Seems like we were here just a few days ago. Long down channel, ascending wave 4 channel within long down channel and then a breakdown of that wave 4 channel that was good for 500 DJIA points. No way it can be this easy.
Thirty minute DJIA
Or can it?
A
7 comments:
Hi -- I appreciate your blog. As a 33 yr old engineer trying to learn the a thing or two, I find this blog to be a great resource.
Nice chart -- my thinking is that this err..uh...'rally' is going to maybe have a bit more fun tomorrow morning, but will fade -- no one is going to like what we have coming in the employment numbers friday.
Looks like the XLF is diverging from the other indexes in a 5th wave ending diagonal so there may be a short term bottom for it soon.
We are probably going to print 597 SPX before this market has a rally worthy of the name. The aforesaid level will likely get touched in the next two to three weeks. Why 597? It's the next target on Gann's square of 9. In any case, there's still room for more deterioration in my intermediate indicators commensurate with a decline of 10 to 15 percent.
Ideally such a puke will come in a crash like sell off over one to two days. We are close to a buy in time methinks, but not price.
This may sound crazy but your charts make me very excited. Do you ever come to New York?
Meredith
Man, I didn't see these last 600 points coming.
Great call Alan and Mike and the others.
They say fear and greed will hurt you, but this market scared me so much, I stayed out of it. I was looking to buy in the 6800 to 7187 area.
At some point the trend, strength of trend, support and time will all turn positive, but that isn't today.
I feel sorry for the buy and hold folks who have been told "it will always come back."
This market is starting to look like the Nikkei.
The question is, what will it do to the real economy?
Alex
The chart said it all, and it was a great call.
Looks like you now have two reasons to visit NYC. Steaks at Peter Lugers on my dime may not be the first one. Warm regards, Joe/NYC
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