Dow 2008

[Pat494]

Sodding Fins decides to crash !!

must have heard me

could bounce back up soon

 

[Pat494]

could bounce back up soon

looks weak tho

 

[Pat494]

looks weak tho

was weak. nice bounce off Bollinger Band

 

[Pat494]

flat at the mo ?

 

[breadman]

unless we can get a hourly close above 11745 this market can top and head down anywhere between 11700 and 11740.
we have a rising wedge which we have broken to the down side which we have now hit from below 3 times. The Nasdaq is now underperforming the dow and s&p, both these are bearish signs.
we have a reverse head and shoulders and a W pattern which are both bullish. we are on the neck line of both these patterns now. These patterns could take the market to the 12000/12100 area.

 

[Mr.J-Arthur]

I've been scalping away on the short side and all my MA's are moving lower. 5min and 1min charts are showing weakness.

The big ramp up rally happened before open, now these big buyers are SELLING into strength. Not all at once though!

 

[Pat494]

Falling off a cliff now !!

 

[breadman]

lets see if 11630 holds today.

 

[Mr.J-Arthur]

Closed my short(s)! Good day for waking up late!

160$ profit in..1 hour! Awesome!

 

[Pat494]

Congrats J-A
Taken my profit too
630 could be bottom

 

[Atilla]

Congrats J-A
Taken my profit too
630 could be bottom

Hi guys,

I have 11630 as R2 on my pivot points too. I reckon it will hold.

On my weekly charts the trend and MACD pointing to a strong rise fwiw. Hence, I feel the pressure is still to the upside with high volatility swings.

I'm dissapointed we couldn't hold 11700s today but we still have some momentum as long as 600-630 holds.

I do also concur with your analysis Breadman that there is a big H&S formation and 11800-900 is the kneckline.

Rises likely to continue probably up to the 11th/12th of September and then retest of the lows perhaps??? :whistling

 

[breadman]

Atilla,
i also have a major trend change coming on the 9th /10th/ 11th or 12th. This time period is 377 days from the 14th of March 2007 low which was a major low. It is also 233 days from the 9th of October 2007 high which was a major high. I think it will be a high somewhere between 11920 and 12080.

 

[Atilla]

Atilla,
i also have a major trend change coming on the 9th /10th/ 11th or 12th. This time period is 377 days from the 14th of March 2007 low which was a major low. It is also 233 days from the 9th of October 2007 high which was a major high. I think it will be a high somewhere between 11920 and 12080.

I should qualify Breadman whilst I expect highs the two dates I've made a note of are from your previous blog. It basically fits well with my charts and this bigger H&S formation that has been playing out for some time.

Well looks like 11600-30 didn't hold...

 

[Pat494]

In for a short
620 long gone guys
target 560

 

[Atilla]

Long @ 11584. SL @ 11564. Target 11600.

Bit riskay based on 1 - 5 & 10 min charts....

 

[Pat494]

Oil just jumped to $110.50

 

[francisfinley]

Oil just jumped to $110.50

oils on one, EURO & GOLD heading south oils gone north!

 

[Pat494]

In for a short
620 long gone guys
target 560

Got stopped out for a small profit

 

[Atilla]

oils on one, EURO & GOLD heading south oils gone north!

Easy come easy go. Stopped out.

Pivot point breached. Either we'll have a bounce from 11500 or 11470 is next target.

If 530 is broken down I'll short. I'm not the one to argue with Mr Trend... Should have realised when 630 didn't hold.

Some days it's almost unavoidable being a plonker...

Otherwise I'll retire for the rest of the evening.

Time for a cup of tea I think.

 

[chilltrader]

Was todays action a bull trap?