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We also watch for and correlate with major Bradley dates and Fibonacci Time and Price sequences.
Wednesday, November 26, 2008
Market might pause here..but plenty of upside remaining...
Just a reminder, the 10 week cycle that helped produce this bottom, tops out on 12/23/08..not a prediction, but something to keep in mind...
Looking at either side of the .25 and the top put in there shouldn't we maintain a bearish outlook even though we broke that trend line? Wouldn't it be considered resistance now? The reason I ask is my ST signals are very close to sell here.
Hi D, Yes we are in a Bear market, that's for sure..I usually expect a trendline to be slightly penetrated before it does what it does, so a short term bearish outlook is justified. It would be unprecedented in market history for a decline of this magnitude to not have a relief rally of some reasonable duration, so I would presume after a short pullback over the next couple of days the rally would continue...
All, For anyone counting, this is probably wave 4 up on the $NDX. So it might bear a fibonacci realtionship with wave 2 in price or time...On the $NDX wave 2 was 387.25 points and 59 trading days...so scale your expectations accordingly..
3 comments:
Looking at either side of the .25 and the top put in there shouldn't we maintain a bearish outlook even though we broke that trend line? Wouldn't it be considered resistance now? The reason I ask is my ST signals are very close to sell here.
Hi D,
Yes we are in a Bear market, that's for sure..I usually expect a trendline to be slightly penetrated before it does what it does, so a short term bearish outlook is justified. It would be unprecedented in market history for a decline of this magnitude to not have a relief rally of some reasonable duration, so I would presume after a short pullback over the next couple of days the rally would continue...
Regards,
Mark L.
All,
For anyone counting, this is probably wave 4 up on the $NDX. So it might bear a fibonacci realtionship with wave 2 in price or time...On the $NDX wave 2 was 387.25 points and 59 trading days...so scale your expectations accordingly..
Mark L.
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