The dollar has completed Minute 1 and may have completed Minute 2. With the stock critical support so near I would prefer to wait but if the rally extends 15 cents beyond the high then Minute 3 will be in progress.
Thursday, November 11, 2010
11/11 11:00
The dollar, stocks, crude, and metals have all been trading on the tailwind of sentiment created by the Fed treasury buy program. I1 measures sentiment but market sentiment has been overwhelmed by the Fed. I'll know that the pendulum has swung back to market sentiment when first DJI 11,210 then SPX 1994 are broken. DJI has wave 1 at 11,220 so taking out 11,210 will also invalidate any potential 5 up in progress and confirm the last rally was only a 3. This would seal the count for the C wave starting in July. This is why I've adopted a wait-and-see over the past week.
The dollar has completed Minute 1 and may have completed Minute 2. With the stock critical support so near I would prefer to wait but if the rally extends 15 cents beyond the high then Minute 3 will be in progress.
The dollar has completed Minute 1 and may have completed Minute 2. With the stock critical support so near I would prefer to wait but if the rally extends 15 cents beyond the high then Minute 3 will be in progress.
Subscribe to:
Post Comments (Atom)
ZB
ReplyDeleteThe Long Bond may be completing an Inverse Head and Shoulders as investors ditch the Euro; trouble in Ireland.
http://99ercharts.blogspot.com/2010/11/30y_4641.html
I had a possible high for crude at 88.77 (where wave 5 = wave 1 of the most recent 5 up). Early this morning crude traded at 88.63. That may be close enough.
ReplyDeleteI am finding that counting waves on crude is tough. It's possible the 88.63 high was the end of a small 3rd wave (3 of 5) and that we still need one more small wave up to complete the count.
Steve
ReplyDeleteWell is it going to brake through here up or down?
Jack c
Futures counts are tougher than cash. I count the 5 up complete as well, but if stocks rally here they will crude will extend. That's why I'm obsessed with 11,210 and SPX 1194.
ReplyDeleteIt doesn't look like today will be our day (again).
ReplyDeleteJust had to ditch a load of shorts on FTSE & Dow at break even, seems to have broken out to the upside.
Damn it.