Wednesday, December 13, 2006

how does 12/11 QQQQ decline count

Ok here it is. 12/11 top 44.36 bottom 12/12 at 43.55 , top 12/13 44.09 , bottom 13/13 at 43.62 and top? 13/13 at 43.89. This looks to me like a ABCD... DO we have an E coming tomorrow morning that is down? if that is the case, this E bottom at around 43.68 will be last chance to run. before market takes up. Only a decisive break below 43.61 invalidates the bullish outcome. One more reason for cnfiding in this count... all ABCD points were 62% retracements of the previous pivot.
What do you see?


kindspirited said...

closing price 43.87 from three sources. Boris, do you think this means buying pressure is spent and correction down can start? do you have to wait to morning to get new pressure readings? and would they likely be conclusive anyway, given they are not at extremes?

James said...

I dont do E-Wave but I do see three drives down to 43.56 and they look progressivly weaker with the daily stochs threatening to turn up in bull euforia zone above 50. The NDX has been lagging but if it were to retake the lead it could be a real screamer. Best JC

boris said...

Dear KindSpirited see my conclusive remarks. I would have to see about the buy-pressure exhaustion tomorrow. I will publish these early.
Good Trading

boris said...

Dear James,Kindspirited, ALL
Thanks a lot for your partcipation and comments. Please come back, to see the continuation of this saga...
Do not forget profits we had today either.
Good Trading.