So yeah it would have been nice to hold to the shorts for one more day or two. But ok a profit is a profit. What we are seeing right now is action into the 2.5 week low. I want 4800 area to hold as a maximum. Break of this will damage whatever the bulls have built till now. 2.5 week low is expected Friday or Monday as I mentioned earlier and from there we should have another decent rally into the target mentioned in chart. So I started going long yesterday with 4900 Puts as Hedge. I will add more today and on Monday as per the plan.
I read the comments. See the way the FLD works is its sloping down here right? Its an image of price action in the past. So crossing it on one day - and next day a 2.5% drop happening might not be enough to push it below the FLD. The cross is still valid. If you see the chart you will understand what I am talking about.And the FLDs do tend to act as support and resistance lines.
Chandra, not intraday. It happened a day back. See the chart posted above. And its still a valid crossover.
GD, I remember you asked about SPX analysis. While I dont have a latest chart. You can take a look at this analysis. Maybe on weekend I will do one of mine. This guy is very good and is one of the people I learnt a lot from on Hurst. He was earlier looking for the 80 week low same as I was but now he seems to have changed his views a bit looking for a major low next year mid. I can see his rationale so something to keep in mind. But bottomline is, it does not matter right now for short term trades.
2 analyses done below. One for Nov 28th and one for Dec 7th. You can see in the posts the difficultly right now everyone is facing with coming up with an accurate phasing of the cycles.
Link to SPX Analysis Nov 28th
Link to SPX Analysis Dec 07
Best,
Lee
7 comments:
Present status of FLD crossing please.
Any change occurred?
Dear Lee!
Great, very good going...keep it up:)
Rgrds,
Kumar
Lee.. I have two questions:
1. You mentioned on December 07 that the 5 week FLD has been crossed generating a target of 5350.... So when we look into FLD's, is the time span of 5 week target from the date of it crossing it? i.e. target is within January 14, 2012?
2. When you calculate these time frames, do you count weekends also? cause I have seen you counting them at times...
Kindly enlighten... I am keen to learn hurst too!! :)
Lee,
Thanks for the SPX charts.
Lee
After Dec 9th market is there any change in the charts?
Info will help.
VMD
Lee
After Dec 9th market is there any change in the charts?
Info will help.
VMD
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