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Sunday, January 10, 2010

EW and RSI

First off I will be out of the country until January 20th.... I still will be able to post at night, however it may not be everyday... I would suggest to read through the old post, because most likely nothing will change.

How does EW tie in with indicators, like I mentioned on my last post? Well lets discuss this in further detail. First off since I am not an EW expert I asked Pugridiron for the count from Nov 1st to Nov 16th on the SPX. The rest of the counts are my own. Now do not get stuck on these counts. The key is how the RSI shows us where we are at in EW and etc. Please see the attached chart and look at the count on the RSI and then on the price movement and you should see the relationship. Why do I bring this up? Because we will soon find out where we are at on the current move based on the RSI movement. And you can determine trends based on indicators and a little EW with out getting the counts right. The key is to determine where you are at in the current trend and etc.

SPX 30 min

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6 comments:

  1. PUGJanuary 10, 2010 at 9:38 AM

    Good work Gary. Safe travels.

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  2. indigoJanuary 10, 2010 at 9:46 PM

    Thanks Gary! Will monitor the RSI like a hawk. :) Happy travels!

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  3. Gary (aka LoserII)January 11, 2010 at 7:47 AM

    THanks guys... To me it looks like we are setting up for a bigger move... I hate to say, but allot of it relys on Alcoa... based on the charts I would say Alcoa earnings should be good.

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  4. indigoJanuary 12, 2010 at 7:30 AM

    Good job Gary! Looks like you nailed the target and the day right! I just have my doubts we'll get to 1175 without a struggle. I see several layers of resistance at 1152, 1162 and 1168, the last of which is the most formidable. But we could certainly hit around 1165 and end this move by the last week of Jan before we correct sharply. Are you seeing any other dates or Gann targets?

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  5. AnonymousJanuary 12, 2010 at 1:38 PM

    Gary you are a jewel...I'm so glad for his blog!
    1168 seems according to Tony Caldero as huge resistance but the big boys want a 1200 end of January....after this OE on the 15th there are 2 more weeks till february. What would you say are the chances of a move to 1200 and would there be any other retracements?

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  6. Gary (aka LoserII)January 12, 2010 at 5:03 PM

    THanks guys.... I still think 1175 is in play.... 1200 maybe but I have to wait and see.

    Gann target I am out of the country and not sure how much time I will have... I will try to get some posted.

    Thank you guys! PS today a good day to buy on low.. GL

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