Tuesday, May 11, 2010

Mixed Bag

$SPX Resistance 1171-1176, weak support 1147.80 for now, today's market action did not add any clarity to which out of 4 possible scenarios (published at Members Site) is in progress, for now – SPX is in possible wave A on daily which might be 3 or 5 waver and if so, 30 minutes wave structure playing along quite well.


I, personally, do not believe that 30 minutes wave represents true picture because 1024 downside w5 target will completely erase daily wave 5 which, for the lack of the better word is PERFECT as of now.



I will probably give the new and unusual reason to criticize me (probably that is going to be the very same people who called me "bear" when I was heavily short at 1200-1205 level and pointed to diamond/rooftop on hourly in progress – but that is fine with me, I cannot make everyone happy and I don't like to give prognosis that fits any outcomes…), but I have AT THIS POINT and after what happened on Thursday big problem trying to fit any reasonable extended downside scenario.  Instead – I prefer to go with extended wave 5 on daily (target still 1330sh) and therefore 10 min wave fits reality much better – calling for small drop tomorrow and more upside after that.

2010-05-11_2111 Pleased to announce that TTW is in talks with Trade-Guild.net and there is a possibility that real time emails for Members Site will include most current 3c analysis

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