There has been plenty of top calling from many respected analysts and Traders as many recognizes the RSI bearish divergence and rising wedge patterns.Yet the market seems to defy gravity once again and keeps making new yearly highs.
I have mentioned a couple of months ago, that the Master cycle suggests, we will see a continued rally into end of the year 2009, with some normal pullbacks along the way. That seems like an impossible feat, but so far it has been doing just that, with the recent October 21st High of the year.
Timing along with the right Cycles is crucial in this market Environment as
one can get seriously hurt, if they were prematurely short.
There are 2 dates to watch in the nearby future, one is Monday 10/26, the other is Friday 10/30, where I have the next daily and hourly CIT. The Master Cycle, if active suggests both these dates will be important highs, don't be surprised if we see new yearly Highs in the process.
The ideal path is to see a continued rally into 10/26 High, see a sharp drop into 10/27 Low, only to retest the 10/26 high on 10/30 High.
6 comments:
Intraday times to watch today: 10.30 and 11.20 Eastern, bias is 10.30 Low and 11.20 High
Fwiw today was expected to be down initially, but close off its Lows, Monday is then Up strongly
A raindrop coming in contact with fire looses it's existence while that falling on a shell becomes a 'pearl'. Therefore, people desirous of knowledge should avoid the company of ignorant people
10.30 CIT was a 10.25 High, 11.20 CIT was a 11.20 Low.
The bias was wrong, but trade the CITs, not the biases, if we decline into a CIT, it will be a Low and vice versa.
For daytraders, Go long at the 11.20 CIT and place a stop at the 11.20 Low.
Other CITs to watch: 3.15 pm, then Monday 10/26: 10.35 and 12.30 pm and 1.15 pm
thanks for the clarification on CIT
Oops Sorry, that long post was just deleted, wrong board, that was meant for the subscriber board.
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