Welcome to 2/2, which some like to call "turnaround Tuesday" as I saw on Twitter yesterday .... Except that actually, next week is not opex, options expiration will occur the following week. So I think next Tuesday is the "turnaround" one - anyone correct me if that's wrong. Anyway we've already seen a small turnaround yesterday. As Ray Merriman phrased it in his weekly preview on Friday, a counter movement correcting the short-term trend. It may give an opportunity for some traders to re-initiate shorts. But we can't be 100% certain if today will be the rest of a wave 2 up before wave 3 down starts; or if it's a type of small fourth wave within the wave 1 down. I'm thinking we need to be a little flexible on wave count just yet (there's even an idea some have, of a bounce to complete the target levels discussed before, higher than 1150 ... I don't know that works in terms of cycles or EW though, compared to moving lower into March). If we get consolidation with wave 1 still finishing, before a bigger wave 2 later, it may be daytraders who reap in both directions during these days. And if today's ChartsEdge BP map "works", we should see a trend day up today in equities - can it really be so easy today?! We'll see - so, happy market navigating today! And here's today's map from Mike Korell/ChartsEdge, at http://www.chartsedge.com/wp/
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BP Chart
Posted: February 2nd, 2010 | Author: Mike Korell |Filed under:One-Day Market Map | No Comments »
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