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Public blog posts only as education and entertainment. private membership market updates reflect my view and analysis of the market. The information contained on this website and from any communication related to the author’s blog and charts is for information purposes only. The chart analysis and the market comments do not hold out as providing any financial, legal, investment, or other advice. In addition, no suggestion or advice is offered regarding the nature, profitability, suitability, sustainability of any particular trading practice or investment strategy. The materials on this website do not constitute offer or advice and you should not rely on the information here to make or refrain from making any decision or take or refrain from taking any action. It is up to the visitors to make their own decisions, or to consult with a registered professional financial advisor. And i absolutely discourage trading options.

Thursday, June 23, 2011

huge gapped down, then pulled back to close at high, all as expected as real time intraday updated to members yesterday and today.

Jun 24: AAPL, 22 points in 4 days after the upgrade. take profit is the keyword.

yesterday intraday and market close, i updated with:
"$spx, $rut, $indu topped around the 60m top red pitch fork and 38.2% retrace, i see potentially $spx, $rut, $indu come down to the mid red pitch fork".

today, market gapped down deeply at the open, then $spx, $rut, $indu all trading around the red mid pitch fork.

at mid day, while market still in the deep red, i updated with market could go up approach the upper red pitch fork due to "the pattern".

around 15:00, $spx, $indu recovered most of the earlier losses on news that Greece has deal with EU & IMF on 5-year austerity plan. $rut and $compq turned positive.

$spx, $rut, $indu closed near the high of the day, not far from the upper red pitch fork. $rut, $compq, $ndx are green.

fear factor is around the neutral zone.

i see market going forward ... could be the roadmap for the remaining of the year after further confirmation on the big picture pattern.
i see the velocity of the pitch fork will be reset on the coming move.

original from yesterday, prior to bernanke news conference:

PS. i just posted on daneric's (he claims many times as a perma bear) blog:
<< you have posted about 15 "bullish" on today's update. i guess it's really bullish?
do you consider bears' favorite 1-2-i-ii down from P3 top?
i guess not because if 1-2-i-ii count posted, always will rally the market, always true in the past 2 years.
one thing about the velocity, it took 33 days from 1370 to 1258. one of the slowest plunges, and the points of plunge not even top 10 in the past 2 years. would that be the characteristic for P3 down? isn't P3 supposed to be much powerful than this down move! >>
somethnig to think about the velocity. i mainly go with people rarely used patterns, pitch fork, Fibo fan, and ...