NOTE: ChartsEdge added their BP map to their subscriber site and it does NOT "agree" with the Pattern Recognition map during the first couple of hours. I'd also like to add, a .618 retrace up is 1073, and a .707 is 1080, in SPX. A .786 retrace would be 1086, so 1087 would really be the highest I could see and still be merely a retrace. And typically the .707 would be about it, so 1080 "should do it" for this being an extension of wave 2. I've changed the date/time stamp of this post to add these remarks at the beginning, and slow them to appear top of page this morning.
PS: here's a comment I just made for today's trade:
Mike I must congratulate you b/c you pointed out 1080 would be a better right shoulder level. I'd responded it didn't have to get there (technically true) but it's (the 1080 level, is) the .707 retrace which actually is common overshoot level of the well-known .618 retrace a wave 2 does.
My best interpretation of the ChartsEdge data is that we'll see a grind or march up to 1080 by the afternoon. May see volatility around, or after, the open - timing less certain.
A lot of traders will feel same, I feel it too. Fortunately that's the psychology of a wave 2 and I think that's parts of what Andre was saying in his update yesterday.
So I'm already leaning short and will get aggressive at 1076 to 1080.
The only thing to get me bullish will be sustained move over 1080/1082 and Terry Laundry's oscillator moving over its trendline to create a new bullish T. That would mean a change of EW but so be it - IF it happens. I'm betting it won't (but if it does I'll have to change course).
So keep an eye on 1076/1080. If you can trade intraday, you can juggle it - but if normal swing, just go or stay short unless 1080/1082 breached for more than 5 minutes. That how I'm approaching this and my best recommendation.
Here's Monday's intraday Pattern Recognition map from ChartsEdge Daily Maps (their BP intraday map for Monday will be at their subscriber site in the morning - follow links on their site for details, link above and at right):
=============
PS: here's a comment I just made for today's trade:
Mike I must congratulate you b/c you pointed out 1080 would be a better right shoulder level. I'd responded it didn't have to get there (technically true) but it's (the 1080 level, is) the .707 retrace which actually is common overshoot level of the well-known .618 retrace a wave 2 does.
My best interpretation of the ChartsEdge data is that we'll see a grind or march up to 1080 by the afternoon. May see volatility around, or after, the open - timing less certain.
A lot of traders will feel same, I feel it too. Fortunately that's the psychology of a wave 2 and I think that's parts of what Andre was saying in his update yesterday.
So I'm already leaning short and will get aggressive at 1076 to 1080.
The only thing to get me bullish will be sustained move over 1080/1082 and Terry Laundry's oscillator moving over its trendline to create a new bullish T. That would mean a change of EW but so be it - IF it happens. I'm betting it won't (but if it does I'll have to change course).
So keep an eye on 1076/1080. If you can trade intraday, you can juggle it - but if normal swing, just go or stay short unless 1080/1082 breached for more than 5 minutes. That how I'm approaching this and my best recommendation.
Here's Monday's intraday Pattern Recognition map from ChartsEdge Daily Maps (their BP intraday map for Monday will be at their subscriber site in the morning - follow links on their site for details, link above and at right):
=============
ChartsEdge Pattern Recognition Chart for Nov09
Posted: November 8th, 2009 | Author: Mike Korell |Filed under:One-Day Market Map | No Comments »
Posts
No comments:
Post a Comment