Wednesday, June 10, 2009

If you think too long, you probably won't change your mind.


923.26 and 951.69 are the 2 lines in the sand here....

It does look the most like a consolidation here, preparing for another push up for the bulls.
IE: going higher than 951.

60min: resetting on the stochs/rsi, and if we chop around any longer, that 200ma might very well come a prop-prop-propping up again.

Daily: Looking at the past 4 candles....that does not look like indecision, it looks like ALOT of indecision! Again, if one thinks for too too long, they are less likely to turn the ship around the other direction. 1 doji or 1 highwave....ok look for a reversal, but 3,4....etc...they start to get diluted and lose their reversal probability ya know.
Also, FYI. The $COMP did squeek out a High of Year right at the gap up.
....again nothing to get bullish bonkers over. But also not to be discarded either, as it is a "higher high".

(I am not participating heavily in it if it does push up. By choice I prefer to wait, and be mostly cash heavy till mid June and let some window dressing plays start tipping their hands. I'd would like to "try" to have more trends and probabilities in place to really mash the gas hard)

I am not an EWT trader, it's just a minor adjunct for me.
However Daneric and Kenny's last few posts are ones that I do recommend.
I would not be surprised one bit to see those targets met.
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