Well anyone who waited until today to hold a long index position before selling last-minute to cover, say, "tax liabilities" LOL - is doing well! Just a thought though, because it wasn't crystal clear to all analysts that the market would march on up so neatly as it has. The overbought indications just have gotten brushed aside. Today as a followthrough day to yesterday's strong candle bar would be fitting, and then leave until tomorrow and opex the potential of a drop from a probable new high. So let's not be surprised if we see Tony Caldaro's pivot level of SPX 1222. And to suggest an intraday path to achieve that, here's today's ChartsEdge map from Mike Korell at his http://www.chartsedge.com/wp/.
By the way, a reader asks the difference between the Pattern Recognition and the BP maps. I only have time for a VERY quick statement and will prepare and post a better explanation by or over the weekend. Look at the ChartsEdge site link above, there's a discussion at right side of that page describing the "Market Maps" which are the BP maps. Mike Korell creates those based on collecting VLF (very low frequence) waves generated naturally by the earth / cosmos. Then he often also creates his Pattern Recognition maps based on recent market data that suggest the most likely intraday pattern that's likely to actually show up that day. Traders should preferably look at all three - his BP, his Pattern Recognition, and his week-ahead cycle forecasts, to get a feel for how all that is projecting the probabilities for the day. So that's a quick statement for now. As always, careful out there - and happy market navigating!
By the way, a reader asks the difference between the Pattern Recognition and the BP maps. I only have time for a VERY quick statement and will prepare and post a better explanation by or over the weekend. Look at the ChartsEdge site link above, there's a discussion at right side of that page describing the "Market Maps" which are the BP maps. Mike Korell creates those based on collecting VLF (very low frequence) waves generated naturally by the earth / cosmos. Then he often also creates his Pattern Recognition maps based on recent market data that suggest the most likely intraday pattern that's likely to actually show up that day. Traders should preferably look at all three - his BP, his Pattern Recognition, and his week-ahead cycle forecasts, to get a feel for how all that is projecting the probabilities for the day. So that's a quick statement for now. As always, careful out there - and happy market navigating!
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ChartsEdge Pattern Recognition
Posted: April 15th, 2010 | Author: Mike Korell | Filed under: One-Day Market Map | No Comments »
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