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Tuesday, November 17, 2009

Tuesday Updates

After the Bell- The Russell also is looking for one more minor wave up to complete the correction from 553.31. Boring day as the market see-sawed its way higher to finally close on the upside. Breadth ended the day at 1.22:1, decliners, on much lighter volume then yesterday.
The Omen- 178 new highs, 6 new lows.
11:31- The Bollinger Bands are starting to tighten up, that usually precedes a large move. Also notice that the Full STO, is in oversold territory, possible the move up could be the final wave v, of 5 move?

8:09- Still thinking that we might possibly have one more run-up to make a new high. The short-term indicators have pulled back from the over-sold conditions enough to make room for one more quick wave up. At 1097.62, wave 4 would enter wave 1, breaking a rule, unless it was an ending diagonal for the 5th and final wave. At 1088.54, we would be making a lower low, and the chances greatly increase that we are in a new trend. 1085.41, would confirm that!!

1 comment:

  1. boring was right, and frustrating ;-)

    hope your chart is right, looks good to me!