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Tuesday, October 27, 2009

Tuesday Updates

The Renko perspective!!
Here is the most Bearish count I have going, with the TRAN in a hard sell-off today I choose the 1-2, 1-2 option because a wave 4 just does not fit in with the TRAN. We keep making lower highs and lower lows stair-stepping our way down. I am staying Bearish until a see a trend change to the upside. The majority of my indicators are still showing sell signals in the long and short terms. The Bollinger Bands also tightened-up at the close, so maybe a big move coming soon. Decliners were over Advancers 1.88:1, on slightly higher sell volume then yesterdays strong sell volume.
*For the Omen, 56 new highs, 11 new lows

Trendline support failed this morning after a small bounce, of less then 38.2%. I have it labeled as wave ii of 3 on the chart, but have that feeling the small drop down was a minor wave 5th ending. and the ii is still to come.

1 comment:

  1. Yo dog, i broke out the 60 min Renko for today. it's been a difficult count, but I'm still leaning bearish