Weekly
Daily
I'll add one more channel. The big one. The 50% line is at 825 kind of near my target. I think the 847 level and the 100ma is the stopping point for this fall.
Monday, June 22, 2009
/ES At The Peak
Most of you have noticed my buddy S135 harping on the channel down. I hope when he leaves a link you check it out, cause it is usually something worth looking at. To appease him (and to add further validity to my fall here theory), I am posting an UPDATE of my /ES channel down charts. Yes, I see the dominant channel. I believe in the channel, and at this time the channel supports my argument for the turn here in my last post. But, alas, all channels are made to be broken eventually and what always seems so obvious, whether it be a Shanky Square (TM) or a Kenny Dot (TM), may not be the thing.
Weekly
Daily
I'll add one more channel. The big one. The 50% line is at 825 kind of near my target. I think the 847 level and the 100ma is the stopping point for this fall.
Weekly
Daily
I'll add one more channel. The big one. The 50% line is at 825 kind of near my target. I think the 847 level and the 100ma is the stopping point for this fall.
Subscribe to:
Post Comments (Atom)
OK, I may have to rethink if you are now starting to agree wih me. That always happens to me!! Grrr...
ReplyDeleteAnyway, an updated channel chart. I'm teasing you with a valid count just to bug you buddy.
http://social.stocktock.com/photo/spx-downtrend-and-daily
S135 - I've been following this channel for a long time now, You have seen me post this exact post before. I'm into the channel thing, but believe it has a chance to get broken thru manipulation and unnatural market actions.
ReplyDeleteAliso Viejo, CA (PRWEB) June 16, 2009 — Glenn Neely, founder of NEoWave Institute and prominent Elliott Wave analyst, today announces a startling prediction: The S&P 500 is forming a major top in June, which will be followed by a large decline, eventually pushing the stock market to record lows for the decade.
ReplyDelete“Technically speaking, according to NEoWave a correction began at last October’s low; the March-June rally is the final leg of that correction,” Neely explains. “The March-June rally is now ending, allowing the bear market to resume. During the next six months, the S&P will decline 50% or more, breaking well below 500!” Currently, the S&P is hovering around 917.
Glenn Neely is providing this information not as a specific trade recommendation but as a general public service announcement. A prominent Elliott Wave analyst, Neely was recently recognized in Timer Digest’s May issue as the #1 stock market timer for the past 12 months.
For those who want detailed trading strategies and insight, Neely provides specific recommendations to subscribers of the NEoWave Trading Service.