SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Classic TA Workplace
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: marginmike who wrote (57820)10/26/2002 12:52:59 PM
From: Shack  Read Replies (2) of 209892
 
If you can count this Jell-O you're a better man than I mm.-g

Firstly it should be noted that flats rarely appear in the '2' position so I would strongly suggest you look at it as a 'b' wave that we are in and there would be one more leg up (or several if its a large triangle or something.)

Secondly in terms of the wiggles, I believe we have been in a complex correction (likely a flat, and probably an expanded one) since Oct 15th and it has been almost uncountable IMO. But I do not think we have seen the 'c' down in that flat yet. Sure would go nicely with the H&S I see in the NDX, SPX, and DOW which have formed over the last 5 days.

I do believe there will be a buying opportunity early next week. But as for the next rise, there is major resistance at SPX 920, COMP 1350, DOW 8720 and I have those areas as tops for this move. If those get taken out convincingly, we are heading to the August highs at least.

I am not looking for 5 waves up here. I don't think our bottom was so great. On the sentiment front, we saw yesterday that the VIX has not forgotten how to melt and any up will accelerate that melt, I felt yesterday was an important day for the VIX as we finally saw its stickiness subside. Lets not forget that we got a 20% decline in the SPX from a VIX reading of 31, and we ain't that far now.

I am short the NQ and own puts on the DOW going into next week. It will be a wiggle trade and I sense I will be long by mid-week.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News