S&P … start of downwave? (chart)
As I got loads of requests for the Chart picture of the S&P after yesterday’s DAX Analysis.
Here we go:
Picture is quite similiar … that is “globalization of markets” 
As the DAX, the S&P completed recently a bearish Gartley-Pattern …
the corresponding extension targets are:
1300 (bullish case) 1170 (neutral expectation) and 1045 (bearish case)
See CHART below:
Copyright by Tradestation
These targets become void … if S&P makes a weekly closing high above 1450 … or in the case of a buy signal.
As I had a comment on this and received mails as well …
This is … as I don’t run a recommendation service … just my idea … it should bring you as a reader the impetus to research for yourself and draw your conclusions.
Whatever you do … always watch your position … always know your risk, always have STOPS in place!!!
Take care … Oli
Mai 23rd, 2008 at 03:10
Always have stops in place . . .
Yes, BUT — the market being what it is, I have taken most of them out in favor of alerts and mental stops. (I do have 50% stops in place in case of a fast meltdown and no time to sell everything one by one.) But in this market, I find that I get alerts on half of my positions most mornings about 9:30:30 — so I would lose half of what I have each day.
So how does one deal with this?
Mai 23rd, 2008 at 11:02
Juni 22nd, 2008 at 21:09
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