Survey: Price for QQQ

[soylent]

Thanks PJ -- I had noticed the monthly but there was so little data, I discounted it.

It's true -- we may turn this entire wave into an ABC on the weekly and start a downtrend... I suppose that's one way of dealing w/ the fact we are selling off so hard.

If you notice on the weekly, this was a very long but very weak rally... So, you may be on to something -- maybe this last year was just a corrective pattern / wave 4 of a down-trend...

I'm glad I'm not in a mutual fund right now!

-c

[soylent]

Thursday should be a big day. We have a lot of pressure built up inside this trend channel and it will likely resolve quite explosively.

From a pattern analysis perspective, we are showing a ghost on the CCI to the downside or, possibly, a VT (Vegas Trade) to the upside.

I don’t think the market wants to see us go down – so, we may get a strong move to the upside – but, my indicators are still all pointing down. The reason I think the market wants us to go UP is: The DOW is holding 10,000. This means, to me, the ‘money’ is holding it there. Also, the S&P and DOW are showing proper VT (Vegas Trade) setups.

I’ll have to see how the market opens and see if I can catch a fish. But, there should be some fun on Thursday.

p.s. NOTE: We may print a ‘flat’ on Thursday in which case Friday becomes the big day. But, I’m ready just in case.

Any other viewpoints?

[soylent]

Holy Schniekes Batman

Well, I don't know what to say other than: CCI is the bomb.

I love aget for overall structure but... When's TJ gonna come up w/ a better CCI than CCI? We need to strap him down / put him back to work! I'm going to do some work on using the CCI vs. the OSCILLATOR for a better signal system on waves. (If someones done this -- pls post!)

Who said we'd be FLAT this week? They may be the big winner for the poll.

Is this the start of a wave 4 on QQQ or just a head fake from a way oversold position?

Well the TJ 5/35 Oscillator didn't show any divergence on the Wave 3 so I have a hard time believing WAVE 3 is done. But, it doesn't always diverge.

Any calls for Friday? Other than a congestion day to digest the gains?

(p.s. sorry for the colors -- just messing w/ them today)

[soylent]

OK, after thinking about it, I think we will sell off in the next 2-3 days.

Likely a slightly down congestion tomorrow and a massive decline on Monday.

Given the past reactions of the market (rallying off key points), I wouldn't put it past it to pull out of this and blow straight to $40...

But, I think we haven't been this far below the zero line and it will take one more trip down before we can rally. (Even then, I'm still just looking for a wave 4).

I think Spiker was targeting 1351 on NQ before we can bottom. I'd be looking for something along those lines, too...

My reasons for one more decline:
- No divergence on 5/35 oscillator for wave 3
- CCI well below zero / likely a zeroline reject / slingshot setup
- price still contained in wave 1/2 FORK -- barely

Reasons to go UP?
- None I can think of. Though, I was absolutely astounded at the continual buying of the market all day today.

Any thoughts?

-c

[Gavishti]

I originally thought we were in a 4 wave. However, the more I study what is happening across the major indexes I am beginning to think that we have started the first leg of a 2 up. It looks a lot like the beginning of an a-b-c. First leg in five waves, followed by three down, and five up.

[soylent]

Interesting...

Is this what you are thinking?

That's a MASSIVE wave 1.... But, I guess those are the most impressive... And, this selloff since January has been quite something.

[soylent]

Well -- that settles it...

The week closed up about 1.5% over the previous week. This is actually not something that was considered in the POLL but, the two folks that said 'FLAT' should be commended.

Even if you had taken a position, living through that draw down last week would have been mind-numbingly horrible.

So, our 1-week winning streak: 0...

I'll start a new poll over in the GENERAL stocks area for next week. Hope you will all vote again!

-c