The sky was supposed to fall!

Just a few days ago things were looking grim … who else was calling for Goog to possibly rally to the 340’s or 360’s?  When everyone is in unison, expect the unexpected.  We are still in a meandering corrective mode … there are some who believe that Obama and the printing presses will save us all!  I’m a bit more skeptical and think the main trend will re-exert itself (or at least test new lows after more rallying) later in the year, but for now hope is alive and my previous targets remain unchanged. Stop loss is critical when trading a market like this, because when and if the main trend does re-exert itself, a reversal of a long position could be the most profitable move you could make.  I just don’t think it will happen quite yet.

10:27 AM

Pre-week update – Get your game face on

Hope may be alive this week, which should lead to some shattered trading account later in the year.  If my primary count plays out, look for AAII polls to be bullish ( currently at 1.71 Bears/Bulls – pretty pessimistic). The Investor’s Intelligence survey has quietly crept back up to 1.25 Bulls/Bears - mildly optimistic, which could be wildly optimistic if we can rally to the 1.618 extension (primary count) and get CNBC rah rah-ing the “comeback” rally.  I’m willing to patiently wait for a trade, and even miss it if it doesn’t play out how I want it to, that’s my edge, because there will always be more opportunities.  As always play smart with risk management and keep your eyes open.

11:30 PM

Inflection point

We are at the inflection point and badly oversold … see below.

*Jan 16th supplementary:  We never closed below the inflection point … Seems like there is a lot of fear out there.  I wouldn’t be surprised if this thing turned up from here.  A close below the inflection point would negate that for me.

QQQQ

It is in a good spot to drop the A wave, the .618 and 1.618 zone becomes more likely below inflection point.

10:32 AM

QQQQ retracement

Watching the .618 retracement of that A wave in the count below (pretty much right at it now).  If it goes much below that, then a flat or triangle is more likely, either way we’re going to spend a bit more time putting in the B wave.  The rally may carry longer and higher than most bears anticipate … isn’t that how it works?

2:26 PM

QQQQ wave count

Here (Dec 17) and here (Dec 21) were wave counts anticipating the most recent rally up once the X wave was finished.  I said, “I think a modified count of the top count (Dec. 21 count) will be most likely to finish out.” (Dec. 23) after the triangle X wave failed to materialize.  The following count denotes just that, the X wave was a flat correction and now we are working on corrective wave B, the recent rally was A of a double or possible triple three.  While the A could definitly be defined as impulsive, it may be the A part of a flat or triangle as well.

2:54 PM

Email down

Traderpro_FW@yahoo.com – my email is currently down (apparently Yahoo doesn’t like ppl. advertising on their message boards). I’ll have to make a new one, just comment on the site if you’d like to contact me until I make a new one.

9:24 AM

* new email address Trader_pro_fw@yahoo.com

Prediction hit

GLW hit my upper targets and beyond from 12/23 predictions, just another accurate call.

6:25 PM

Nov. 24th prediction

Here is the prediction made on Nov. 24 … If you payed attention, it should have been a happy new year.

11:08 AM

QQQQ

The X wave we were looking for seems to have dragged on and finished on 12/29, now we look for the next three in the series or a triangle. I’m anticipating a ZZ or flat