What if some big S&P traders pushed the market a mere 3 points and close aboe 1231.. then what... Your analysis is still futile.. bceause the market fell short of 3 points you can now render your analysis usless.. and the markets get destroyed...
Waggie.. here is some logic for you.... Lets say I tell you that the market is going to MOONSHOT.. and I place some stupid random level like 10705 on the DOW.. and the market needs to break this level in order for the move to occur... Now the DOW touches 10705.. and then crashes 500 points... does it make sense to say.. Oh u see.. i said it needs to close over 10705.. thats completely non sense.. All it takes is on hedge fund to trigger these random price levels... get real dude..
What if, what if, what if . . . The fact of the matter is that we did not get the required close above 1230.70 That level of 1230.70 was on a closing basis and the fact that the market was unable to get thru it and then crashed hard in the past two sessions tells you that it was a very significant level to participants in the marketplace and not random as you have remarked. The resultant price action confirms this. All this from someone that thinks that there is a FUTURES contract called "100 lot IWM" futures . . . http://www.elitetrader.com/vb/showthread.php?s=&postid=849741#post849741
This is a very ambiguous post at best. The words "suggesting" and "expect" and "expectation" can be hedged very easily.
Its funny how you cant back away and say .. ok I was wrong.. it was a dumb call.. for god sakes look at what the name of this freakin thread is.. """Moonshot Starts Today: 9/29/05""""
yes this Apex Capital fella brought in another guy who had a similar wave count. Both of them posted how bullish they were at the highs and now find a technicality to amend their call. It probably doesn't matter anyway, since no one can trade these after the fact forecasts anyhow.
Nothing ambiguous about the post whatsoever, besides an ATTENTION grabbing headline. "that if the market closes above the 1230.70 level today it will set the tone for a strong rally for the balance of the year and into the first quarter of next year." I'm sorry that some people have such a difficult time reading. But then again, this is ET and there are a lot of kids here that still can't get beyond a level of 11th grade reading and comprehension.
Next thing you know this Waggie fellow will be claiming that moonshot does not imply direction. Maybe moonshot can mean straight down as well.
OK, I read that sentence fine. Here are the ones I am having trouble with. The expectation is for a rally to unfold to test two key levels on the charts. We didn't get that rally. The minimum positive close for today is the 1225.35 level We did get this last week. The A-B-C correction is complete. Complete? So what the hell was this 35 pt selloff in the spoos the last 2 days? Aftershocks? Time to rock to the upside in the next impulse sequence. We did not rock to the upside, we drove off a cliff.