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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ggersh who wrote (9672)	7/13/2008 2:06:21 PM
From: nspolar	Read Replies (1) \| Respond to of 33421

Yes you may ... I assume you would like an answer, ha ha. Sinclair used to post gold charts from Harry Schultz. Harry only as I recall ever used about one TA indicator on these charts, maybe two (I forget). In any event one was something he called a 'Spinner'. I later saw or figured out it was a 3,16,16 MACD. I piddled with it and over time began to like it. Harry imo is a class act. I think he and Sinclair had a falling out of sorts, so Sinclair quit showing his stuff. My assumption was Schultz was not bullish gold enuff, during the down swings. The key is to follow the 'red' line first and the 'blue' line second. On GS the red line is at an 'inflection' point, on the weekly. If it breaks up towards the zero line I think it will be bullish. The blue line is at a shorter term inflection point as well, and if it reverses up it likewise will be bullish for me. The current histogram is neutral to a bit positive. So I think within a week we get a clue here as to which way GS goes in the ST. Personally I think we are very close a rally in the DOW for example, as well as financials. I like that. There is a lot of support building in GS, right in this area. If it clears to the top side, I think it stands a good chance of holding. If it fails there is not that much until near 100. Since you made a kind comment and were very observant (first one to ask me that question); I am going to make a few other comments. I am trying to stay neutral and without bias. I recently found myself biased bearish w/o any doubt, got to looking around, and started thinking it was a bit crowded. So I went back to the charts and tried to view the other side. There is another side. So I think we do have some tests coming up. We are soon going to be into the summer doldrums, if not there already. If we get a rally I don't expect it to go that far. This fall is when the rubber should meet the road. Anything can happen, don't count it out. A huge bear trap here is not with zero probability, nor the opposite. I plan to put together a post a bit later, with a bunch of 'test charts'. One of course will be Ebay. Another GS, and maybe GE and WMT. Together these represent a wide swath of the current American economy. As for Ebay .... I really really like it. #msg-24745628 The pattern shown is not something I made up. It is a classic and is shown in 'Mastering Elliott Wave', page 8-14. It is a double three running correction. There is coincidental NDX pattern that would fit a huge move up in that index, from this area and that is the second part of a huge 'B' wave. I have recently been asking myself why the NDX has not fallen further than it has. If I go to the monthly 'spinner' on the NDX, the red line is still above the zero line, and it looking more and more like a kiss only.