Holy Chit. I was definatly expecting a rally into the close. Tons of really nice bases, the market held great over noon, then SPLAT. The only thing that saved me is that even when Im 100% bullish I still scan for weak stocks as a sort of hedge and I came across QLGC which I got short at 43.83. Saved my ass.
Looks like it bounced off the other side of the channel its forming in the S&P500. With trendiness very weak - this ping-pong action is probably normal.
Definitely not a Key reversal Day. If you look at the ES 60 min chart, it looks like we are still in this oscillating/choppy pattern.
Wave 51= 19.76 on 10/9/2002 Wave 52= In Progress Wave 52A= 28.79 on 11/29/2002 Wave 52B= 23.32 on 2/13/2003 Wave 52C= In Progress Predictions: Most likely top for 52C is 34.27, but could turn at any time. Also below is an alternate Bullish count. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - If this guy is right, then we are about to head into a killer THREE WAVE to the downside inside of WAVE 5 down. Probably just in time for yet another October Low! But of course, there is ALWAYS an alternate count. Stay tuned!
Every time frame looks like that. But todays action mght lend a clue....then again what the F do I know. I have been known to be wrong 43% of the time! Anyhow...put my money where my mouth is . Long Sept 985 SPX puts. Stopping myself out if the SPX trades above todays high. Trade your theory and let the mkt prove its validity.