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Friday, December 18, 2009

Friday updates

11:05, Just an idea, what if the final "C" wave truncated?
The sell-off yesterday was a pretty clean five wave impulse down, that could be counted as wave 1 or A. The SPX looks to be back-testing the trendline.

Click here for an updated look at the Bollinger bands!!!
10:07, I was not expecting the Bollinger bands to start tighting as quick as they have this morning!!!

7:49, This is something I just wanted to throw out there, the possibility that with yesterdays impulse wave down, it could be labeled as wave 1 down, with the 2nd wave up being drawn out this morning. On the Russell this 2nd wave retraced much further then the SPX, which only retraced 38.2%. The Technicals are oversold on the 60 minute chart, so they are not confirming that for now. I still have not figured out how that would fit into the larger picture yet.

2 comments:

  1. It's possible that your C wave did truncate.

    Yesterday an institutional player sold heavy. Today they probably sold a bit less, but were still selling. I expect this to increase (and they aren't increasing buying, so this isn't rebalancing).

    Most of the bears are gone, and it takes bulls to make a bull market... And we pretty much out of bulls (per sentiment trader).

    If this is accurate, then the boyz will sell into any dip buying, and when that's exhausted, the rest of the institutions will pile out a shrinking door, and down we go...

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  2. Hi Michael
    I have been projecting a DROP off from DEc24th to the 31st
    Thinking 5% to 8%
    Rebounds somewhat in Jan through the 22nd

    Your welcome to comment at the jaywiz blog
    thanks
    Jay

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