MT: DOWN (Still OB)
ST: DOWN
PA: UP
1830 SPX is now a resistance area. Break upward and this bulls are back. Stay below it and Bears are still in control.
Thursday 23 January 2014
23 Jan 2014
The congestion we had yesterday has been broken. Question now is if we continue going down. While EW gives us numerous counts, we should take the time to eliminate some of these counts as we progress. On a bullish note, prices have close above the 60min 200ma. Although a 60min chart it still fairly important support. This needs to break and prices need to stay below and continue to try to break the low made on the 13th of Jan. This would lead to a more bearish stance. Right now this is still considered a corrective move for the past month.
MT: DOWN (Still OB)
ST: DOWN
PA: UP
MT: DOWN (Still OB)
ST: DOWN
PA: UP
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hope market tumbles so i can get my money back
ReplyDeletehttp://market-timing-update.blogspot.ca/
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The only advice I can give is not to stay married to an EW count because it is every changing. All I know is my Main trend and Short term trend indicators are as accurate as they come even if they might lag a bit. The ST is much more within line of trend changes within a day or two, but the MT has its down side if the price is volatile. Volatility does not like longer term trends and vice versa.
ReplyDeleteNow the 1815 was taken out. Would that mean the original count as point C low, now become something else
ReplyDelete1815 now becomes resistance. So you must watch to see if 1815 holds as resistance today. Anything closing below 1810 is bearish as it will close under one of our angles.
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