Yes, but can't "non-confirmations" last a very long time? I thought that you said that you were interested in the very short-term trend, no?
Doesn't do much good to put "waggie" on Ignore since his posts keep getting quoted. So I'll just point out that "Manolo" has done nothing *so far* to warrant an attack from anybody, esp "waggie". He hasn't bragged about anything, he hasn't made any grandiose predictions, he hasn't belittled anyone, except perhaps in self-defense. Personally, I've found no value whatsoever in waggie's posts. I just might, however, get something out of a discussion of the topping process. If, that is, waggie would shut the hell up and let it take place. Where do these people come from anyway?
Manola credit is due were credit is due I hope your lightening up a little !!! I still believe we are in a range and we just need to test the lows before we see further declines. BUT Good call thanks for sharing.
Thanks mon amigo! I'm actually adding to my shorts. I'm looking at the Dow and XMI and I see indices on the verge of a prolonged decline. I think we'll tests the lows of the range, and break them.
"Also, the non-confirmation highs of the Dow Industrials and the XMI give me hope that they have already topped. " I'm still confused about the above statement since the poster does not tell us what index the Dow Jones and XMI have diverged with. Care to explain this?
Assuming that this is a serious thread after all, I'll point out a few things. First, the "new high" that was just set doesn't mean much since it was rejected so quickly. At best, it seems to have been just another test of the top of the range. And even though not reaching the bottom of the range during the last test was a sign of strength, the fact that it didn't pan out isn't necessarily a death sentence. Second, the rise has been gradual and has been accompanied by good volume. This puts a lot of support under the market at nearly every level, making a sustained and unrelieved downturn less likely than sideways drift or "creep". Third, no supports have been broken yet, unless one wants to think of MAs or Fib or some other indicator line as "support". The Trans is weak, but not shortable for everyone. Fourth, the daily charts can get one overly excited. The weeklies help maintain a context.
Interesting, db. Thank you. And yes, this is a serious thread if we can tune out the noise. And you have been quite helpful at that. I appreciate it. I look at the XMI and Dow technicals, and these indices never hit the highs of their range end of last week. Meanwhile, their technicals point to serious head and shoulders tops (blur your eyes, and you'll see them). Also, the Nasdaq has been lagging, and so I suspect, it will lead the market through the bottom of its trading range. But you are correct. As of now, the trading range has not been penetrated, yet.