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BOOOOOLISH! What else can you say. 5th extension of 3 is what I come up with. There is no other way of looking at this than to come to the conclusion that C ended at 865.25.
Volume was better than yesterday, but far from impressive. We ended with a decent range of 24.25 points. We ran into the 50 week sma and were rejected for the time being.
You will notice that there are lots of fib projections on my chart. I was looking for any clue that this frankenstein, steroid induced after doing a pile of coke, viagra overdosed 5th was over. It appears that we have finished 3 and are working on 4.
If this is correct, we should have a 5th up to end big A (white). Then we get a B (white), followed by a C. It's then lights out.
A lot of things about this move from a TA perspective just don't jive. The only reason that I'm not long via calls. There are also intraday gaps @ 910.50 and 914 that will need to be settled...and they will.
Expect tomorrow to be a bunch of nothing. IF we are in a 4 - play golf.
I'm supposed to be impressed with this level of big money buying?
I was skrooed by going short because of the gap. My guess is that they will come back to it some day. Didn't lose much. 4 pts.
ReplyDeleteI am off to play 6E. Wild child. Hits my daily targets or losses fast and I call it a day.
Still on SIM though. I'll try next month. Just that the margin requirement is $1000/contract.