695 price channell resistance as well as the corresponding rsi wedge top should form resistance initially FIRST OF ALL out the gates before anything else.
To obtain the "The Free 725 SPX tickets"......
they will be ONLY be handed kindly out WHEN the 60min RSI crosses over 50 and HOLDS over 50 for an hour. Ticket maximum value is subject to decrease, the longer they take to become valid (ie the longer it takes to cross 50 on the 60min rsi)
Impression: there is an extremly pure RSI wedge channell formed the 60min spx chart. Respect it, Be prepared to play the breakout, to the upside (close shorts, open longs) when the wedge does decide to breakout to the upside.
**This ALSO applies to breaking DOWN below the support of the wedge, and playing that accordingly as well, however i lean on this as a far more likely BULLISH t/a developed buy signal upcoming i plan to trade, b/c of the Positive divergance developed. But the chanell is to respected both ways of a breakout or breakdown, and one is coming very soon, simple math. **
glta
**correction to chart, support is 660 (as of now)...however true/pure support remains the decending line of the channell, 651 is an external fibonacci retracement level as well**
Posts
that's a nice pos div. looks good enough for the wave 4 pop into the target zone.
ReplyDeleteshall see....i usually don't put "too" much weight in 60min charts...but when your sold stretched out that there is no pattern on the weekly, and barely the daily, ya have to.
ReplyDeletepsychologically (which i do trade, so im not a "pure" chartist i suppose)...i can easily see shorts covering and speculative longs buying into the 12th, in "hopes" yet again of a miraculous change (suspend m2m, uptick, bad bank, whatever who knows)...so i see it as a "buy the hope" run up into it.
Erik, do you use wave EWT at all?
ReplyDeleteBecause then you can assign your predicted move a "wave 4" and call it a trade.
BTW: great call on the GS....I covered too early like you, but keep up the good work. There was a huge wedge that busted on Wednesday into the close around 85....it's probably going to see 65 not too far away.
T-Bill
Bill, im working on my EWT. I'm not there yet. I do follow it. But i feel my strength is more trading the indicators and technicals, for identifying breakout/breakdown moves.
ReplyDeleteAs long as i'm trading in the same direction as current EWT, for me im good to go. But in terms of interpreting and assigning wave counts, im not there yet.