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

To: Chip McVickar who wrote (51721)	6/12/2013 9:48:24 PM
From: GROUND ZERO™	Read Replies (1) \| Respond to of 219268

Yes, exactly... and here's the weekly chart, a weekly wiggle is already completed unless it closes above 1629.00 this Friday... a close on Friday below 1629.00 would be the kiss of death for this market for some time to come, the decline could actually be breathtaking, literally, to those who refuse to take their profits... I'm staying short, probably until after Halloween... I'm thinking 1571.10 initially, but then maybe to 1453.70 for the final swipe downward... GZ

To: Chip McVickar who wrote (51721)	6/13/2013 10:20:16 AM
From: Joseph Silent	Read Replies (2) \| Respond to of 219268

I have been watching a channel that we've been traveling in between October 2011 and now. At this time we are doing a half-dead bounce at the mid-way line. I suspect that we are going to break below it either now or after a small bounce. This correction is taking its time. The very worst case I see for now is 1500 and I would be surprised if we got there. I think it is more likely we resume the bull move from around 1550+ (approx) which is the boundary of the channel's first quadrant. There is also support at around 1575 where it should kick a bit and maybe even recover from because those are prior bull-market highs. I've been traveling and will try to post one or two charts next week showing where I (geometry) think the next incline for our climb will be ...... the next backbone line. :) Edit: right now we are on the line from which we bounced the last time we touched it. I suspect this is why we are seeing today's bounce.