I’ve been staring at the last 2 ½ days of SPY, DIA and
QQQQs and I can’t refute the proposition that all 3 have completed or are
very close to completing ending diagonals and each are near key fib levels. If
so, a small amount of up and/or topping sideways tomorrow and then down. The
larger counts are different; SPY and DIA are ‘c’ ending diagonals
following a flat while QQQQ is a ‘c’ ending diagonal following a b
wave triangle which is complete. Many will be looking for an ‘e’
down in SPY and DIA but for that to be the case 1) I’m having trouble
counting fives in the last 2 days up (3 waves internally) and 2) QQQQ have
already completed a wave AFTER its already complete abcde b wave triangle; how
can it extend its thrust if the other markets are taking and e down and then a
thrust up? The fly in the ointment is the level of retrace for these c waves;
the a is larger than the c (all are about 62% of a) and higher fib levels are available.
But, they have made new corrective highs and this is a bear market…..I
believe. It wouldn’t even take a truncation to stop them here and now.
A twitch up tomorrow (maybe) to reset some very short term
oscillators, some topping sideways, then down. Just an opinion.
From:
realtraders@xxxxxxxxxxxxxxx [mailto:realtraders@xxxxxxxxxxxxxxx] On Behalf
Of Jim White
Sent: Wednesday, August 06, 2008 8:13 PM
To: realtraders@xxxxxxxxxxxxxxx
Subject: [RT] coming top
All
stock indexes share Near Impulse dates of 8/8 and 8/9 and all indexes are
nearing a price levels where reversals may be expected. I do not have explicit
sell signals yet but do expect them in the next two days. These are areas where
stops should be tightened and profits protected.
Jim
White
Pivot Research & Trading Co.
PivotTrader.com
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch to Fully Featured
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe
__,_._,___