Apr 15, 2014
Update
Chart updated. This was not a day for some one with weak nerves..... DAX puked like crazy, huge fake move bear trap on Russell2000 and NASDAQ making lower low, SP500 bouncing like crazy between support and resistance but did not make lower low...
So the plan has not changed. The choppy upward move says the move higher should be corrective or the red scenario X (which was the preferred one).
Congratulations to those who did not lose self control and did not fall into the trap:)
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Krasi, do you have a wave count for the nasdaq? It made another lower low today and bounced off the 200MA.
ReplyDeleteEW wave is not my strength I am more a technical guy.
DeleteHere is a count from NOUF http://charts.stocktwits.net/production/original_22090248.png?1397621937
That is in fact my green scenario. I see it a little bit more simple - W leg down(4131) X up(4286) Y down and Y=W. It looks to me like a bunch of overlapping three wave structures. I was looking for two legs lower with equal size and reversal candle - I think we have it.
I do not pay too much attention to the internal structure. The move is overlapping which means corrective. There is too probabilities - the correction is finished or it can be part of a bigger corrective structure.
Hello Krasi...You are making comments now daily. This is great news. I like reading your analysis a whole lot. Keep it up.
ReplyDeleteThanks,
J R
These two days were interesting and I thought I will post a few words and updated chart.
DeleteI plan to post when something is about to change short term reversals or something like that.
In a trending market is boring to repeat the same every day:)
I think this year will be very challenging not like 2013... and I will be very busy posting:))