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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (11666)	10/22/2010 9:33:46 AM
From: TraderMann	Read Replies (1) \| Respond to of 223090

Actually now that I have been able to really study TA and the various charting possibilities until 2 AM (until my eyes went blurry), it looks like we may get a corrective wave before we get to that infamous 1220 pt. The market is way, way oversold flashing warning signs (on many of my indicators) that the top may be near. One layout I see is that we could have one final wave(s) up to the 1195-1200 and then we correct back to at least 1150 (quite sharply), the pt I have been calling for over a week now. If the Bulls can't hold this level then we could go as low 1130-1134, the area where this sharp upward move began. I believe this will catch many traders/Fund Mgrs and most people off guard because it will be highly unexpected based on what I see out on the street. As in TA/Charts there are a few variations on possible directions. But my signals are throwing off warning signals and as I have said many times that "rubber band", the market, can and many times get stretched to that breaking point and then pops unexpectedly. Could we hit the 1218-1222 area I stated yesterday? ...absolutely. But I would be careful that you are not holding the bag full (100% bullish) at the time it pops. The call/put ratio has tilted too far to the call side and there are way too many Bulls out there right now. So the way I see it is Be Careful up here. It's when you least expect it that it bites u on the buttocks! When and if it drops, it will give us another great opportunity to go long. Sorry for the length.