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Friday, June 12, 2009

SPX Daily Candle Chart


Some TA here. But notice the "zigzaggyness" of the rise since 666...indicates that this bear rally is just that: a bear rally that will ultimately fail....
But short term (early next week) it does not look bad at all.

Charts have a lot of notes. Particularly look at the accumulation....it made a new high today. That is not bearish. Lots of budding "BUY" signals...

Monday should be a power move up day to fit the profile of a (iii) of [iii]. Waves say so. Charts do not disagree.

20 comments:

  1. Daneric said...

    William wave 2's normally retrace 45-62% at least and make you doubt the previous move. This one is not even 50%

    In either case, the market will get resolved soon enough."


    So isn't the target for P2 too short? Shouldn't P2 make the bears doubt on their count?

    That would put us easily above 1200 pts on S&P

    I would like to hear your thoughts on this...

    Thanks

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  2. Dano, did you see Shanky's video on the "rant" guy? LMAO

    Is that what the psychology looks like near a p2 top? LMAO

    u gotta see it...

    http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_U/threadview?m=tm&bn=58157&tid=468858&mid=468858&tof=1&frt=2

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  3. monday gap up,look to bust 980 before oex

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  4. Just like Mr. Kim, Dan is probably right.

    Mr. Kim quote:

    "JP Morgan, has just announced a secondary offering that may not be completed until the end of June, we can now be assured that the markets will not experience an extended correction until JP Morgan has completed its secondary offering."

    To read the rest of what Kim has to say:

    http://seekingalpha.com/article/140856-telltale-signs-that-a-significant-correction-isn-t-imminent

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  5. Salvador, at larger degrees, that 50%-62% retrace may be hard to attain

    Erik yes I saw that! Classic

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  6. Any possibility that we are in a 2nd wave ABC that has yet to see a C which retraces to low 930s? I guess a strong move up Monday will validate the 3?

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  7. Some people compare this chart with 1938. Some with late 2002-03.We could top in June....the market could meander until early August. One thing I do know, if P2 is topping in the 1000-50 area it is quite bearish.

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  8. Market will gap lower on Monday.

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  9. I see markets higher until and including Wednesday.

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  10. watch for the fake out gap lower on monday am then I agree with phoevos higher into wed. volume will return for opex wed-fri, volume days spell big down days in bear mkts (since early may at least)

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  11. The trigger - either bear or bull - should be June's window dressing.

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  12. This comment has been removed by the author.

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  13. There was an "Evening Star" confirmation nine candles ago....

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  14. Dan,

    Thanks for the charts.

    Have you thought about that P3 may actually would not begin soon. Not this year and not next year. Just like 2001, the govenment has artificially further inflate the credit bubble. Why not now again?

    Can we not have various extentsion that linger of for years before P3 begin? And we could just be here sitting waiting for years...

    yat

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  15. The bear will come out very sharp on Monday...
    Longs will get kill...

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  16. There has been no indicator suggest P3 will be extend...
    Dont be a fool.

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  17. According to bloomberg, hedge funds are distributing their positions recently

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  18. I am not suggesting P3 will get extended... I am just saying that with so much government intervention and so much money being pumped into the system; could we delay the inevitable P3. It will happen, but just not now. Why does P3 have to happen now or even next year....

    I just want to start a lively discussion.
    I am no EWaver, but we all continue to drink Kool Aid and never wake up unitl it is too late...

    yat

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  19. According to Dan's count, P2 is most likely close to being done (given the triangle X wave and the double zig zag). The only way I can see to extend Dan's count is to call the double zig zag the A wave in a flat. This would suggest a large correction is coming, but it wouldn't be the end of P2.

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