If the Buy line drops down below "trend support" and ticks up it'll be a buy signal, especially if accompanied by the V Stoch approaching oversold and curling up.
DOOR #2
DOOR #1
Wednesday, May 19, 2010
Wednesday 5/19/10 wrap up
Still treading water, in cash. V Stoch approached an overbought reading today and a consequent sell signal but rolled over before getting there. That's actually a relief, I believe the odds of the next move being a rally are pretty high, but signals are signals and if we had a sell I would have taken it. Interesting to note that the SPX/ES and the Euro have been in lockstep, but today the Euro broke to the upside and the SPX/ES didn't really follow. At least not yet.
If the Buy line drops down below "trend support" and ticks up it'll be a buy signal, especially if accompanied by the V Stoch approaching oversold and curling up.
On Elliott count, not a lot of new information today. Here's Door #1 & #2:
DOOR #2
DOOR #1
If the Buy line drops down below "trend support" and ticks up it'll be a buy signal, especially if accompanied by the V Stoch approaching oversold and curling up.
DOOR #2
DOOR #1
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Positive divergence on the Vindicator Stoch since it bottomed last Friday. Plus a slightly positive divergence on the Buy/Sell. Maybe we'll finally get a little relief rally.
ReplyDeleteHonestly, I thought yesterday was the start of the relief rally and expected it to carry into today and tomorrow. Today's action has been less than pleasant.
Alpha I was looking for a relief rally to start yesterday as well, in fact was real tempted to go long at one point, glad I didn't. Yes there are positive divergences showing up on Vindicator, but I'm not quite ready to play chicken with this freight train yet.
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