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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, September 15, 2011

member market close update (portion) - featuring expanded (irreguar) flat vs running flat

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all real time intraday extensive updated to members.

yesterday $spx breaking above both the brown pitch fork and the blue Fibonacci fan resistances.
if consistently staying above this critical resistances, could become short term quite bullish with the next upper Fibonacci fan line as target.
also late yesterday's pulleded back from 1202 initial short term target was to back test the pitch fork & Fibonacci fan broke-out lines

the pulled back of the recent weakest $indu exactly back tested the upper pitch fork line at yesterday's late day pull back.

early today, $spx gapped open, hit exactly from the blue zone line resistance then retreated. the early pulled back was a running flat correction.
yesterday $spx had a wave a-b-c expanded (irregular) flat correction, completed at the lower level black broke-out trend line.
today $spx have a wave a-b-c running flat correction exactly at the upper level black broke-out trend line.
a running flat correction is wave-c stays above wave-a,
while a expanded (irregular) flat is wave-c stays below wave-a.
often running flat signal strong market ahead.

also both $rut and $compq early pulled back at 11:00 am ET was perfectly back tested the pitch fork broke-out line. tza was trying to hold the lower green pitch fork support.

$spx was trading around the blue zone line most of the day.

presented two-sides-blade of the XXXXX pattern. the pattern works perfectly, and broke out. then back tested a bit, and resume higher. at 15:00 ET at $spx 1209 high, back tested twice and charging higher, closed at the high of the day, near the upper blue line of the micro 5m expanding triangle.
i discovered or invented this pattern.

i see today's intraday move all perfect, either with textbook or my own pattern style.