Historic SPX

Discussion in 'Trading' started by Xuanxue, Jul 15, 2008.

  1. Xuanxue


    By my count we're heading into the completion of the first bear impulse wave from a weak fifth and final bull impulse wave terminated last October (if you count 1586 as a top - and I do).

    Within the first wave we've just entered the fifth of the first major wave that began at 1441. It is no where near confirming let alone throwing over the third wave made on January 22, 2008. An A-B-C correction leading into the first intermediate is due to bounce, and when it does I expect to see gains as not exceeding 1390, which would be on par for such a bleak economic outlook and lack of buying at 50% retracement from the top. It'll be a position downsizing short-covering bounce. Indeed as will all bounces to the upside the whole of the first quarter of this century. lol

    I called the bounce at 1205 two weeks ago and outside of others following blindly or as a result of forecasting nothing has changed. With the exception of time: Wednesday pre-market - 6:45 AM EST.
  2. gobar



  3. Xuanxue


    Like any but noobs buy the bounce. The pullback. 1205. 6:45 EST in the 'morn'. Be there.
  4. S2007S


    Anyone think it breaks 1200 tomorrow or is this market nearing a bottom.
  5. dutch369


    Question, why put a time stamp on this call.
    this is why we are heading lower , to many are still catching this falling knife..my only hope is you are not 100% long.
  6. Xuanxue


    My time cast might be off, I'm still learning, but I anticipated the head fake and the sell off at the perceived stall. A swing propulsion play from 10 to 24 at PL is in effect, then another head fake, off to 05 for the recover. This is the bottom, or rather, the correction of 1441, in my honest opinion.

    Again, it's not the sentiment, but rather short-covering managing risk. There's an elliot wave forecast that differs for everyone forecasting. That's a good chunk of change from 1586, and in part and parcel why we headed lower from 1441 was an increase of positions short mismanaging the bull run in March.

    Everyone wants to make more money creating a bottom. The paygrade is better.
  7. dutch369


    maybe I can help a little pull up a SPY chart, take it back 10 years, overlay a fib and look at 1170..yes it can be that easy.
  8. Mvic


    Fits neatly with the double top target too. Waiting patiently for 10700 on the Dow.
  9. gobar


    1204.90 @ 6.18 AM
  10. gobar


    nice call....
    #10     Jul 16, 2008