Saturday, December 15, 2007

Equity Market Comment for Coming Week 12/17/2007

The correction continues as the final low for this corrective phase has yet to be met.

The 15 minute, 5 minute and 1 minute chart are all signaling an eminent micro short term rally into the 1481.14 - 1478.59 area. We should see this move Monday as the probability model is not looking for a down Friday down Monday pattern.

If we achieve these upside rally targets and turn lower then I would be looking for this to be the final leg lower to complete the correction. The 1445-1451 target zone continues to make its presence in all time frames of my work, with 1445 having the heaviest weighting.

So continue to sell strength as we have been doing, but also have your buy list ready albeit options or stocks as I do anticipate a very powerful rally once the low is put into place.

I also encourage you to take a look at www.lowriskdaytrade.blogspot.com and see the most recent results. I certainly do not want to jinx myself, but we had a great day trading week last week and it only consisted of three days trading. The other thing is that by looking at the 1 minute charts you can learn price patterns that also work on the daily chart as well, so even if you have no interest in day trading the site will be of help in our continuing education as traders.


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