Wednesday, October 7, 2009

Morning Post

Gotta be a quickie this am.

Gonna be a tell tale day as I see it.

/ES 60m - Continuation in pink wedge = P3 bear market OR break out of the green triangle = P2 bull market. The yellow box is the fib retracement area for the last rise.



SPX 15m - Here are the P2 and P3 counts as I see them. I'm curious as to what happens in the pink box. Time is not in play for any of the lines of probable numbers. The lines and numbers are for illustrative purposes only. 2 of 5 of C of P2 could end before noon today if it makes the 38% retracement at 1045. If it takes out 1035 convincingly, we may then be in P3 for sure. We'll see.



SPX daily chart - Can it break the upper trendline? Indicators look bullish. Support zone is stout, but that upper BB is closing in as well. THE BB's ARE NARROWING. Volatility will come soon. Tough call cause you got a 3 up or a 3 down coming soon.

SPX weekly Chart (with my original P2 target)- Now you know why I want one more pop up. I set that target a long long time ago. RSI looks to want one more run and bull cross on F Sto.

Remember if we are in P3 and 1 down is ending a good move up will come soon as well. This will add to further confusion over the next week. This move will come is we remain in the pink falling wedge and will be a result of that wedge's breakout.

I'll do a more detailed post later today when we get inside the pink box.

GL Trading.

5 comments:

  1. I agree competely...... either the 20ma stops it, or it doesn't...... either way, I will be viewing this with cash and enjoying the show..... you are very good shanky....

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  2. Thanks LT. Want to go .com eventually. Will look into improving comment section. Might start posting all my trades on another blog. Put my $ where my mouth is. Thanks for the views and comments.

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  3. that's GWLShanky to you.... lol....

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  4. Shanky...can you please tell me what the red 3/4/5 are on the S/P chart above? Thanks...Ferris

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