Thursday, August 20, 2009

Not a bear to be found...

Today's price action was missing a key participant: the bear. From the open, the bulls once again took control and never let go. Rising with only a stall at my key zone before pushing higher. However, the push didn't have much in it, and after piercing the upper trend line, price began to fall into the close. Today's top could be significant. Not only did price stop at a .786 retracement from the last move down, but it also stopped where c=a.786 to form our a-b-c wave off of the low.

Judging from how the futures are trading during the Asia market, things could get ugly tomorrow, while all out sell off is unlikely on an options expiration Friday, prices could spend most of the day in the cellar after an attempt to fill the gap.


  1. Thankyou for all you analysis and your willingness to share so freely and your honesty. I am facinated with the market but am not involved with serious money so cannot pay all these experts who charge.

  2. SPX 1200, then on to new highs..

  3. Jean - only if..."it's different this time". Not words to hang your future on...