ChartsEdge (U.S. equities) map for 4/24; and a few comments

Market Map for Apr24

Posted: April 24th, 2009
Author: Mike Korell
Filed under: One-Day Market Map
Comments to ChartsEdge »


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Thanks once again, Mike and ChartsEdge!

Folks, welcome to Friday!
You'll notice that today's "daily map" from ChartsEdge looks different from the way Friday looked on their weekly cycle forecast (posted over the weekend, check their website or use the labels list, both at right side of the page here). Remember that the methods they use to generate the daily and weekly cycle forecasts are different. Also, that market action can influence as the week progresses.

One personal note, I've noticed that it's quite frequent for a trading day, or the trading week, to end in a manner that leaves the Elliott Wave count or the TA-based assessment somewhat ambiguous. Maybe it's me, but I think it's a slightly funny thing, a bit ironic. At the end of today, it's quite likely that many will still be guessing whether the rally really did end last Friday. Answering that depends on what methods you believe in. For me, one of the strongest pieces of evidence is the VIX Fibonacci level I've discussed quite a bit recently. There are other items that I and others have posted here, and I know there are subscription services that give details from other analysts illuminating this view too. At some point, you just decide how you view your setup, use it, and trust it to work or not (something I'll be discussing more at my NB3 site in coming days).

Whatever your views and no matter how you're investing or trading this market, happy market navigating all! And don't forget to get yourself into position to enjoy your Friday evening and weekend!