Thursday, November 5, 2009

Minute 3 or not?

We finished at the highs of the day and right at the 50% retrace of minute [i]. Now the burning question is: has Minute[iii] down started? Well its hard to tell, we ended the day with a bearish rising wedge, we are at a 50% retrace, BPSPX is screaming sell and we have the employment situation tomorrow. But then again the VIX has not retraced back down to the 20MA.
See...screaming Sell :)
Vix needs a little more...maybe? We could easily fake out (spike up) out of the bearish wedge tomorrow, before collapsing.

In conclusion, we are close enough. I think its safe to go fairly short in the morning. If we spike up, all the better with cheaper entry point. If we gap down, then [iii] has definitely started and it has a long way to go.


Scout said...

Nice job. You are quite accurate in the last trading days. Keep going!

Pokerden said...

You jinxed me! still looks like 2 of 1 of minute pretty much down on monday.

Scout said...

Daneric made cool observation about box method, so I guess we will go to cover open hourly gap @1084. Better not to watch the market if you are in short positions. Relax, open notebook weak after and enjoy returns:)