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Let's Go Back A Few Weeks


On Sun. Aug. 24th I wrote:

"The false bull was a B wave pullup in a bear controlled double zig-zag ABC whose measured move would come in at 1220.25, breaching the bull's second wave, where bears were satisfied at 1231.50. It's too early to tell if a bounce from 20 will be a bonifide 3rd wave of the bull or a failed attempt leading to new bear market lows. I strongly suspect bull head-fakes all the way down from here to a double bottom at 1200.75 and then a bear exahustion move until it irons out to create a bottom. It's been one hell of a bull run. I'm targeting 1140 when I decide to get longer-term. I want to see what the bull bounce does however."
Well SPQR, good call hope you made some off it. This is a new month and its made new range extension to the down side all week long. This week is the IB of the monthly and a wide one at that so I'll be looking for any range extensions as signs of continuing to the down side this coming week or another up and down month inside the first weeks range which is large enough to carry a large range. But we (me and my dad) had many good trades for weeks off that 61-64 and riding it up 12 or 14 times, but when it broke man it broke.
Posted - 08/21/2008 : 07:33:10
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I just read a post of a options trader quote "next stop to downside 1222 then we rally to 1355".

I still have to make my own decision, but I have ask him/her how these areas were obtained


I made the above post on 8/21. The trader who made the call was pretty well on. His/her call to the upside remains to be seen.