Crude Oil traders watch your ass, SHE sits on both the 200 day m.a. and the DAILY uptrendline from Feb 2009. These are massive supports. On 1H there is massive positive divergence building up, so don't get shocked if there is a rocket bounce. On 4H I see this ..... Uploaded with ImageShack.us
there is this too - wavelength guide - Waves obey the Fibonacci Principle in some form or other - 1.414 or 1.618 and variations thereof. Sometimes its hard to see it and one could be searching for it but the Wave is just not giving any - in such cases stay with the trend and sooner or later it will show up and when it does look for sustainable support/resistance and then build on it .............. In this particular case observe that 161.8% went right thru' the axis of the triangle and we are now at 261.8%. If this fails we are going to 423.6% which is way south of here. But if 261.8% supports Price and causes reversal it could generate a wave 2 up or even make a new HIGH i.e. take out the TOP for the following reason ..... That triangle, if a wave B, then all we got is an A-B-C down from the alleged TOP in Crude. This is the signature of a corrective wave, therefore the larger trend is still UP, i.e. the TOP is not in. On the other hand I have seen a wave 2 disappear within a steep drop - as in this case, so the other possibility is that the triangle is a wave 4 within the whole drop, which would therefore make the entire drop a 5-wave decline - in this case the TREND is down with an aborning corrective wave correcting in 3 waves up. Price is full of tricks in much the same way ET-ers are full of lies and bullshit - but Price and ET-ers are one and the same thing - so that's just the way it is, no need to analyze further. Uploaded with ImageShack.us
Is the retard who tried to argue with me in my PM box reading this thread? You better believe it. So, for his benefit ..... Do you see that all this is laid out in advance with full analysis of the only 2 possibilities that exist? Try doing this here with your method. If you are who or what you say you are and worth the investment you ought to at least give us a test run of what you got. Even best Buy gives a test run. Come here and fight in the open. If you are as good as you claim I'll be the first one to be grateful for learning something. Now don't go crying to Mummy Joe to ban or expel me, sissy.
So the 2 possibilities are spelled out .... so how to trade it? Take Short profits and go Long as soon as the downtrendline shown breaks topside. So as of now, the Short is still ongoing. That's all I got for now, will wait for further market action on open to see how that support is acting
see this thread for the VIX http://www.elitetrader.com/vb/reply.php?s=&action=newreply&postid=3189046 -------------------------- extract from May 19, 2011 in the above thread 05-19-11 07:09 AM The keen eye of the dead and broke one spots something nice on the Vix daily chart. Look to the extreme right hand side of the chart and see the little cluster of red bars? ... well, look closer and see that that little move up from 4/28 is a straight up, and then followed by a 3-wave move down. So as long as the 4/28 low holds, there is something aborning. The rocket move north I spoke about earlier in this thread is forthcoming. When the Macd trendline busts Fat Finger 2 will be underway and this time I doubt anybody can stop it. Hide and watch Uploaded with ImageShack.us