Market Map for May11Posted: May 11th, 2009
Author: Mike Korell
Filed under: One-Day Market Map Comments to ChartsEdge »
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Thanks once again, Mike and ChartsEdge!
Folks - well, well, well ... why do I keep getting the feeling that this time frame is not one to get wedded to any firm idea of where the market must be going?!
As for the banks - given what I just saw on the TV screen just now, unless something changes really radically, I'm just very glad that I've covered their technical position in some detail recently, showing the levels that they must get beyond in order to establish a more bullish view. Since they didn't do that yet - and the ones I just saw are down significantly in pre-market - I would not have wanted to get sucked into buying them last week!
We know that we've got good numbers, levels and indicators to watch, as described in good detail here over the weekend once again. In theory, we have two major alternative Elliott Wave views still on the table, giving Tony Caldaro's views the primary position now (but noticing that the other idea of "this is a 4th and there's still a 5th down ahead" has not been ruled out in terms of price position). Tony has counted out the possibilities for his wave A in his weekend update again yesterday. (When I've tried an alternative price symmetry counting, I've arrived at a number in the 960 range, so I was interested to see a spike to that level indicated in ChartsEdge's weekly forecast yesterday.) There are plenty of good reasons to remain flexible. So best to you and yours, and happy market navigating!
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