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Royal Dutch Shell plc Message Board

  • rmarfl rmarfl Jul 28, 2012 7:35 AM Flag

    What a week that was.

    So, how was my palm (market) reading? Nobody can predict the market, but I try to make a best guess as I said to watch the Thursday and SPX support to tip market direction. I observe the market and making best guess short term move and posting what my impression of the index without telling folks when to buy and sell so I don't get in trouble. I hope folks here understand that my wave trading may not be for everyone. If you trade the wave, knowing when to cut losses (bad guess) in order to buy it cheaper, and don't kick yourself in the bun for missing opportunity to enter a trade. I suggest for those who read my insight to digest every hint as the market change also. There are two kind of mini-pullback, one is the kind that mini pullback within an existing trend and the pullback that is a breaker or change of market (major) trend. Last week could have been that breaker, but SPX did not break support instead it bounce support and bounce a two day rally that is equivalent to 5 day rally.

    I am open for suggestion ( to make it better) as long as I don't get in trouble for folks buying and selling of your portfolio. Thanks to all the fine folks that share their fundamental impression of the market as I share the wiji board reading. Best to all, and have a nice weekend.

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    • Last week my target rally for SP500 was 1390 and last Fridays rally is right on with just a hair short as SPX Fridays high was 1389.19. a hair short of 1390 target. Now a new target for this rally is 1400 with extended target of 1440 if continued into a bullish rally. As of now, it appears that we will not get that usual bad August bear. The worst it can do is move to sideways consolidation by middle of August, by then the final impulse wave 5 rally will be finish between SPX 1400 to 1440 target, abc down to sideways wave will follow.

 
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