Showing posts with label rising wedge. Show all posts
Showing posts with label rising wedge. Show all posts
Tuesday, September 22, 2009
Sunday, September 6, 2009
Let's Take A Quick Holiday Look As GS
Looking at the GS weekly chart. Extremes are evident. Divergences are not.
FIBS: Absolutely perfect 61.8% retracement from the high to low (Note: The major indexes have completed a nice 31.8% retracement which technically allows for a completed correction). IF P2 or the top B wave is completed the fibs for the corrective of this move are 125, 111 and 98.
INDICATORS: I took the chart back 5 years so you could see the fall, the divergences and some LT support levels before the fall. Red and Green lines mark what I think are the true tops and bottoms. Hard to describe how overbought the most manipulated stock of the leading market manipulator is (or how this ascent to infinity can be legitimized). TRIX, Slow Sto, MACD, RSI (might be cracking the trendline) and the massively descending MACD histogram are all teetering on the precipice, BUT REMEMBER there are no divergences which bothers me. GS is also in a battle with the 200ma at this time.
TRENDLINES: Looks like you have a choice of two channels (large and small variety) and a wedge that I do not like the look of. Price has broken the wedge and is sitting on the lower trendline of the small channel. Several support and resistance lines are featured. GS put a tail thru the upper resistance line and is struggling to get thru it. The long black diagonal bear market top line got dusted back in June (When I think this run should have topped).
What do I think? See that little orange circle and arrow? That could be considered a target, as the fib, support,50ma, lower BB and back test of the trendline all meet nice and clean at that point (GS - 111). I'm not gonna hold my breath, but (stealing one from Kenny) a Shanky Target (TM).
Sho as hell looks like she's topped out, BUT I would not put it past the manipulation train to blow thru to a new high later this year as I keep anticipating divergences to be set before the insolvent banks get their just rewards. The pump and dump may indeed be complete as valuations and insider selling are maxed out. The $DJUSFN chart at the top shows some room left to run to get to a 38% retracement.
I'll be playing it as the top is in, but would not be surprised to see one more pop. Is the sucker rally complete or will the vampire squid draw the last few remaining tid-bits of life out of the unsuspecting as the rape of America goes on without hindrance from regulators, administrators or any authoritative agency?
GL trading.
If you are a gambler, you may want to take a look at the Alt Energy section in my chartbook. Some tasty looking morsels in there, but you'd be betting against the house IMO. Just take a peek.
Daily chart can be viewed HERE.
Weekly chart better viewed HERE.
FIBS: Absolutely perfect 61.8% retracement from the high to low (Note: The major indexes have completed a nice 31.8% retracement which technically allows for a completed correction). IF P2 or the top B wave is completed the fibs for the corrective of this move are 125, 111 and 98.
INDICATORS: I took the chart back 5 years so you could see the fall, the divergences and some LT support levels before the fall. Red and Green lines mark what I think are the true tops and bottoms. Hard to describe how overbought the most manipulated stock of the leading market manipulator is (or how this ascent to infinity can be legitimized). TRIX, Slow Sto, MACD, RSI (might be cracking the trendline) and the massively descending MACD histogram are all teetering on the precipice, BUT REMEMBER there are no divergences which bothers me. GS is also in a battle with the 200ma at this time.
TRENDLINES: Looks like you have a choice of two channels (large and small variety) and a wedge that I do not like the look of. Price has broken the wedge and is sitting on the lower trendline of the small channel. Several support and resistance lines are featured. GS put a tail thru the upper resistance line and is struggling to get thru it. The long black diagonal bear market top line got dusted back in June (When I think this run should have topped).
What do I think? See that little orange circle and arrow? That could be considered a target, as the fib, support,50ma, lower BB and back test of the trendline all meet nice and clean at that point (GS - 111). I'm not gonna hold my breath, but (stealing one from Kenny) a Shanky Target (TM).
Sho as hell looks like she's topped out, BUT I would not put it past the manipulation train to blow thru to a new high later this year as I keep anticipating divergences to be set before the insolvent banks get their just rewards. The pump and dump may indeed be complete as valuations and insider selling are maxed out. The $DJUSFN chart at the top shows some room left to run to get to a 38% retracement.
I'll be playing it as the top is in, but would not be surprised to see one more pop. Is the sucker rally complete or will the vampire squid draw the last few remaining tid-bits of life out of the unsuspecting as the rape of America goes on without hindrance from regulators, administrators or any authoritative agency?
GL trading.
If you are a gambler, you may want to take a look at the Alt Energy section in my chartbook. Some tasty looking morsels in there, but you'd be betting against the house IMO. Just take a peek.
Daily chart can be viewed HERE.
Weekly chart better viewed HERE.
Friday, September 4, 2009
A Quick Look At The Minis And The Monthly SPX
I got a buy signal on the daily SPX earlier. This is not major move or anything as the buy signal occurs in an already bloated market. Several indicator trendlines held or yielded some before they turned back up. I was one of the few that told you to watch daily RSI at the 50.The only reason I am pointing this out is that shorties might be suspect to one more mini squeeze in this irrational market correction.
The actions of the market overall are very suspect. I am in cash now and will wait for some better signals as to more sustained direction develop. As for the count? I'm still at this time looking at 4 of 1 of P3, but that is not official as any other count is most likely bullshit as no one can count this quintuple zig-zag manipulated crap. I'd watch 1013 on the /ESU9 if I were you. I still like my ABC to 1050 - 1121. We'll see.
Based on this monthly chart sure looks like there is some room to run based on the indicators positions and trendlines being busted all over. Permabears, the monthly RSI is stalling and the Fast Sto has a hook as well as the 200ma is now acting as resistance. Hell, one can actually look at this chart and say it is all over and a new bull run is in based on lots of technicals in it, but we all know that is not the truth.
Short term /ESU9 - Top trendline of the channel is holding and it appears to be consolidating in a triangle between the upper channel line and the lower 75% line of the GSEC channel.
Daily /ESU9 - You can see the long term channel and wedge here really well with a couple of lower support points. The black line is the only GAP i could locate. It will be am important number in the future IMO. 900 - 906.
UPDATE - Lower channel busted and 1013 taken out. Let's see what the counters do now with wave 4 busting into wave 1's turf. I think that sound you just herd was 1,000 protractors hitting the wall simultaneously. Scramble time baby. Oh, that buy signal I got. Yeah baby!
GL trading.
The actions of the market overall are very suspect. I am in cash now and will wait for some better signals as to more sustained direction develop. As for the count? I'm still at this time looking at 4 of 1 of P3, but that is not official as any other count is most likely bullshit as no one can count this quintuple zig-zag manipulated crap. I'd watch 1013 on the /ESU9 if I were you. I still like my ABC to 1050 - 1121. We'll see.
Based on this monthly chart sure looks like there is some room to run based on the indicators positions and trendlines being busted all over. Permabears, the monthly RSI is stalling and the Fast Sto has a hook as well as the 200ma is now acting as resistance. Hell, one can actually look at this chart and say it is all over and a new bull run is in based on lots of technicals in it, but we all know that is not the truth.
Short term /ESU9 - Top trendline of the channel is holding and it appears to be consolidating in a triangle between the upper channel line and the lower 75% line of the GSEC channel.
Daily /ESU9 - You can see the long term channel and wedge here really well with a couple of lower support points. The black line is the only GAP i could locate. It will be am important number in the future IMO. 900 - 906.
UPDATE - Lower channel busted and 1013 taken out. Let's see what the counters do now with wave 4 busting into wave 1's turf. I think that sound you just herd was 1,000 protractors hitting the wall simultaneously. Scramble time baby. Oh, that buy signal I got. Yeah baby!
GL trading.
Wednesday, August 5, 2009
SPX - An Overview Of Where We Are
Pretty self explanatory. A GSEC channel (black), a rising wedge (blue) with overthrow in the channel, a smaller channel (red), a mini breakdown if the larger channel and wedge and some targets. I'll believe the fall when the red channel gives way.
GL Trading.
GL Trading.
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