Prepare to close short position if the Market goes higher than Friday high. Uncertain whether today five wave is a 'c' or a '1' wave. Edit. Ascending wedge in the Dow. Double top in S&P. Wave 5 failure in NASDAQ. :eek:
"M" pattern confirmed in NASDAQ. sHs in Dow and S&P waiting to be confirmed, followed by the "M" pattern.
Bonds are trading at 6 month highs, the Dollar is rallying today.... I see a flight to quality and more negative news on the financials and retails stocks this week. Lower highs, lower lows still intact. Rimm, Goog, Aapl trading today at weekly lows. The stock indices want to rally fom here but this market is sooooo weak!!! If the market collapses at the end of the day like it did on Friday, we could be down 500-1000 points in the Dow just this week.
Long position stop out. "M" pattern confirmed and completed. Open long position near triple bottom, because reversed Head and Shoulders pattern in S&P and "W" in Dow confirmed. Set stop at the last low. Short position intact.
The other option is were still in the ED & its a lesser wave iv, ie we need to "slide" the lables down one..
While its quiet AAPL is at a key Techincal Level of its last ALT Wave. Needs to hold if it wants to stay in its current degree.. I also see Cable down over 300 pips from the weekend chart...