Here's today's intraday cycle map from ChartsEdge (thanks again Mike!). Those of you who don't know how to use these, read up on them at the ChartEdge site or my NB3 education site (see list and links at right). The quickest point is, like any analysis tool, use it when it's useful but if it seems not working, set it aside. If you're a subscriber and saw their Pattern Recognition map at the subscriber site 24 hours ago, you know it worked great for the morning into midday. When it broke the mold early afternoon to work higher, I tweeted about that in real time. I've noticed that the ChartsEdge maps work well most days, and for the open-to-noon time frame their prediction is even better. Many veteran traders only trade the mornings anyway - once you make the big bucks from morning big moves, why not play golf or go sailing?!
Anyway - it's clear the equities markets are, for swing traders, moving closer to the edge. While pundits are exhorting mom and pop to put what's left of their savings back in the market, we've got increasing signs that price and time are running out. Maybe we see SPX 1109, or just 1097, or October 22 before a turn. Then again, the QQQQ hit $43.29 while the euro and dollar hit Tony Caldaro's Fibonacci targets yesterday - plus there's Terry Laundry's T Theory warning. Browse last night's posts below for some more background. Let's keep it careful folks - and happy market navigating!
Anyway - it's clear the equities markets are, for swing traders, moving closer to the edge. While pundits are exhorting mom and pop to put what's left of their savings back in the market, we've got increasing signs that price and time are running out. Maybe we see SPX 1109, or just 1097, or October 22 before a turn. Then again, the QQQQ hit $43.29 while the euro and dollar hit Tony Caldaro's Fibonacci targets yesterday - plus there's Terry Laundry's T Theory warning. Browse last night's posts below for some more background. Let's keep it careful folks - and happy market navigating!
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Pattern Recognition for Oct15
Posted: October 15th, 2009 | Author: Mike Korell |Filed under:One-Day Market Map | No Comments »
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