She got violated slightly, but a nice sell off occurred to bring price back into the channel. At this time I'm looking for at least the 50% line. I believe the EWTers are looking for worse possibly something near the bottom. I do not agree based on the daily indicators right now. This move will need to cause a whipsaw on the dailys for lower moves than the retracement to happen IMO. We'll see.
Shanky, I respectfully disagree on the SPX continuing up in the near term by much at all until a significant retracement occurs. Too much manipulation and qualitative data that are outright negating TA at this time. Love your charts as a rule... -Michael
ReplyDeleteGreat channel! Played out perfectly today.
ReplyDeleteRik
Michael - I have been struggling with TA for about a month now. The market is manipulated and we're playing against a loaded deck. Resprectful disagreements are always respected and appreciated.
ReplyDeleteThanks Rik
Once the secondaries are done, the laxative should kick in. Roy S suggests the FTSE btreaking under 4445 (right there now) could be a signal.
ReplyDeleteShanky, my trading group and I have noticed this manipulation for some time now. Moreover, we see others saying it all over the place now as well. The only problem is if you try to herd Mrs. Market, she will overcorrect you everytime. This has huge ramifications for the market as it has essentially been FORCED up to help the banks raise money...the fall will rival that of last March I suspect. Either way, there is money to be made!
ReplyDelete