Notice how prices dropped out of the Wave 5 up channel on Tuesday and then came back to kiss the channel one more (or last) time Wednesday.
Note also the Blue Wave derived reversal level of 990.02 which if breached, would constitute an Intermediate Sell Signal.
Finally, although the False Bar Stochastic is in Trend mode (for now), one can't help but take notice of it's precarious position and the ramifications of price weakness in the next few days.
A
9 comments:
Hi
Excuse my ignorance if I'm missing something.
However, don't you use a wkly spx proprietary bw chart for your intermediate sell signals?
Thanks for sharing. Your blog offers great perspective and trading ideas.
Adam
allan
with obama giving a ton of money towards the electric car industry are there any electric battery companies you like? i was looking at alti and cpst.
thanks rob g
Warren Buffett and Richard Russell like BYD.
there you go again. Setting up people's anticipation for going short. You gonna tell us that that your short trigger hit causing everyone to dive in short only to get their asses handed to them when the market continues its march upward???? Hmmm...I should have made that last sentence into a statement rather than a question!!!!
Charts, shmarts.
We're going up for a while before we go down.
Adam,
The weekly SPX sell level is at 945, which is 45 points lower then the daily sell threshold of 990. Either level can be used to short this market, but one will hit a lot sooner then the other.
One of these mornings there may very well be a gap down taking out one or both levels. If this is how the next leg down begins, expect a 50% or better decline in a very short period of time.
Electric Batteries
I have been in n out of VLNC and XDSL. XDSL has had huge volume the last couple of days with no news ? Two totaly different technologies, two different customers.
I currently hold xdsl
SE
GM is going to make their own batteries for the $40,000 Volt..Who would buy a $40,000 Chevy, unproven with batteries that they made themselves..is that a disaster waiting to happen? Maybe they can get a bailout when that fails.
Allan, whats your revised chart read on NNVC. Seems to be your Achilles heal when it comes to your chart reads. Your current read?
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