"I am one of those who do not believe the national debt is a national blessing...it is calculated to raise around the administration a moneyed aristocracy dangerous to the liberties of the country."
—Andrew Jackson, letter, April 26, 1824
Monday, November 2, 2009
E-mini Possible channel
Possible channel down. Lower blue trendline is the P2 lower support line. Solid red horizontal line is the 385 retracement of the C move up from the 866 low. the dashed yellow line is the support line from the lows occurring during the C leg up.
IMO I'm not sure we ever got a 5th wave. I think the top is in but 1080 is possible. A truncated 5th wave here possibly or is this the beginning of P3? I mentioned in the past this area would cause some confusion. A new high is not out of the question as the manipulators can sling this bad boy any way they want. I hate tops. I am looking to get long real soon. Surprised I did not buy today. The downside potential is very obvious. If you do get long make sure you have trailing stops.
well it looks like that's where we are headed huh? I got short all right then I was run over. Still short. Added at the rounding of the shoulder that will never happen. Don't we all know that this thing will keep going up? Can't a P3 be avoided? I mean I don't believe so but I have to put it out there. I keep thinking about that Paul Tudor Jones video and the part where he is talking about all the bad news that is out and the market should be going down and he says something like that's why it's going to keep going up. We are in the same situation aren't we? Great posts today!
Hi,
ReplyDeleteCould this pullback be a pennant? If so then the upside target could be 1102 ish?
thanks!
IMO I'm not sure we ever got a 5th wave. I think the top is in but 1080 is possible. A truncated 5th wave here possibly or is this the beginning of P3? I mentioned in the past this area would cause some confusion. A new high is not out of the question as the manipulators can sling this bad boy any way they want. I hate tops. I am looking to get long real soon. Surprised I did not buy today. The downside potential is very obvious. If you do get long make sure you have trailing stops.
ReplyDeleteThanks! I got out today of all shorts and am looking at 1070-1080 to get back short.
ReplyDeleteI appreciate your time.
well it looks like that's where we are headed huh? I got short all right then I was run over. Still short. Added at the rounding of the shoulder that will never happen. Don't we all know that this thing will keep going up? Can't a P3 be avoided? I mean I don't believe so but I have to put it out there. I keep thinking about that Paul Tudor Jones video and the part where he is talking about all the bad news that is out and the market should be going down and he says something like that's why it's going to keep going up. We are in the same situation aren't we? Great posts today!
ReplyDelete