today might back off some & Monday may see a little more rise to a short term pivot high
June 3rd to 7th has some potential to back off some.
BUT June still has potential to hold the line in a corrective -- abc
pattern AGAINST the downtrend until the 16th to 18th
This means the next few weeks should have less volatility than May had until the 17-18th
Jay
Joe posted this one
ReplyDeletehttp://content.screencast.com/users/chartwiz/folders/Jing/media/732c49ec-1b6a-498b-8e3d-65c289370152/2010-05-22_0126.png
thanks Reza
ReplyDeleteenergy for June shows high on 2nd
Energy for June shows down days on 4th & 7th
transferring price change to days
HMMM.
seems to work
Jay
Intraday hourly chart of APPLE INC shows the stock testing resistance line.
ReplyDeletehttp://niftychartsandpatterns.blogspot.com/2010/05/apple-hourly-chart-resistance-line.html
Thank you
Jay,
ReplyDeletelooking for 1160-80 during 16-17
Nasdaq 100 resistance line seems to be strong. Not able to break it till now
ReplyDeletehttp://niftychartsandpatterns.blogspot.com/2010/05/nasdaq-100-resistance-continues.html
Thank you
san, can u post ur outlook instead of charts. also iyr, xlf
ReplyDeleteReza
ReplyDeleteIn a bear mkt, I think we should NOT see a 78% retrace of the 180 pts lost from April 26 to may 25th
1220 to 1040
180x 38.2% = 69 pts = spx @ 1109
or 50% to 1130
So that gives us a range of 1108 to 1130, simply because, there is not enuf energy to push it up that high
First
we need to see just how low we get today
then how high we get on JUne2nd, and so forth
The energy on 14-15&16 is strong, BUT sandwiched between NEGATIVE energy as shown on the dates published
SO, it doesnt look like such a SURGE can occur, again depending on where the spx is say on the 11th.
Proposing ultra low or ultra high values tends to THROW OFF OUR PERSPECTIVE at any GIVEN time
Jay