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Advisor

Nasdaq 3 gapper

Trying to fill the third gap from this morning.

 

Experience says that gaps in the naz rarely remain unfilled. #1 is way up around 5000 (basis the comp) and I wouldn't rule it being filled out entirely but that would come close to violating the whole pattern.

 

Definietely would re-sell the midpoint gap around 4800. If it gets away to the downside here, so be it.

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5 Replies
Advisor

Re: Nasdaq 3 gapper

Logical that short term traders would sell the top of the third gap and they did- about 10 points shy of closing gap #3.

 

Still gonna be a bad looking picture if we close on the softer side.

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Honored Advisor

Re: Nasdaq 3 gapper

It`s 4106 down 94 presently. The plunge protection team needs to get on this.  Oil 38 bucks u-g-l-y.  At least a little green in the grains.

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Advisor

Re: Nasdaq 3 gapper

Bottom gap remains unfilled at present.

 

My guess, worth what you're payin'.

 

Chop for a few more days inside of yesterday's range- that would be wave 4 of the first down leg.

 

When it can't muster more, wave 5 of One will make new lows.  I don't think by a great deal but that's an unknowable part of the scenario.

 

When done it will be time for wave Two of the larger degree (up) and those can be fierce- tend to convince people that the trend hasn't changed.

 

Yack today is that this is the biggest up day of the year. Sure, and in 2008-9 there were multiple up days of 500-900 points in the Dow on the way to 60% losses.

 

 

 

 

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Advisor

Re: Nasdaq 3 gapper

SP etc. tracing out a possible ABCDE triangle faster than I'd anticipated. Could be done and looking at a breakout lower as early as tonight/tomorrow AM.

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Advisor

Re: Nasdaq 3 gapper

Blech

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