Thursday, August 4, 2011

Some Targets

(Added at 9:50 AM. Today's intraday bias is negative, indicating that weakness can continue for the remainder of the trading session.)

According to Elliott Wave, a correction ends at wave-4 of its preceding sub-wave. I have drawn this structure in the image above. Wave-4 was between 1175 and 1227.

If tomorrow is ugly, that may result in a Non-Farm Payroll trend reversal day.

Whatever price when the VIX hits 30.

A 10% correction yields 1233.

1220 was the April 2010 high.

I like 1200 the most because 1) it is a round number 2)it is 50 points lower than the 1250 March low, which was roughly 100 points lower than its preceding high and 3) the 26.3% retracement, also in the image above, is at 1203 and 4) this is the midpoint of the wave-4 range.
at 9:25 AM Labels:

6 comments:

  1. AnonymousAugust 4, 2011 at 10:11 AM

    Going after Nasdaq ultimate Bull line of support/stops

    Nice post

    Best
    Anon :)

    ReplyDelete
  2. George RahalAugust 4, 2011 at 12:12 PM

    Thanks, Anon. NDX looks good.

    ReplyDelete
  3. AnonymousAugust 4, 2011 at 12:34 PM

    Well they ticked down under Nasd March lows that should be enuf for some bounce ;)

    Best
    Anon :)

    ReplyDelete
  4. AnonymousAugust 4, 2011 at 12:44 PM

    edit N 2580 zone sounds like a very likely trgt if they're aiming some real move...

    Best
    Anon :)

    ReplyDelete
  5. AnonymousAugust 4, 2011 at 4:24 PM

    LOL people was going long before cause it was a Bull Mkt...after the recognition breakdown for a Bear Mkt rally!!!

    Very nice call on Vix -had lower target- looks like we may have to go back to the drawing board after a day like this!! :)

    Best
    Anon :)

    ReplyDelete
  6. George RahalAugust 4, 2011 at 4:58 PM

    "Back to the drawing board after a day like this"-- couldn't have said it better.

    ReplyDelete

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