04/17/12 – What’s The Upside For This Rally ??? © ™

  • WHAT’S HAPPENING?

Now that the rally is underway, where are we going (see last night’s blog for the speculative buy update)???

Below is a chart with an “idea” of a possible stopping point for this rally.  Of course if we are in 4th and 5th step up, we would make new highs.

I’ll count the steps on the way up and let you know what I think is happening.  If you made me choose right now, I would want to say that this is a rally in a downward correction.  BUT . . .  the SP 500 futures makes it look like this is a bigger step 2 up since April 10th (see second chart).  But I’ll worry about all of that another day.  Meanwhile, I’m going to enjoy the rally and make a couple of dollars.

I’m going to have minimum contact with the blog for the rest of this week.  Doesn’t mean I’m out of the loop, just means I won’t be talking much.  Got things to do, people to see, blah, blah, blah.

04-17-12 Nasdaq Composite 15 Minute Bars

The chart below shows the entire decline since April 2nd.  You can easily see that we might be starting a bigger step 2 up today.  Don’t forget the projection on page 3 of MY CHARTS , chart #40.5, which says we are going to the area of SP 500 1407.  We’ll see how that works out.

04-17-12 June SP 500 Futures 24 Minute Bars

Earlier I had stated the following:

  • FUTURE SCENARIOS

(1) We will have a failed rally attempt at a new high and that will drive the nail into the short term coffin.

(2) We will have a token new high, which could be disregarded under certain circumstances.

(3) We will make a legitimate new high, which means we will have an extension for Very Short Step #4 and #5.  After 5th step up, we would have a significant correction.

(4) We will have a sideways pattern to break the uptrend since November.

MY CHARTS   This is the link to my charts on StockCharts.  Vote below and tell me how I should arrange the charts on page 1.

All Rights Reserved  © ™

Advertisements
Explore posts in the same categories: UPDATE

2 Comments on “04/17/12 – What’s The Upside For This Rally ??? © ™”

  1. Bob Says:

    In the chart below, Apple is getting close to its 55 day EMA and today bounced off of the central line of its channel (yellow lines).

    Apple could supply a clue for the timing of a market peak by an early top for itself.

    Bob

    Like


  2. Bob, Thanks for the update-guess we will need to remain nimble. I am very interested in watching APPL over the next few days/weeks. I do believe after reviewing some charts that APPL will have a nice correction-just need to remain patient. I also believe the market will correct about the same time as APPl corrects-maybe I’m wrong but we will see.
    JIm

    Like


Leave A Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s


%d bloggers like this: