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Direxion Daily Financial Bull 3X ETF Message Board

  • gapdownsouthretires417 gapdownsouthretires417 Nov 4, 2009 5:12 PM Flag

    MIKE I PUT THE SPECIAL INDICATIONS ON THE CHART

    SO ITS EASY TO READ. not that many folks on here know how to use indicators correctly anyway.

    http://stockcharts.com/h-sc/ui?s=SPX&p=W&yr=10&mn=0&dy=0&id=p05006057297&a=180529026

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    • The 'double top' in the S&P is ALREADY A BUSTED PATTERN.

      I stated that in an earlier post. A confirmed double top will NOT rally back above the middle valley. That means the move above 800 put the double top idea away.

      A case could be made that maybe we are now going for a TRIPLE TOP or even a broadening pattern that takes the S&P to 1600+. Either of these cases are stronger than the double top case because that pattern FAILED when the rally broke over ~780.

      Look at 1960 - 1990. Just look at until the end of 1974 when the S&P was about 63. Look at the three BROADENING peaks that built for TWELVE YEARS from 62 until late 74.

      Tell me, in late 1974 the chart was off the wall ugly. It should have been the end of the world as the lower trendline from the previous two dips was VIOLATED by a technically significant margin.

      Yet, once that low at 62 was put in the twelve years that followed saw the index quintuple in value. Was there an EW'er around in late 1974 screaming 'buy buy buy'? I freaking doubt it.

    • Hey buddy, wow i looked at all the charts and i see alot, almost too much too explain to regular folks,you know what i sayin?......I dont want to compromise anybodys position and would prefer we take this off line........ My e-mail address is heathemikebaker@yahoo.com Send me an e-mail and that way i know for sure..... I will then return your e-mail to you immediately....... but i will say that the long term downtrend line is the line in the sand for me.... cant see it penetrating that line, as long as that holds i cant see s/p over 1,100 anytime soon if you get my drift. lets go offline for a few...Ill await your e-mail.... we are at a big inflexion point, imho

    • I'm good with the times ... not with the marks ... LOL

      : )

      We're a TEAM Bro ...

    • thanks

      so 93 bounce back spy 103 then spy 83

      U FILLED IN THE TIME

      then bounce back to 95 spy

      then 64 SPY

      THEN 83 TO 85 SPY

      THEN 50 TO 41 SPY TO FINISH BEAR MARKET

      perfect

    • Gap, I'll give your date...

      Look for mid Feb. for the 838 mark. (16th to be exact)

      Then the bounce to 950.

    • but u'd have to figure out all the games they are playing

      and how much money they are pushing behind close doors to bankers and insurers

      AND GL figure out how much money they have pushed into stocks.


      FED FUNDS RATE NEGATIVE ZERO

      and that is because this is a depression

      summer of 2007 ben said there would be no recession

      now he said things are getting better

      BULL SHEET AND HE KNOWS IT.

    • IT'S NOT BUT all things are possible by the will of god

      AND MARKET god hehehe ahahah

      calling 838 MAJOR PIVOT CHECK before these bullish types get a bit of relief for 2010 MAYBE

      lol

    • Gap...

      I do not think this is a head and shoulders. It just does not have the features and the scale of it is all wrong. Head and shoulders form at bull tops and bear bottoms typically and the range of the chart you show encompasses multiple bull and bear markets.

      Ie., the FUNCTION of a head and shoulders is to turn a corner. Since many corners HAVE been turned in your time frame I think another interpretation is in order.

      If anything it looked like a double top EXCEPT for the fact that once the previous lows in the last valley (around 700's) were breached, a confirmed break down should have NEVER seen a rally to where we are now. So, the double top idea is called into serious question since the day we topped 800 on the last rally.

      I think you need to do a little role playing here. Honestly. Pretend that you are a BULL and do another 'wave count' to see if you can make the case for a bull market here.

      I do not think you will find a clearer inverted head and shoulders bottom in the graphical history of the U.S. markets than what we saw develop over the last year or so. I am posting this chart for you to look at in the classical sense of chart reading. You know that all head and shoulders patterns are about 80-85% predictive of making their implied targets. I think you also know that they are USUALLY found at major trend changes, especially when they are as large as this one...

      http://www.freestockcharts.com?emailChartID=b9e87fc9-bbb9-4fe5-a60f-4cbd6a4aafb3

      See if there is a wave count that puts a MAJOR change of trend at the March 9 lows. I say this because the head and shoulders pattern should produce a target of 1260 (figured arithmetically) or 1350 (measured as distance on a log chart).

    • that would also put in a volume head and shoulders

      in that triangular chart.

      but then i know why you called me on it. NOW u get the whole picture and the reason I'M CALLING FOR A FULL 50% RETRACE in this wave. ON VOLUME lol but less volume that the RIGHT to be expected at first. LOL

      stop yankin da vissionarys chain i know what i'm looking at.

    • Thanks again Gapper :-)

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