Holiday routine

Prob. going to test $27 on QQQ near 825 ES

10:26 AM

R.I.P.

This is a bit late, but I want to mention the passing earlier this year of Dominick Mazza, who ran Tradingthecharts.  He brought a lot of things together for me and his unbiased attitude is something I hope to continue in my trading.  A lot of concepts I use today are very similar or evolved from what he taught me.  If anyone here was a member of that site, you surely can appreciate the knowledge he gave.

11:52 PM

GLW

So here’s an idea on GLW.  A clean move through $9.40 would give a C wave a decent chance at ~10.50 (1.618 projection of B at lower yellow range).  The B wave of zig-zag (or impulse pattern, but we’re not worried about that right now), appears to be of a flat nature.  The c wave of that flat is now at .618 of the b wave, which would be a logical conclusion for a failed c wave.

10:41 AM

Chop suey

Loss of the 28.70 level (QQQQ) implies the bottom count (below) is correct, which would probably lead to a 27.00 retest and maybe a retest of lows.  The X wave in the top count can still be a flat or bigger triangle,  just not the triangle posted yesterday.  We’re trading chop here, big money will come at the big levels sometime in the future, until then be content to scalp or don’t trade at all.  I think a modified count of the top count will be most likely to finish out.

9:51 AM

Weekend update

The resolution of these two possible triangles will shed some light on how the current rally will play out.  I have modified the short term count from last week into a double Zig-zag with a triangle X wave, or a double three up with an ending triangle.

10:47 PM

Intraday

Losing 29.75 could lead to 27.50, and at the least 28.50.  Meaning, I would take profits and reasses at those levels. Otherwise you should already have sold your longs, options up huge yesterday, and +3% in an afternoon!

2:39 PM

Trying to maintain…

11:46 AM

Prediction hit

The move through 29.75 lead to higher prices as expected.  I hope some of my regulars got a chance to make some money off this easily captured move.  More analysis later.

6:19 PM

Morning update

If the QQQ can maintain above $28.50 and then move through $29.75, the lower scenario on the counts posted below will be more solidified.  Any weakness losing $28.50 would most likely mean $27.50 is inevitable and the top count is more likely.  (see below)

12:08 AM

Short term wave count