Perfect Wave - 2012-1/2
- Thread starter snowrider
- Start date
(More on my blog.) The market took over last Friday's reversal bar which indicated a strongly bearish view was no longer valid. The market is moving higher to find the lower high (of previous high on 05/01/2012) this week. Since we have had a lower low (05/21/2012), we are waiting for the lower high to short the market again. Be patient! The bear run is far from over! DO NOT buy any dip!
Thus far the 1,293 level of Wave top has held twice.
The volatility is acting up, and the price action suggests the shorts aren't being allowed to hold their gains beyond intraday, providing an edge for the longs.
Is there a specific target to monitor where you would consider a confirmed reversal to the upside if the proposed lower high fails to breakdown?
The volatility is acting up, and the price action suggests the shorts aren't being allowed to hold their gains beyond intraday, providing an edge for the longs.
Is there a specific target to monitor where you would consider a confirmed reversal to the upside if the proposed lower high fails to breakdown?
(More on my blog)
The market set the new low of this week today, closed as a long legged doji (long pin) after volatile washes on both sides. As we know that last week's low was a very critical point in TA perspective (50% and long term up trend channel), it was hard to get it penetrated in the first try. Today's low tested that area as the third try (2nd try - 05/23/2012). There is a Chinese saying that goes like this: Nothing Should Occur More Than Three Times. Therefore, next time if the market wants to test that area, it will break! TLT gapped up again and surged with heavy volume. Out target for TLT is 131 before August or 146 before October. We will start unloading depending on what the momentum says. Again, the stock market's bear run is far from over! DO NOT buy any dip!
The market set the new low of this week today, closed as a long legged doji (long pin) after volatile washes on both sides. As we know that last week's low was a very critical point in TA perspective (50% and long term up trend channel), it was hard to get it penetrated in the first try. Today's low tested that area as the third try (2nd try - 05/23/2012). There is a Chinese saying that goes like this: Nothing Should Occur More Than Three Times. Therefore, next time if the market wants to test that area, it will break! TLT gapped up again and surged with heavy volume. Out target for TLT is 131 before August or 146 before October. We will start unloading depending on what the momentum says. Again, the stock market's bear run is far from over! DO NOT buy any dip!
(More on my blog)
We have expected this, and it did happen today - the market gapped down with a big hole and closed at day low as a solid black candlestick - very bearish! No more need to be said, and I knew that you would be glad to be in our loop. Even though we miss out the big moves of those bear ETFs this run (we made a big profit last run), we are still happy that our TLT performs very well! It gapped up again and surged with heavy volume. Since the momentum of this TLT upward move has been so strong, our target should focus on reaching 146 by October. Again, the stock market's bear run is far from over! DO NOT buy any dip!
If you haven't read my old posts yet, here is one that might interests you:
(20091031 What Happened in 1987)
Perfect Wave: 20091031 What Happened in 1987
We have expected this, and it did happen today - the market gapped down with a big hole and closed at day low as a solid black candlestick - very bearish! No more need to be said, and I knew that you would be glad to be in our loop. Even though we miss out the big moves of those bear ETFs this run (we made a big profit last run), we are still happy that our TLT performs very well! It gapped up again and surged with heavy volume. Since the momentum of this TLT upward move has been so strong, our target should focus on reaching 146 by October. Again, the stock market's bear run is far from over! DO NOT buy any dip!
If you haven't read my old posts yet, here is one that might interests you:
(20091031 What Happened in 1987)
Perfect Wave: 20091031 What Happened in 1987
Good call, today the shorts were able to hold their intraday positions, as there was no recovery whatsoever, very bearish indeed.
