actually ,consolidation rectangles on dow,ym,es......a measured move on the break either way is what i expect.
Thanks. I'm holding on to half my short position because I think there's a good chance we'll get to the 1494-1498 area where I'm showing a support zone. However, it's possible that we might first bounce up as high at 1510 (which would be a 50% retrace of the move from 1515 to 1505). If we do, that could be a low-risk short entry for anyone who missed the initial downmove. EDIT: Watch for possible reversal here, as we've retraced 31.8%. We might not make it to a 50% retracement. EDIT: We've gotten to within 2 ticks of the 50% reversal point. This bounce has been on decllining volume, and has all the earmarks of a bear flag. One could enter short here, or wait for a bear-flag breakout to the downside. Either way, I think we're headed down from here to 1498 or below. EDIT: 11:34ET--here we go down.
Damn! I got tied up on the phone and missed all that action. We popped up to a 61.8% retracement and then bounced down from there with impressive vigor. Guess I called the bear-flag breakout a little early. I'm doing everything a little early today, sorry. That last move kinda messed up my bearish divergence, so at this point I can't be sure whether we're going further up or not. Still holding half my shorts from 1514.50 and still looking for 1498 or lower.
.... seems like we gotta go higher ... before we can go lower..... .... based on daily chart.... 45 looks doable..... .... IHS on hourly chart as well....formed by 3 small would-be diamonds.... ... edit... target of IHS also looks like 45'ish .....edit... could be misreading... but that is what i am seeing now... noob .... ...... edit .... 92.5 needed to be confirmed and it wasn't .... don't listen to noobs....
nice one! I have been playing the short side mainly today but mine have all been couple point scalps.. I have absolutely no clue where this market is going thats why I am not assuming a longer term position.. The odds are a contiuation to the downside.. but not enough conviction in either direction for me. woudlnt mind a move up to 1525-1535 to assess PA to see if I could get back in short for another big leg down..
.... possible IHS ... or whatever..... ... bullish.... ... on hourly... .... never listen to noobs .... edit... volume has not really come in yet ... but i feel that when it does... we will go another 10 points higher..... or more....