For those of you who are shorter-term traders, there is a growing chance the market is about to top, at least for a deeper pullback then we have seen for a month. I mentioned in the Last Chance To Get Out post that we appeared to be in a final wave pattern up, which was breaking into five smaller waves:
This morning the little wave ii had a continuation, then the wave iii was the strong rise during the afternoon. Perhaps a wave iv pause tomorrow or Thurs, then a final pop up. If this wave structure is correct, the market could meander up to the autumnal equinox of Sep20, this Sunday; meaning topping Friday or Monday.
On schedule we had the wave iv pause today. It looks like it is not over, since only a down-up so far, and needs either a final drop (if it breaks in a flat) or a down-up-down sequence (if it breaks as a triangle).
yelnick, thanks for caring enough to give a heads-up.
Posted by: Upstart | Thursday, September 17, 2009 at 12:58 PM
"For those of you who are shorter-term traders, there is a growing chance the market is about to top, at least for a deeper pullback then we have seen for a month."
Yelnick,
What are your thoughts on a long term trade, or perhaps some way out there leap puts?
Posted by: psycho_puppies | Thursday, September 17, 2009 at 01:38 PM
psycho, I plan to make a long term post this weekend, also updating everyone on Neely's latest thinking
Posted by: yelnick | Thursday, September 17, 2009 at 01:43 PM
I got a short term sell at the close. Could develop into something bigger. I usually don't comment on short term signals, but since we're talking ................
Posted by: Mamma Boom Boom | Thursday, September 17, 2009 at 01:48 PM
Could someone stake me?
Posted by: New ewaver | Thursday, September 17, 2009 at 03:51 PM
YelniK.. any comment on Neely's recent warning in regard to a potential fundamental change in his LT count....
thanks in advance !
Posted by: chartman | Thursday, September 17, 2009 at 03:54 PM
I got a swing trading SELL signal as well at 1067 points... nothing to take it seriously since it's a 55+% system in what regards to ratios of winning %'s.
Posted by: Salvador | Thursday, September 17, 2009 at 03:57 PM
Sure, where would you like to be staked, heart, eye navel...?
Posted by: min | Thursday, September 17, 2009 at 04:52 PM
chartman, I will post something about this by this weekend. he didn't propose a new count just a new possibility
Posted by: yelnick | Thursday, September 17, 2009 at 07:56 PM