Long and Strong out of 2 Neutral Triangles
Bot on last nights close. This 9-10 week Neutral Triangle is shaping up nicely and soon coming to an end.
Since I think the SPX is going much much higher and may reach 1500 before year end....SPX at 1313 is dirt cheap so am now about 80% long, will increase to 100% long by July 20 if there is another dip.
If you haven't yet....read this book several times...
REMINISCENCES OF A STOCK OPERATOR Reprint[PDF]
Yesterdays last 15 minutes selloff felt like one of Livermore's described big money manipulations to scare out weak longs, one of the reasons I returned to long and bought the close....so far my thoughts have been correct with this mornings strong rally.
One more thing I am considering here, and is becoming apparent, is that this final wave e may itself become a neutral triangle with wave e aligning with SPX 1331-1332.
Revisit this link here:
http://chartblog.blogspot.com/2011/07/squaring-price-and-time-spx-1331-1332.html
Since I think the SPX is going much much higher and may reach 1500 before year end....SPX at 1313 is dirt cheap so am now about 80% long, will increase to 100% long by July 20 if there is another dip.
If you haven't yet....read this book several times...
REMINISCENCES OF A STOCK OPERATOR Reprint[PDF]
One more thing I am considering here, and is becoming apparent, is that this final wave e may itself become a neutral triangle with wave e aligning with SPX 1331-1332.
Revisit this link here:
http://chartblog.blogspot.com/2011/07/squaring-price-and-time-spx-1331-1332.html
posted by chartblog at
10:17 AM
2 Comments:
I think that you might be "rushing" Neely's NeoWave Neutral Triangle count. His report of Friday July 8th still had us in little "c" with little "d" down to follow.
He stated that another week or two would be required to end wave-c and wave-C, at which time he would look to go Short.
I dont know if Neely's count is correct. Last newsletter he posted he was very bearish and short looking for a steep drop down to the 2010 lows.
http://www.traders-talk.com/mb2/index.php?act=attach&type=post&id=18505
My count is very different and very bullish into year end.
-Dave
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