***Correction ahead?? (Not talking daytrading, here!)***: i repeat my strongest opinion for criteria for calling a significant correction developing, and thus far, they are failing UTTERLY today. Thus far, on today's action, i see NO reason to call a correction, period ahead.
( edit this is a repost from another thread-max)
My criteria i gave will state CLEARLY why.
i will state all calling for a correction are throwing darts until this simplest of criteria be met. For this to be met we MUST sell off hard EOD, and i mean hard.
Fact, so far today shows, ABSOLUTE control by the Bull Side---
i can be seen as being quite objective as i am short the markey longterm. i just report what the ticker's behavior is saying, and today it is saying thus far:"We are the Bulls, and WE RULE, that the reality."
People tend to say i am calling a correction, when i HAVE NOT done so!!!!!
For even a mildly significant correction this firstcriteria MUST be filled <<To: madtyrolean who wrote (1649) 5/23/2007 3:52:46 AM
From: max90 Read Replies (3) of 1861
***Unless NDX makes strong down move below 1890 and then a FOLLOW THROUGH down, there is no reason to call a top is in.***
Overlooking charts from mid-july 2006, except for those 5 anomaly days trading days starting on 2/27, this remains as steady and relentless of rare exhibit of moderate but relentless strength Bull, it isn't running, it is frenzied, it is just hard steady strength, its ability to avoid ultraoverbougt has been amazing and may be master manipulation at work.
All calls for a pullback now seem based on seasonality, however,
the market however is not co-operating.
Based on the trend is your friend Bulls and trend are having love affair right now.
i will say all talk we could have a significant correction soon is without foundation unless i see what i wrote in my opening sentence transpire.Max >>
i will post this any time i want to make it clear i have NOT yet made a significant correction call as the simplest of criteria has NOT been met.Max
P.S. NDX 50ma is the 2nd HUGE criteria for a major correction(as opposed to signicant correction)to be in play--for that to happen NDX MUST lose contact to the downside with its' 50ma
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