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 ...
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