Prof - Do you think the probabilities of the equity market suggest a rally over the next few days? I'd call this little pop at the open a long squeeze - just as we've seen these last few days. The meaningful intraday moves have been to the downside recently. I don't believe the sort of moves shown in the chart happen on a dime so to speak. Be long and (very) lucky!! ST
I've posted a bit of a longer term chart (my position chart) of the same swing information Fractalist posted. I see the potential of a long term top setting up in this area but nothing, IMHO, has confirmed yet. There are many ways to view a chart but once a trader finds a way to read that chart with consistency, he needs to marry that ability. Consistent profitability is achieved from consistent successes. I learned a long time ago that pattern recognition is only as good as the chart they are viewed on and I need natural oscillations and bars to see consistent support and resistance to make my trading decisions. Similar or close or seems or I think or maybe or I believe or I hope or could be are all words and terms that I feel have no business in a traders decision vocabulary.
I just shorted. I'm not sure I buy this stuff, pretty as those charts may be, but the price action is driving me to the exact same conclusion - a trip to 1030 in 2-3 weeks.