Bulls want to see this level taken out, on volume.
A close beneath it, or a failure at this level should not be ignored.
Joined Nov 11, 2007
1,458 Blog Posts
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Looks like the 200 day has become resistance. That’s never a good development. Maybe a late day rally when take it out…we’ll see…
I aint in to calling bottoms so I wont but this is starting to feel like it.the 2585,200 MA on the Q’s is resistance but is it strong?I dont know.
Wood, I dont know much about Elliot Wave but what I do know about it I can see on the other majors.Does this typically hold true during corrections?Im seeing signs (technical) of improvement in alot of areas,not great,but improving.Are you starting to see this well or should I get back to the books?
MLB, I know very little about E. Wave. I tried to learn it, but just couldn’t.
I think things will improve technically. Although I’m sure we will have another leg down, breaking through previous relative lows. I don’t think anything in the economy’s future points to any reason why we start reaching for new highs anytime soon.
Full Disclosure: I’m only long MVIS, a little AAPL, and have 2 puts on the Qs. Obviously I’m mainly on the sidelines here, and I don’t have a lot of money where my mouth is. If we get a sustained bounce that fails, then I will probably get a lot more short.
thanks