Jan 16, 2013
Short term update
UPDATE: Here is the spike... most of the moves finish this way - the last bear/bull must through the towel before a reversal. More money for the big boys:)
Two weeks..... nothing. It starts getting boring, veryyyy booooring :)
Updated chart of the scenarios which I see for the intermediate term. Sometime in March a bottom and final move up.
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accidentally bump into blog ... I enjoy reading your blog ...
ReplyDeleteI am a EW trader and I have a target of around 1260 before the final move up to a new high and then the inevitably happens, free fall .... and yes, the past two weeks are extremely boring ... I suspect big traders are skillfully keeping it within the narrow trendline until Friday where options will expire ... then I reckons that when the big correction will happen ... IMHO
Happy to hear that:) I do my best, trying to read the charts unbiased and combining several methods for trading.
DeleteMy initial idea was for a move lower around your target, but this move up is getting to long in time and went to high... and now it looks more like a flat.
We will see how it moves lower and than we will new better.
The only important thing is to be on the right side, if it goes lower I will say thank you mister market for the present:)
Krasi, what do think of the Russell 2000? Is it about to roll over or more upside is needed? Sid at elliottwavepredictions.com thinks a top is in or very close to being in. I'm thinking of getting into TZA. Take care and thanks for your blog.
ReplyDeleteSteve
Hi, I have looked at the Russell 2000 charts and in my opinion we will see a correction to 820-840 and another move higher to around 970-990. RUT200 and DJT are showing strength compared to SP500/DJIA and I think the move higher has begun for this indexes, so the next move lower will be just a correction.
DeleteIn EW terms - wave W from Oct 2011 to March 2012, running flat X wave from March 2012 to Nov 2012 and now we are in A of Y the next move B of Y to 820-840 strong support and C of Y to around 980. Of course I cold be wrong:) the personality of the wave lower will tell us what to expect.
I was watching Sid's counts(SP500) for a while... too many wrong counts for me. I am following only this EW guy http://www.thewavetrading.com/.
And this guy http://blog.wavetrack.com/ has interesting count expanding flat which will fit my initial idea with very sharp and crazy move lower for a 4-year cycle low.