Price reversed to the upside on volume today. I am still waiting for price to take out the October 14th high before I get interested again.
The market is now oversold.
Charts courtesy of Stockcharts.com
Tags: Accumulation Day · Advance-Decline · Standard and Poor's 500 (SP500)1 Comment
1 response so far ↓
If this market cannot pull off a rally to the upper triangle line to complete wave E of 4 then something is really broken beyond repair. As Libby said maybe 20 more sessions should do it. I have to admit though I am seeing some signs of accumulation in some tech stocks. I usually have a good eye for PV relationship but been wrong before.
I heard of 2 Elliot wave scenarios and both having wave E of current wave going to upper triangle line. Where they differ though is one says it will break through upward and rally into early 2009, and the other has it like Fork bottoming in December as wave 5 should begin from there.
I see good signs and bad. BKX cannot find a bottom it seems like and has been drag on markets. Energy ETFs on other hand are starting to act good and oil hit the lower long term trendline or very close to it so it should bounce soon.
I have some friends that work at INTC, and they are telling me that rumors are swirling about a layoff. Where I work the same stuff. I hope I am not affected and I think I would not be but these days I take nothing for granted.
I also heard of several 401K horror stories people down 40-65% already.. get me thinking what would be left after wave 5? Overheard other people saying they are down 100k+ in their stock accounts. All long tem buy and hold stuff so to them it is not a loss yet I guess as they act as such.