Wednesday, August 28, 2013

aug 28, 2013 outlook

Appears we should be at a cycle bottom for shorter cycles, so we should see some upside over the next couple of weeks.  Will we retest old highs?  I expect a 1700 high (just short of old highs) is possible.  So if you bought RWM consider taking profits.

Here is how it looks:

 
Volatility has increased with shorter moves up and reversals down.  May want to sell before long weekend as short term envelope chart starting to say "sell":


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6 comments:

  1. DoctraderAugust 28, 2013 at 8:45 AM

    Inlet,

    If the old high is not achieved, then it looks like a Head & Shoulders pattern will be set up. I can see us getting a relief rally, but then I think we had lower.

    I never got a chance to add to my underwater RWM, but maybe I will get that chance. Don't you think a real blood bath is coming at some point?

    ReplyDelete
  2. InletAugust 28, 2013 at 9:35 AM

    Bloodbath - based on my projections could start by mid-October. The projections I made at the beginning of the year while not perfect seem to be playing out...

    ReplyDelete
  3. InletAugust 28, 2013 at 9:37 AM

    Doc - sorry you missed RWM. Buying Monday before the close (I posted as a buy point) was good for a quick trade of 2 1/2 - 3 % in just over 1 day.

    ReplyDelete
  4. DoctraderAugust 28, 2013 at 9:58 AM

    I saw your post, but I'm enough underwater that I think I'm going to double down at a higher point--maybe @ 1680-1700.

    Then wait for the bloodbath to sell.

    ReplyDelete
  5. InletAugust 28, 2013 at 12:46 PM

    Yeah - when filling a hole one shovel full at a time it can take a while. LOL

    ReplyDelete
  6. DoctraderSeptember 1, 2013 at 6:42 AM

    Inlet,

    Another article from Ralph Acampora. A possible 2-3 month decline. Maybe there is still hope for my RWM position. Still haven't added yet.

    http://blogs.wsj.com/moneybeat/2013/08/30/godfather-of-charts-turns-bearish-targets-dow-12000/

    ReplyDelete

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