Sitting right at EMA

631 it is. Tomrrow's numbers are 635, 630 and 627. 635 is Fib 618 from Feb4, Fib 50 from Jan10 and approx. Fib 38.2 from Dec27. This is an important confluence number to watch. The forecast is in approx 2 days's time, if it cannot break above 635ish, watch out below....

2c

All on board, ship shape....

nothing much to say if everything is as predicted. Actually this is scary. Buyers came out from hiding. It is such a nice chart today so classic that one wants to frame it. This is a gratifying day for all the channelling, Fibonaccing, EWaving etc etc all works together. Now tomorrow's numbers are 628, 623 and 618. One expects the up trend to continue for the next few days. When it hits the all important exponential moving average of 630ish it is testing time again. Live or die. If broken heads up to 650. In any case 650 is expected to be top before the next wave 5 down.

Have fun

2c

On track

It spanned r1 619 to s1 610 today. Tomorrow's numbers are 621, 615 and 612. Not much buying sentiment today. Hopefully tomorrow more buyers will come out. Today's little up tick was partially due to Hugo Chevas. Near term target is still 635ish and not looking too much above that.

2c

Wave count

To count the waves starting from Oct, the followings are important turn dates.
Oct11,
Nov27,
Dec10,
Feb05 2008.

As you can see, the retracements follow Fib ratios closely. Bear in mind the 618 sometimes overshoots. Therfore we are now in wave 4 and if wave2=wave4 then target is 661 else a conservative take is 38 Fib ratio to 650. After that a wave5 down follows.
2c

Market about to rally...

Monday or Tuesday latest from cycle forecast. A conservative target will be 635ish and ideally should be the upper channel around 650ish. Monday's numbers are 619, 615 and 610. On more reflection, the last up and down legs did not qualify for an ABC corrective wave because of the severity of the last leg down. If that is the case, then the last leg is the 2wave and we could be surprise to see a 3wave up this time. Any EW guy out there?

2c

612 held for now

The market is obviously looking for a bottom here. With volatility so high, it spanned between r1 622 and s1 612. Although not confirmed yet, with Fib ratio at 61% retrace, closing above pivot 618 and at lower boundary of channel, there is a high possibility that it will bounce from here to the upper channel. Tomorrow's numbers are 624, 617 and 611.

2c

The all important 612

Well today the pivot 625 acted as resistance and the market failed miserably. Tomorrow's numbers are 622, 618 and 612. If 612 fails it will be a landslide. Just couldn't understand the Fed. They cut interest rate deeply to save the market, but one or two bad apples became talking heads today to warn against inflation and the market slided. They are not in sync at least they should have kept their mouths shut until the interest rate cut does it's magic. What is the point of having emergency 75 bps cut, if it is only going to delay the slide for a few days.....

2c