by monday, and has since corrected to 2109 on tuesday, and retested 2109 successfully again today. Thus, I can see an impulse wave up from the intraday lows and a correction of that advance in the form of a flat. This would indicate that the COMPX should start heading much higher right about now.
Tony
http://spaces.msn.com/members/caldaroEW/
And I posted this on the same Objective Elliott Wave ......... as a follow up:
09-29-05 01:58 PM
I can now count 5 waves up from last thursdays lows ... a double flat correction into today's low ... and now another 5 waves up into todays highs ... support now 2118 - 2121 COMPX
Sorry you missed that too
tony
09-29-05 01:58 PM
I can now count 5 waves up from last thursdays lows ... a double flat correction into today's low ... and now another 5 waves up into todays highs ... support now 2118 - 2121 COMPX
Sorry you missed that too
tony
Hi T
I clearly see it in the charts, and therefore this rally must break out the downtrend to keep on going, otherwise we will keep bouncing back and forth from this range and maybe keep going down, so a breakout is what I am relying on at the moment to maintain my bullish views and earnings will be responsible to plot direction in the next months.
I see this more on DIA than anywhere else.
PP