Good idea, however it is likely after 1st target to form another bull trap, possibly a larger flag with a higher low, before it enters real bear market.
“It's tough to make predictions, especially about the future!” - Yogi Berra
avka81
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@DaddySawbucks, Dow Sell signal is a Bear Market indicator (16% from the high) Most big player use it. Really reliable. So according Dow Theory we are in Bear Market(started Oct 4th) Also 200 day MA is the other one they like to use.
@dragonus, Hmm I'm not a Capricorn guess I'm doomed!
SecretCove
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There is a potential H&S forming right now on 5 & 15 min IXIC chart, perhaps we could be close to the top? If IXIC does not reverse here, I'm thinking it will close the gap to 7500 level, then reverse. The more IXIC and S&P move up, the less likely of a strong fall. Concur? Thoughts?
avka81
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@srnassar, I don't day trade. I concentrate on weekly, 2 day, 1 day and four hour charts. Right now we need close bellow 7000 for accelerated sell off. Until then short term is still bullish but I think yesterdays push was the last thrust higher. Its like the 24th December everyone thought we are going lower and capitulated. Same on the way up.
SecretCove
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Have you adjusted any of your short positions based on this overextended, and never-ending uptrend?
avka81
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@srnassar, Cant exit now. We almost there. Next time gonna be little more patient after Fed meeting. Underestimated Dovish Federal Reserve can do to Markets. Pay attention to Google Earnings Today.. we should go down soon...
avka81
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@srnassar, when you and I give up on our Shorts and go long the Markets will turn down lol
SecretCove
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@avka81, Not sure what to think of Google's price, and what affect it will have. I think we will see downward movement, but it may not be until middle or end of February. We may be holding on to shorts for awhile.
“It's tough to make predictions, especially about the future!” - Yogi Berra