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 Strategies & Market Trends | E-Wave and TA Workspace

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To: mchjc who wrote (197116)4/1/2012 9:36:16 AM
From: pikerman   of 203194
 
Hi MC,
This modern day "redneck" is now on work hiatus for a few weeks, and awaiting delivery of TA books discussed with this thread. (Thanks to all for your help.) So, with much time to ask questions, but little yet to offer, here goes. The Nasdaq is up 17% ytd, while the S&P is up 12%. The last 2 days, as the S&P was reversing to the upside, former tech leaders were continuing to decline (AAPL, GOOG, BIDU). Even though it's just a 2 or 3 day pattern so far, it makes me think of sector rotation in an aging bull run. My question: what is your take on GOOG here? Like AAPL, it has had a 2 day reversal, and it has broken its uptrend line from early March. (Don't yet know how to post charts; I'll get to work on that.) Looks likely to see further near term downside. Thoughts, anyone?
Piker

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To: lostfarmer who wrote (197120)4/1/2012 12:05:38 PM
From: mchjc   of 203194
 
I've found my hedging needs well taken care of by the simple purchase of puts...and I believe in keeping things simple....KISS my mantra...LOL

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To: pikerman who wrote (197121)4/1/2012 12:50:37 PM
From: mchjc1 Recommendation   of 203194
 
GOOG not showing any reversal patterns, but break below that steep UT line from early Mar could lead down toward next S areas...625ish and 615ish..

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From: mchjc4/1/2012 1:29:48 PM
2 Recommendations   of 203194
 
SPX EW......Structure of advance from early Mar still ambiguous, and, at this point, believe....

EITHER....5/3 peaked on Mar 19, with corrective 4 now underway and has further downside ahead....

OR.....alternatively, a terminal vth of 5 of 3 is now being launched toward new highs..

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From: mchjc4/1/2012 2:33:57 PM
3 Recommendations   of 203194
 
SPX TA...Reviewing the past couple of years...Major features:

  • May-Sep 2010...Completed iH&S measuring to1275..
  • Nov 2010....Completed bullish pennant measuring to 1296..
  • Nov 2010-Feb 2012...Established a negative RSI divergence, indicating an impending bearish reversal..
  • Mar-Aug 2011..Completed H&S measuring to 1157..
  • Aug-Oct 2011...Completed bullish falling wedge measuring to 1347..
  • Aug-Oct 2011..Established a positive RSI divergence, indicating an impending bullish reversal..,
  • Oct-Dec 2011..Completed bullish triangle measuring to 1383..
  • Feb 2012...Broke above major DT line from 2007 and 2011 highs..
  • Feb-Mar 2012...Completed bullish flag measuring to 1425..
  • Feb-Mar 2012..Established a negative RSI divergence, indicating an impending bearish reversal.

(In addition there were several major MA crossovers I did not mention...since MAs are not considered relevant in Classic TA..)

Currently appears to be in the process of forming a bullish pennant..but that may be overridden by the RSI divergence...

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From: mchjc4/1/2012 2:58:37 PM
   of 203194
 
SPX TA.....PS

Should have mentioned that chart in last post showed 2 major R areas....derived from a longer term chart, just below the 2007 highs...at around 1410 and 1490..

Also, would note that RSI is not considered in Classic TA.....Nor is any other price derivative..

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To: mchjc who wrote (197126)4/1/2012 7:39:53 PM
From: xun   of 203194
 
Henry,

Thanks for the update. Can you take a TA look at VMED?

TIA,
xun

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To: mchjc who wrote (197125)4/1/2012 9:52:01 PM
From: CaptainBoom   of 203194
 
Thanks for the big picture recap Henry. It's helpful.

I had ordered my copy of Edwards & McGee just prior to the fire, and it arrived within days of same. I need to start reading it now that I'm home.

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To: xun who wrote (197127)4/2/2012 9:52:31 AM
From: mchjc1 Recommendation   of 203194
 
VMED.....I'd watch now for a break above the DT line....with expanding volume..


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To: mchjc who wrote (197124)4/2/2012 10:39:54 AM
From: hawkeyefan   of 203194
 
From the low on the SPX of a week ago, it looks like five waves up into last Tuesday. Then 5 waves down into Thursday's low. Now on a 60 minute chart one might say there has been five waves up.

This can't be, can it? You can't have three five wave moves in a row. Up, down, up ???

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