Friday, March 27, 2009

Just looking at things

OK - some have us forming a H&S for the push up to 850 after 4.1 for 5.1. I can go for that, but I just dont see the push there. I'm thinking 5.1 truncates. Something "news worthy" may just pop up at "any time". Like the 792 level?. You never know. I just see the market as overbought (for two weeks) and the indicators are struggling to reload. Weekly's still heading up, but dailys finally topping out. May fav is the SPXA50 is about to hit 400. What I like to call the "Kiss of death". The sure sign of overboughtness. It is not there yet, but any push higher and this will be in place as well. I'm not screaming for a fall now. Not just yet. In the first chart above that blue rising wedge may need to play out. In the second chart the light blue trend line and the 25% channel line need to break. In the third chart you get a better view of the trendline from chart 2 and the possible red channel that may mark the bottom of 4.1 fakeout. You can see I am charting some different views of channels and wedges (as I always do). These are to give me a "what if" feel. I've given up on prophesizing this 1 wave up. It has fooled everyone, but I'm of the opinion that it truncates. GL trading and thanks for the views. Have a good weekend.

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