NUTS

This thing is just too strong...

What a rally...feel disappointed to have missed out..The hourly buy alone would have netted 600 points so far..damn!

The worst part was..no substantial retrace and most of the gains came on gap ups..

Frustrating to say the least...

I really dont have substantial positions in the markets now...Some shorts only as I said before. I will likely get out next week sometime...

And then, will just wait and watch...And will post if I get a signal on the hourly.
Trading that and ignoring everything else seems best.

Lot of news, the G20 etc next few days..Our market is on long holiday..Will be interesting to see what comes out of all of this...

Have a good weekend all - and take your mind off of the markets :)

Best.

Bull Over or Just a Retrace?

@ 11:09AM - HEADS UP: Market is just chopping around..But 20hr swing is now at 2962.75. Below this and we have an hourly sell. I would respect this signal just looking at the earlier track record. Chart below -

Also see the red line I have drawn below. Below this, we can see a strong selloff.



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Bull Over or Just a Retrace?
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Ah the billion dollar question..No I dont have an answer now but just some clues...

I was not able to post yesterday as I was moving house..Been damn busy over the weekend...Hopefully things can get back to normal soon :)

The market..All the baby bulls got their heads handed to them...Had some idea this might happen but did not expect it to be so dramatic. Well now the big question is are we starting a new bear move or it this just a retracement in this so called 'new bull market'? I dont know...

I mentioned a few days back that I had some interesting stuff to share. Chart with comments below. Now note this is just a scenario. I dont trade based off of this..Just looking at the bigger picture.



AGAIN just want to stress..Dont pay too much attention to above..Using EWT for trading can be fatal for those who take it at face value..Just use it as a guide.

Looking at the hourly...My main trading system for now.



All in all a bit of a confusing picture...But we should get more clarity in coming days.

Personally, I do think the bears are back though. If I do get another rally, I will use it to reposition myself better.

Will post intraday updates if something interesting comes up.

Best.