Wednesday 1200 - 1300 est is my best estimate right now. I personally think that reversal will come earlier that day but I am posting what TA is telling me .Best strategy would be to strangle it with long options, if it gets choppy we may see stops on both sides taken away. Walter
By "reversal" do you mean that you believe that it is more likely to break lower, though you would hedge your bets by strangling?
ZBEARFACTSONZWEDGE ..................FWIW... Bulkowski Sez.......the failure rate for rising wedges is 24%.... His study however, seems largely based on individual stocks that are on the other side ( bullish )...of this multi-year Mountain we are now descending. Bulkowski continues........................ The average decline of successful rising wedge formations with ..."Receding volume"....trends is 21% versus 15% for upward volume trends. Only 38% of formations have high volume downside breakouts. .............................................................................................................................. The S&P futures contracts have overall declining volume in this wedge, however,....."This Week" ...the volume has been well up and increasing. If the S&P eventually clears the 966 High of Aug 2002, then.....we will ...."Officially"...... have a classical Double Bottom. The Head & Shoulders ( Head = Dec 2002 )......perfectly met its downside objective. And remember, there is Often a Fake Out Break Out, before this pattern succeeds. "IF"... this pattern succeeds....that is to say, to the down side, I think we will have to first test those substantial highs.....not all that far away.......next week ? Then all it would take would be a nasty terrorist attack. .................................................................. Now that you are all thoroughly bored. ........throw some rocks.....it'll make ya feel better.
Well, we are nearly to the Jan High now..(.this is probably the biggest fake out test ). ......"IF" we can take it out.... Then we will have to see if we can take out the next two. ie.......Aug & Dec 2002..... If we do that, we should have clear sailing for awhile ... IMO. Way Too many ...."IF's" IF.... I just had a Crystal Ball........ BTW:.......isn't that an interesting BEAR FLAG .... on the daily DOW ??
bolter my case with email from Dynamic trader; MAY 5-8 IS THE EPICENTER OF A MAJOR TIME TARGET FOR A STOCK MARKET HIGH. POTENTIAL TO MAKE THE HIGH OF THE YEAR! This is the first of three major time targets in 2003. This week's Dynamic Trader Stock and Futures Reports provide a detailed description of the critical position of the stock indexes. The DT Stock and Futures Reports are now available at https://www.dynamictraders.com/PDFStore/main.asp Regards, Robert Miner Dynamic Traders Group, Inc.
we'll hold mr. miner to this. i dont wanna hear any more of miner called this, miner called that. let's see!
This period is a confluence of several key Fibonacci time dates, which is why it is getting a lot of attention. No need to spend $20. Fibonacci series: 1,1,3,5,8,13,21,34,55,89,144,233... For the S&P, Wednesday May 7th is : 1) the 144th trading day from Oct 10, including Oct 10. 2) 144 + 55 = 189 trading days from July 24, which is exactly 2.618 X # days from July 24 low to Oct low. 3) 2.618 x the number of trading days from the October 10 low to December 2 high. As the market made key highs and lows in the last year on exact fibonacci cycles, and that various indicators are at levels associated with past overbought and reversals points, it behooves one to pay attention to this week as a possible turning point.