Cobra's Market View Private Messaging System shows:
Could be an Ascending Triangle in the forming, the target is 9/29 high.
|TREND||MOMENTUM||COMMENT - Sample for using the trend table.|
|SETUP||DATE||INSTRUCTION||STOP LOSS||Mechanic trading signals for reference only. Back tested since 2002.|
|Index ST Model I||Stopped out long with gain on 10/01. No position held now.|
|Index ST Model II||10/06 High||Short position initiated on 09/30.|
|VIX ENV||10/07||*Move stop loss||10/06 Low||Long position initiated on 10/06.|
|Reversal Bar||10/07||*Move stop loss||10/06 Low||Long position initiated on 10/05.|
INTERMEDIATE-TERM: MAINTIAN THE CONSOLIDATION THEN PULLBACK FORECAST
AH up big plus a possible Ascending Triangle in chart 1.0.2 S&P 500 SPDRs (SPY 60 min), and the Cup with Handle pattern mentioned in chart 1.0.4 S&P 500 SPDRs (SPY 15 min), it seems like that the market will skyrocket here. I still feel very difficult to image that the SPY is going to have the 12th unfilled gap tomorrow. But anyway, NO ARGUE, the next long signal could be from the Index Swing Model I – Buy on breakout of the 9/23 high. But for now, as discussed in yesterday’s report, because CPCE readings are too low, so still maintain the “consolidation then pullback” forecast. Tomorrow will be the key day: If the market couldn’t hold the morning gap and forming a reversal day then my forecast may have better chances to stand correct, otherwise I’m afraid that bears may suffer AGAIN.
SHORT-TERM: NO UPDATE
INTERESTING CHARTS: NONE